Hanoi prepares for new investment inflows to industrial parks

Trung Kien

Jul 13, 2017 / 10:00 AM

The local authorities of Hanoi has attached importance to administrative reform and improvement of the investment environment to prepare for a new “wave” of investment to its industrial parks and zones in 2017.

In the January-May period, industrial zones attracted 7 new projects worth US$ 13 million and VND 724 billion. Meanwhile, six projects got additional capital of US$ 14.1 billion and VND 102 billion. So far, Hanoi housed 628 projects, including 330 FDI projects worth US$ 5.34 billion, and 298 domestic projects valuing US$ 12,911 billion.

In 2017, the Capital targeted to attract about 15-20 new projects with a total investment of US$ 250-300 million in such areas as auxiliary industries, electronics, mechanical manufacturing, and fields using less labor.

To fulfill the aforesaid goals, the Management Board on industrial zones and parks focused on speeding up site clearance and business registration. The Hanoi Department of Industry and Trade announced that the city is developing 19 industrial and high-tech parks with a total area of 5,250 hectares; 110 industrial complexes with over 3,000 hectares.

The Hanoi People’s Committee has agreed to establish four industrial complexes namely Ninh Hiep (in Gia Lam District) with 63.6 hectares engaging in light industries and production of consumption products; Duyen Thai (Thuong Tin District) with 18.3 hectares for the manufacturing of cable, label, steel, and machines; Quat Dong 2 (Thuong Tin District) with 43.46 hectares reserved for garments and textiles, footwear, agricultural processing, high-tech, IT; and Thanh Oai (Thanh Oai District) with 59.32 hectares on various industries, inckuding green industry and environmentally-friendly industries.

However, investment attraction to industrial parks and complexes has been coping with difficulties.
Prioritized mechanisms on industrial development. The Hanoi People’s Committee targeted to develop industrial complexes; boost synchronous infrastructure especially sewage treatment plants. Investment attraction must be selective and prioritize high-tech projects, which use less labor and are environmentally friendly, competitive, and churn out products with high added values.

Mr. Pham Khac Tuan, Manager of the Department of Hanoi industrial and processing zones said that the city commits to continuing perfecting administrative procedures and raising satisfactory levels of businesses on public services. By 2018, 80% of administrative procedures will touch 3 and 4 grades .

Under a proposal of the Department on Industry and Trade, by 2020, the city will has 119 industrial complexes. In 2021-2030, the city will beef up infrastructure to fulfill 119 industrial complexes (which were founded in the 2016-2020 period) and expand four industrial complexes and establish 18 others. The Department also proposed land lease exemption and cuts for investors and provide 100% of expenditures for environmental treatment at industrial parks and complexes.

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