Capital city promotes investment-tourism cooperation with Japan

At the conference, Ha Noi’s authorities gave an overview of the capital’s investment and tourism cooperation with Japanese partners as well as investment opportunities.

According to Hironobu Kitagawa, a representative from the Japan External Trade Organisation (JETRO), informed the conference that the fund channelled into the Hanoi smart city project was the biggest among the top-ten works invested in by Japan in Viet Nam last year.

He said that the estimated proportion of Japanese firms making profits in Viet Nam reached 65.3% in 2018, praising the strengths of the local business climate such as high growth, stable political-social conditions, and low labour costs.

Vice Chairman of the Ha Noi People’s Committee Nguyen Doan Toan said Japan’s foreign direct investment (FDI) in the city exceeds US$10 billion, accounting for 25.5% of its total FDI value.

Japanese-funded projects, like Nhat Tan-Noi Bai Expressway, Nhat Tan Bridge, and the building of a smart-city area, have played an important role in the capital’s growth. Meanwhile, as Hanoi’s third biggest tourism partner, Japan had 303,000 tourists visiting the city last year.

Toan stated that the capital city is committed to stepping up administrative reform with people and enterprises as the centre.

Local authorities are willing to listen to feedback and proposals from the business communities in Viet Nam and abroad to better the investment environment, he added.

Director of the municipal Department of Planning and Investment Nguyen Manh Quyen said Japanese firms have been investing in various projects with effective operations in the city.

A number of the Ha Noi market’s shortcomings were also mentioned at the conference, including the incomplete legal system, complex tax-related procedures, and difficulties in purchasing domestic materials and spare parts.

As part of the conference, a discussion with Japanese firms operating in Ha Noi and a signing ceremony of memoranda of understanding on trade, investment, and tourism cooperation were held between the city’s public agencies and enterprises alongside their Japanese peers.

It is supported local businesses operating in the investment and tourism sectors with information about Japanese market demand and direct contacts to expand business co-operation and commodity production.

In addition, it was a chance to look for experienced and capable investors to call for investment in Ha Noi, contributing to improving urban infrastructure and promoting the socio-economic development of the capital.

Vietnamese representatives included leaders of ministries and sectors, Ha Noi authorities, the Viet Nam National Administration of Tourism, Viet Nam Airlines and associations in investment, trade and tourism operating in Ha Noi.

By Vien Nhu