HN: A magnet for investment

HN: A magnet for investment

16/01/2018

VGP – Ha Noi attracted over VND 329.6 trillion from non-State budget capital, VND 445.9 trillion from business registration, and US$ 6.55 billion from FDI in 2016 and 2017. In 2017 only, the amount of FDI reached US$ 3.4 billion, said Chairman of the Ha Noi municipal People’s Committee Nguyen Duc Chung.

 
Illustration photo

Rising FDI

Chairman Chung made the announcement on January 15 in Ha Noi at a conference on the Ministry of Planning and Investment (MoPI) performance in 2017 and its tasks in 2018. 

The Chairman reported that in 2017, the city accomplished all the 20 targets with six exceeding the preset norms. 

The local economy expanded by 7.3%; budget collection saw a year-on-year growth of 15.8%; total social investment picked up 10.05%, accounting for 18.5% of the national figure. Inflation rate was put under control. Export was higher than forecast by 8%. The number of foreign arrivals grew by 23%. Social security was ensured. 

In 2017, the number of newly-established firms was 25,160, representing a year-on-year surge of 11%. Total registered  capital valued at VND 240 trillion, up 4% against the same period last year. The city also promoted IT application in business registration as well as tax registration. Accordingly, the rate of online business registration met 100%. The city also operated the Ha Noi Innovative Business Incubator of Information Technology and the StartupCity.vn (a business start-up portal). 

Last year, the city successfully hosted the conference themed “Ha Noi 2017 – Cooperation, Investment and Development” and support local enterprises to beef up ties with other regional provinces and cities in the key economic regions. 

Committing to improving investment environment 

In 2018, the city will focus on six key tasks:

Firstly, seriously following the Government’s ten-word motto “Discipline, integrity, action, creativity, and efficiency, promoting the administrative reform; restructuring apparatus; raising legal enforcement; and bettering services for people;

Secondly, improving the investment environment; standing by businesses; taking drastic and effective measures to extricate business difficulties; striving for GRDP growth rate of 7.3-7.8%(service: 6.9-7.5%; industry-construction: 8.2-8.7%); social investment capital (10-11.5%); and over 12% of newly-established firms. 

Thirdly, attracting more capital for non-budget and FDI projects; implementing basic construction projects especially key ones;

Fourthly, speeding the progress of urban development programs; improving the environment; solving traffic congestion; ensuring food hygiene and clean water; continuously planting 1 million green trees; conducting the installation of underground cables; and developing subway lines in the Capital;

Fifthly, promoting the campaign on building elegant and civilized Hanoians; raising spiritual and cultural lives for people; safeguarding social security; building around 7,000 houses for the poor;

Sixthly, gradually building and formulating conditions for developing the smart city; and building an e-Government program.

Chairman Chung hoped that in 2018, the MoPI would continue to consult policies which support sustainable and fast growth rate; improve the business environment; raise national competitiveness; and prepare for the fourth industrial revolution; better labor productivity; and craft strategies to raise competence for domestic enterprises; and connectivity and technology transfer among domestic and FDI enterprises. 

Ha Noi also hoped to continue to receive support from the Government, the PM, and the MoPI and other ministries to build special policy mechanisms and resolve business and investment obstacles, Mr. Chung suggested./. 

By Kim Anh