Hanoi steps up FDI attraction from major markets

Hanoi is boosting the attraction of FDI from major markets, namely Japan, South Korea, Singapore, the US and the EU in the rest of 2022.

Local businesses displaying products at Vietnam Expo 2022. Photos: Le Nam/ The Hanoi Times

A report from the municipal Department of Planning and Investment revealed during the first eight months of 2022, Hanoi attracted over US$990 million of FDI commitments, representing an increase of nearly 50% year-on-year and making the city the third highest foreign investment recipient among localities nationwide.

On such positive performance, Vice Director of the Hanoi Promotion Agency (HPA) Nguyen Thi Mai Anh told The Hanoi Times that the agency, which served as a focal point for the city in promoting trade, investment, and tourism activities, has set up a detailed work plan right from early 2022.

Among events are Meeting of international trade and economic representatives in Hanoi; Happy Tet 2022; Vietnam Expo 2022; Hanoi Specialties Week in Nghe An Province; Hanoi Agro-OCOP Products and Tourism Festival 2022; Vietnam International Travel Mart Hanoi 2022; and Hanoi Tourism Festival 2022.

According to Mai Anh, the city has also taken advantages of the SEA Games 31 in Vietnam to hold a series of events to promote the city as an attractive investment destination and a cultural hub to international friends.

Vice Director of the Foreign Investment Agency under the Ministry of Planning and Investment Nguyen Anh Tuan said despite the difficult global economic environment, Hanoi has been creative in promoting investment facilitation programs and accompanying businesses in their recovery efforts from severe Covid-19 impacts.

Foreign tourists at Hanoi Tourism Gift Festival 2022.

Promoting role as economic hub

To further cement Hanoi’s role as one of the country’s major investment destinations, HPA Director Nguyen Anh Duong said the agency plans to help businesses and investors better understand local investment policies, along with promoting Hanoi’s business environment and its potential.

“With local market seen as a key driving force for growth, the HPA would carry out investment facilitation program in trade and agriculture across cities nationwide,” Duong told The Hanoi Times.

In addition, the HPA would strengthen cooperation with networks of embassies, trade counselors, and business associations in Vietnam and abroad to further tap into Hanoi’s economic potential; raise awareness of the city’s tourism products and images on digital platforms.

“Key priorities for HPA’s investment attraction would be  Japan, South Korea, the US, and EU, which could be done via the connection between the city and multinationals as well as large investors currently operating in Hanoi,” Duong added.

He expected the HPA to send trade promotion delegations to Germany, France, and Spain; hold a trade, investment, and tourism conference with South Korea, and the Hanoi 2022-Cooperation, Investment, and Development event.

Along with these activities, Hanoi would also take part in major tourism, cultural and sporting events locally; cooperate and join international trade and tourism fairs; strengthen linkage with other localities and promote tourism from Japan, South Korea, China, Taiwan, France, UK, Germany, the US, ASEAN, Australia and New Zealand.

Hanoi is scheduled to hold safe agro and specialties week at cities/provinces in Vietnam during the remaining months of the year to promote domestic consumption; a conference connecting supply and demand for vegetables, meat, and farm produce among provinces/cities under the agricultural supply chains and a Vietnam’s specialties exhibition in Hanoi.

“Hanoi is investing in forming new industrial parks and clusters to attract investors. But this would require a new mindset in carrying out trade, investment, and tourism promotion activities,” Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen said.