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Investment
Nov 09, 2017 / 10:28

Hanoi plans to grant investment licences to lure foreign investors

Trung Kien - Tam An

The Hanoi People’s Committee has announced that Hanoi plans to grant investment licences to several large projects throughout the rest of this year.

The projects include a 220 million USD solid waste treatment project in Ta Thanh Oai, a 319 million USD waste-to-power plant in Soc Son and a 420 million USD horse racing track. 

To be more attractive to investors, the Capital City has employed measures to improve its investment and business environment, while talking with enterprises to remove their difficulties.
 


 
At the same time, the city has enhanced the use of information technology in business registration and tax payment processes, creating optimal conditions for enterprises. So far, 98 percent of local firms have used online tax declaration.

At an October meeting of the Hanoi People’s Committee, Chairman of the committee Nguyen Duc Chung asked the Department of Information and Communications to work with the Department of Home Affairs to review administrative reform to simplify all processes and provide online public services.

So far, the city has received 128 projects in public-private partnership, eight of which have been finished worth 13.68 trillion VND and 12 underway ones worth 28.5 billion VND. It has also issued business licences to 25,160 companies worth 240 trillion VND, up 11 percent and 4 percent respectively, raising the total number of firms in the city to 231,922.

Hanoi is the leading locality nationwide in foreign direct investment (FDI) attraction, drawing over 810 million USD from 110 newly-licensed and capital-added FDI projects in the first quarter of this year, a five-fold increase year-on-year. The 300-million-USD project aims to research and develop electronics and high-tech telecommunication products. It is expected to create about 4,000 jobs and significantly contribute to the city’s export turnover.
 


 
In recent years, Hanoi’s investment climate has improved, contributing to attracting more foreign investment. Last year, the city lured 1,637 FDI projects worth 7.5 billion USD from 72 countries and territories, ranking third nationwide.

Foreign-invested enterprises contributed about 15 percent to the city’s total investment of all sectors, accounting for the highest export-turnover proportion (about 49.5 percent) among economic sectors. Many projects helped provide high-quality products and services.

Municipal authorities have taken a series of measures to better the local business climate and facilitate enterprises’ production and business. IT applications were promoted to simplify administrative procedures related to taxes and business registration, helping businesses save time and expenses. Many dialogues between city leaders and representatives from foreign businesses were also arranged. Meanwhile, investment and tourism promotion conferences were held.

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