Hanoi City: Attractive destination for investors

Hanoi City: Attractive destination for investors

Post by admin /22/08/2022

In the first seven months of 2022, Hanoi attracted US$979.7 million worth of foreign direct investment (FDI), ranking third among cities and provinces nationwide. It is an attractive destination for investors from many countries and territories.

Attracting FDI ranked 3rd in the country

During the process of integration, Hanoi has always affirmed its leading position in attracting and using foreign investment capital through constantly improving investment and business environment, increasingly open legal procedures and the unique advantages ofthe capital.

Mr. Nguyen Ngoc Tu - Deputy Director of Hanoi Department of Planning and Investment - said that since the beginning of the year, the city has effectively implemented solutions to overcome difficulties and restore growth, especially tasks. , the key solution in 2022. A number of economic indicators have increased compared to the same period in 2021, specifically, the total accumulated state budget revenue in the province by the end of July is 213,161 billion VND. , reaching 68.4% of the estimate, equaling 116.0% over the same period. Total accumulated local budget expenditures estimated until July is 38,149 billion VND, reaching 35.7% of the estimate at the beginning of the year, equaling 112.4% over the same period last year.

Mobilized capital from credit institutions in the area continued to grow, reaching VND 2,833,577 billion, up 9.58% compared to December 31, 2021. Export turnover reached $9,842 million, up 17.2% compared to the first 7 months of 2021 (up 2% in the same period). In which, the domestic economic sector reached 5,439 million USD, up 17%; FDI sector reached 4,403 million USD, up 17.4%.

The indexes of production and business activities in the first 7 months of 2022 increased sharply over the same period. Specifically, the industrial production index increased by 7.2% (the same period increased by 8.5%), of which: Processing and manufacturing industry (accounting for the main proportion) increased by 7.5%; electricity production and distribution increased by 3.9%; water supply and waste treatment, wastewater increased by 6.8%, apparel production increased by 8.2%,...; total retail sales of consumer goods and services reached VND 396,885 trillion, up 22% (up 2.3% in the same period last year). International visitors to Hanoi reached 337 thousand arrivals, 2 times higher than in the first 7 months of 2021 (decreased by 83.7% in the same period).

Regarding the results of attracting foreign investment, accumulated since 1987, the city has attracted about 67,811.7 million USD. In the period 2016-2019, Hanoi witnessed a "great growth" in attracting foreign investment capital with 26.5 billion USD and was the leading locality in attracting FDI in the two years 2018 - 2019. In 2020, due to the heavy impact of the Covid-19 pandemic, the world market faced unprecedented difficulties leading to the stagnation of foreign trade activities, disruption of supply chains, increased global costs, travel between countries. However, with the drastic direction of the city, the total FDI attraction in 2020 still reached 3.83 billion USD, ranking third in the country.

In 2021, due to the impact of the Covid-19 epidemic and the implementation of measures to prevent and control the epidemic, FDI attraction dropped sharply, with the attracted capital reaching 1.524 billion USD, ranking sixth in the country. However, spending in the first 7 months of 2022, the city's FDI attraction has reached US$979.7 million, ranking third in the country, including 201 new projects with a total investment capital of US$130.54 million ; 109 times of capital increase with the total additional registered capital reaching 375.7 million USD and 242 times of capital contribution with the contributed capital reaching 473.5 million USD.

Prioritize quality projects

Along with the whole country entering the period of deep and wide international integration with many intertwined opportunities and challenges, Hanoi city has identified the business community in general and FDI enterprises in particular as an important driving force for the development of the country. development and integration of the capital.

The City People's Committee issued Plan No. 153/KH-UBND dated June 23, 2021 on perfecting institutions and policies, improving the quality and efficiency of foreign investment cooperation by 2030 in the city. Hanoi street.

Accordingly, Hanoi sets the goal of "attracting foreign investment" in depth associated with the goal of sustainable development; give priority to quality projects, products with added value and high competitiveness, focusing on the following fields: Urban infrastructure development, smart city construction; supporting industries using modern and environmentally friendly technologies; projects in the field of information technology; Research and Development; tourism, financial services, banking; human resource training; High-tech agriculture, safe and clean food…

In addition, approaching to receive investment from companies and corporations in the field of high technology, enhancing innovation and receiving knowledge transfer from FDI enterprises, improving management capacity and efficiency. in the field of processing and manufacturing technology. At the same time, continue to innovate in investment promotion, associating with trade and tourism promotion as well as foreign and cultural activities. Clearly identify key markets, countries (G7, G8, OECD), large corporations to introduce the city's potential and advantages; focus on and strengthen investment promotion on the spot.

The city also promotes the application of information technology in handling administrative procedures for business registration, investment registration, tax, insurance, and land. Publicly and transparently announce all sectoral plannings, zoning plans, land use plans in various forms so that enterprises can easily access investment information.