HN becomes attractive investment destination

28/12/2018

VGP – Ha Noi becomes the largest FDI destination in 2018 for the first time after 30 years of market openness and integration by luring over US$ 7.5 billion of FDI. 

 
Illustration photo

 

The national conference of the Government and localities was opened on December 28 in Ha Noi under the leadership of Party General Secretary and State President Nguyen Phu Trong. 

The country posted a GDP growth rate of 7 %, the highest level over the past ten years, higher than any forecast. The Capital City of Ha Noi participated in the conference with encouraging outcomes especially in all fields. Especially, the Capital led the country in FDI attraction with US$ 7.5 billion. 

Implementing Resolution 19/NQ-CP

Since 2014, the Government has taken drastic steps to improve the business environment and competitiveness by issuing Resolution 19/NQ-CP on measures improving the business environment and enhancing national competitiveness. 

Deputy Director of the Ha Noi Department of Planning and Investment Tran Ngoc Nam said that Resolution 19/NQ-CP has become a brand name of the country to attract FDI. 

In Ha Noi, the local authorities annually issued programs and plans to raise competitiveness and attract domestic and foreign investors. The city also attached importance to boosting new projects and supporting investors to resolve difficulties; generating a transparent and equal investment environment in land access and project implementation. 

In 2018, the city attracted over US$ 7.5 billion of FDI, 2.18 times higher than in 2017, the unprecedented rate over the last 30 years. Up to 616 FDI projects got licenses with a total newly-registered capital of US$ 5.03 billion. In the 2016-2018 period, the Capital absorbed US$ 14.05 billion, up 2.25 folds against the 2011-2015 period.

Japan was the largest FDI provider for Ha Noi with US$ 10.6 billion; followed by Singapore with US$ 6.9 billion; the Republic of Korea with US$ 5.5 billion. 

Real estate was the largest FDI reception by occupying 34.8%; followed by manufacturing with 24.4%; information and communication with 8.72%; and construction with 6.29%. 

Mr. Nam reported that to perfect the investment and business environment, the city accelerated the administrative reform; boost IT application; provide e-services to cut time and costs for enterprises. 

Enterprises – driving force for development

The Deputy Director said that Ha Noi always defines the business community in general and FDI circle in particular as an important momentum for the city development. In the coming time, the city will beef up FDI attraction towards sustainable development; prioritize high-quality, competitive and added value projects. 

The city is interested in boosting cooperation with other countries, cities, enterprises, and investors. The city prioritizes some investment fields which would help deep integration into the global value chain and advantage exploitation include technical infrastructure development (transport, smart urban areas, water infrastructure, sewage treatment, and environment); production (manufacturing, processing, new technologies)./.

By Kim Anh