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Jun 02, 2020 / 11:06

In new normalcy, Hanoi seeks to lure more investment

The upcoming investment promotion event shows the city’s determination to be the pioneer among localities in pushing for economic recovery after Covid-19.

The Hanoi Party Committee has announced the city will host an annual investment promotion conference at the Vietnam National Convention Center on June 27.

 Hanoi's investment promotion conference in 2018. 

The organization of the conference right after Hanoi’s early containment of the Covid-19 pandemic would send a strong message on the capital city’s efforts in particular, and of Vietnam in general, to lure investment from domestic and abroad businesses.

More than ever, Hanoi remains a safe and stable investment destination for investors, stressed the municipal Party Committee.

The investment promotion conference, themed “Hanoi 2020 – Investment and Development Cooperation”, shows the city’s determination to be the pioneer among Vietnam’s cities/provinces in recovering and developing the economy in the post-pandemic period.

According to the committee, the process would boost Hanoi’s administrative reform and enhance the city’s business and investment environment towards the ultimate goal of achieving high economic growth.

In 2020, Hanoi targets an economic expansion rate at 1.3 times higher than the national average.

The Hanoi Party Committee requested the municipal People’s Committee to strictly comply with current regulations on approving new FDI projects, focusing on those with modern technologies and environmentally-friendliness, and in line with the city’s vision for sustainable development, national and social security.

 Data: Municipal Statistics Office. Chart: Nguyen Tung. 

Chairman of the Hanoi People’s Committee Nguyen Duc Chung on May 9 said at the event, the city will issue investment certificates for some 100 projects. Among them, domestic investors are expected invest nearly VND330 trillion (US$14.28 billion), including 26 social housing projects worth VND72 trillion (US$3.11 billion) for low-income buyers.

Chung also revealed Hanoi would issue investment certificates for foreign-invested projects worth US$3.5 billion, and the city would continue to call for investment in IT, logistics and e-commerce.

FDI commitments to Hanoi in the year to May 19 increased 6.1% against the previous month to US$1.04 billion. From the start of this year, the capital city has approved 255 new projects worth US$327 million and allowed other 63 to pump an additional US$378 million in the five-month period. Foreign investors also contributed US$340 million in capital to other 468 projects.