Business
Hanoi to focus on administrative reforms to attract more investors
Hanoi city will take top priorities for increasing promotion activities and improving the business environment in order to draw more domestics and foreign capital investment, especially foreign direct investment (FDI), the municipal authorities affirmed at a conference on investment attraction held in early June.
The capital of Hanoi ranked in the top localities in attracting foreign investors in the first five months of this year.
As of the end of May, 1.6 billion USD was poured into the city in the registered capital, 3 times against the same period last year and 50% more than all of last year.
During the reviewed time, the number of projects granted investment licenses and certificates of investment registration was 3 times last year’s total and total capital has increased by 240%.
Hanoi's business environment has been improved significantly and has had positive results. At present, the city ranks 24th out of 63 provinces and cities in improved business and investment climate.
From now until 2020, Hanoi targets to become the top locality nationwide in investment attraction.
The city is pushing administrative reforms to remove difficulties for investors, particularly in tariffs, social insurance, land acquisition, and land clearance.
Chairman of the municipal People’s Committee Nguyen Duc Chung said that Hanoi will focus on comprehensive administrative reform in various fields, especially in investment licensing.
The locality has outlined regulations and processes for investment licensing with the aims to reduce the time and amount of paperwork required, Chairman Chung noted.
The Hanoi Chairman stressed that the municipal authorities will continue restructuring the apparatus of its departments and sectors, improve the operations of the entire administrative system towards a single door, trans-sector administrative mechanism.
Hanoi will shorten the time needed to register a business from three working days to two.
Besides, the city will cut by 40% the time needed to complete administrative procedures relating to investment.
Hanoi will try to help all its enterprises complete online tax procedures, Chairman Chung promised, and adding that the city will cut by at least 20% of administrative procedures for land clearance and retrieval.
Seventy investors have already registered to invest in 52 public-private partnership projects introduced at the conference on investment attraction. Most of these investors involve in building or upgrading infrastructure facilities, especially for transportation, water drainage, and telecommunications.
Hanoi city plans to establish a fund to support start-up businesses, and promulgate a mechanism to encourage individual household businesses to register pursuant to the corporate law in the coming time. The capital aims to have 200,000 new enterprises by 2020.
As of the end of May, 1.6 billion USD was poured into the city in the registered capital, 3 times against the same period last year and 50% more than all of last year.
During the reviewed time, the number of projects granted investment licenses and certificates of investment registration was 3 times last year’s total and total capital has increased by 240%.
Hanoi's business environment has been improved significantly and has had positive results. At present, the city ranks 24th out of 63 provinces and cities in improved business and investment climate.
From now until 2020, Hanoi targets to become the top locality nationwide in investment attraction.
The city is pushing administrative reforms to remove difficulties for investors, particularly in tariffs, social insurance, land acquisition, and land clearance.
Chairman of the municipal People’s Committee Nguyen Duc Chung said that Hanoi will focus on comprehensive administrative reform in various fields, especially in investment licensing.
The locality has outlined regulations and processes for investment licensing with the aims to reduce the time and amount of paperwork required, Chairman Chung noted.
Photo for illustration
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Hanoi will shorten the time needed to register a business from three working days to two.
Besides, the city will cut by 40% the time needed to complete administrative procedures relating to investment.
Hanoi will try to help all its enterprises complete online tax procedures, Chairman Chung promised, and adding that the city will cut by at least 20% of administrative procedures for land clearance and retrieval.
Seventy investors have already registered to invest in 52 public-private partnership projects introduced at the conference on investment attraction. Most of these investors involve in building or upgrading infrastructure facilities, especially for transportation, water drainage, and telecommunications.
Hanoi city plans to establish a fund to support start-up businesses, and promulgate a mechanism to encourage individual household businesses to register pursuant to the corporate law in the coming time. The capital aims to have 200,000 new enterprises by 2020.
