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Hanoinews
Oct 13, 2017 / 13:15

Hanoi to improve business environment to attract investment

Ngoc Thuy - Le Nam

Hanoi focuses on creating favorable conditions for foreign investors to invest in projects in fields of high technology, clean energy, high quality services through forms of FDI, PPP and social resources.

This is the statement of the Vice Chairman of Hanoi People’s Committee Nguyen Doan Toan at the Seminar Hanoi meets British Business Group in Vietnam (BBGV), with an aim to strengthen economic partnership, which was held by the Hanoi Promotion Agency (HPA) on October 12. 
 
Vice Chairman of Hanoi People's Committee Nguyen Doan Toan gave a speech at the Seminar.
Vice Chairman of Hanoi People's Committee Nguyen Doan Toan gave a speech at the Seminar.
According to the HPA, at present, Hanoi is on the top three in Vietnam with regard to attracting Foreign direct investment (FDI) fund, with the total registered capital of 26.6 billion USD, and 4,165 projects, which contribute to 17.4% of the total projects and 8.7% of the total registered capital in the country. In which, projects from British investors have contributed significantly to the revenue of the state budget, contributing approx. 12 – 13% of the revenue of Hanoi. 

FDI from Britain to Hanoi consists of 66 ongoing projects with the total investment of 416.7 million USD, ranks 13th among countries investing in Hanoi. With regard to the trade relation between Hanoi and Britain in 2016, total export value from Hanoi to Britain was 524 million USD, contributing 4.9% of the total export value of Hanoi. Import value of Hanoi from Britain is 142 million USD, contributing 0.6% of the total import value of Hanoi.
 
The Vice Chairman of Hanoi People's Committee Nguyen Doan Toan (in the middle) chaired the Seminar.
The Vice Chairman of Hanoi People's Committee Nguyen Doan Toan (in the middle) chaired the Seminar.
Deputy Head of Mission at the British Embassy in Hanoi Steph Lysaght said, at present, the competitiveness of Hanoi has significantly improved in the last 20 years, which resulted in an improved business environment in Hanoi in particular, and in Vietnam in general. However, in order to attract more foreign investors to Hanoi, tax and custom procedures must be improved with regard to simplified procedures, increasing transparency, which will tremendously improve Hanoi’s competitiveness in the region and world market. “The effort of Hanoi to improve business environment will attract British enterprises to invest in Hanoi and facilitate trade” – Mr. Steph Lysaght said. 

Speaking at the seminar, the Vice Chairman of Hanoi People’s Committee Nguyen Doan Toan said, recently, the trade relation between Hanoi and Britain has achieved certain results, but it is still a long way to realize the potential, strengths and demands of both parties. In the coming time, Hanoi will improve its business conditions, and focuses on creating favorable conditions for foreign investors to invest in projects in fields of high technology, clean energy, high quality services. This will be an foundation for British enterprises to invest in fields of their strengths, such as: finance and banking, education and training, tourism, trade, information & technology, high technology. 

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