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Nov 09, 2023 / 18:16

Hanoi welcomes high-quality US investment flow

The city is currently joining the global trend of green, smart and circular development, welcoming the support of foreign partners, including those from the US.

The space for cooperation between Hanoi and US partners would expand thanks to the fruitful relationship between the two countries, especially after a comprehensive strategic partnership was established in September, said Chairman of the Hanoi People's Committee Tran Sy Thanh in a meeting with Warburg Pincus CEO Chip Kaye on November 9.

 Tran Sy Thanh, Chairman of the Hanoi People's Committee, and Chip Kaye, CEO of Warburg Pincus, at a meeting on November 9. Photo: The Hanoi Times

At the meeting, Thanh highly appreciated Warburg Pincus' cooperation over the past 10 years of operation in Vietnam, with its investment capital now reaching over US$1.8 billion.

"We hope that Warburg Pincus and other US companies will continue to expand cooperation and explore opportunities in Hanoi," Thanh said.

The Mayor of Hanoi briefed the guest that the city is catching up with the global trend of building a green, smart and circular economy. In the process, Hanoi welcomes foreign investment, especially in high technology, tourism, and trade and service development.

Three important documents affecting Hanoi's development will be discussed and expected to be ratified by the Government and the National Assembly by May 2024. These documents include Capital Law, Capital Development Master Plan 2035 and a Vision for 2050, Spatial Planning for Hanoi Capital Development to 2045 and a Vision for 2065, according to the mayor.

"As Hanoi's development vision will be clear by then, it's a suitable time for foreign investors to seek investment opportunities," he suggested.
Thanh said the city government will facilitate and remove all bottlenecks regarding the Metropole Hotel - a project invested in by Warburg Pincus.

Appreciating the information on Hanoi's vision, CEO Chip Kaye thanked the city's leader for his warm welcome and support for his group during the past 10 years of working in Vietnam.

He also emphasized Warburg Pincus' long-term vision in Vietnam - a country ranked 5th in the world, 3rd in Asia (after China and India) as an investment destination for the US firm. "We look forward to the next decade in Vietnam," he added.

The CEO also hoped for continued support and guidance from the city government for its projects in Hanoi in the coming period, including the Metropole project.

Warburg Pincus began investing in Vietnam in 2013.

It has become Vietnam's largest and most active global private equity investor, with nearly US$2 billion invested in the country.