The US – North Korea Summit taking place in Hanoi on February 27 – 28 would present major opportunities for the capital to attract investment and promoting its image to the world.
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Recently, Hanoi has been named among the cheapest destinations in the world for travel in the 2019 Backpacker Index formulated by Price of Travel, the world’s largest database of travel costs.
Hanoi, thus, has gathered necessary conditions to become a major tourist, trade and economic hub of not only Vietnam but also the region.
According to Deputy Prime Minister Vuong Dinh Hue, Hanoi is the highlight of Vietnam’s globally recognized success story in FDI attraction. In 2018, Hanoi topped nationwide in FDI attraction for the first time after 30 years of economic integration, with commitments reaching US$7.5 billion, accumulating a total of US$36.55 billion.
In the 2016 – 2018 period, Hanoi attracted US$14 billion in FDI, more than double that in the 2011 – 2015 period.
Hanoi has licensed for 616 new FDI projects in 2018 with newly registered capital of US$5 billion, and additional of US$828 million for 157 existing projects.
Nguyen Duc Chung, chairman of the Hanoi People's Committee, said the FDI sector with the advantages in capital and technology have had an especially important contribution to the socio-economic development of Hanoi in particular and Vietnam overall.
In 2019, Hanoi would continue to improve its business and investment environments, improving the infrastructure and developing the business community in terms of both quantity and quality. At the same time, Hanoi has been undergoing administrative reform through the application of technologies in the governance process.
Hanoi expected to attract quality FDI, focusing on environmentally friendly projects with cutting-edge technologies from developed countries such as the US, Europe, Japan and South Korea.
Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said Hanoi remains a potential market with rapid economic growth rate and the base of Vietnam’s major conglomerates.
Loc stated that Hanoi is fully capable of taking advantage of the US – North Korea summit for economic development, similar to Singapore for the first summit.
Kim Do-hyon, South Korea’s ambassador to Vietnam, said the summit would help Hanoi to catch worldwide attention, posing invaluable opportunities for the capital to show its diversified culture and beautiful landscape to the world.
Foreign investors, especially those from South Korean, are actively searching for business opportunities in Hanoi, Kim added.
