Prospects for FDI boom

07/09/2017

VGP – Foreign Direct Investment (FDI) was on the rise and the domestic economy continued to grow positively in Ha Noi.

 
Illustration photo

Improved business environment

The Ha Noi Statistics Office reported that in August, total investment of State budget was estimated at VND 3.2 trillion, representing a month-on-month increase  of 4.8% and a year-on-year  surge of 8.5%. In the first eight months, total amount of State budget-sourced investment hit over VND 20 trillion, up 2.9% against the same period last year, meeting 62.9% of this year's target.

In January-August, Ha Noi received 114 non- budget projects worth nearly VND 71 trillion and 22 PPP projects valuing VND 60 billion; and attracted US$ 1.74 billion of FDI.

Local experts attributed the impressive outcomes to the great efforts of the local authorities such as simplification of administrative procedures; removal of unnecessary procedures; application of online business registration, e-tax payment, e-transaction in social insurance services.  

Striving for more FDI attraction

Over the past time, Ha Noi continued to be an attractive investment destination with tge rising numbers of newly-established and resumed businesses.

Chairman of the Ha Noi municipal Peoples Committee Nguyen Duc Chung was quoted as saying that investment attraction would influence socio-economic performance in the coming time.

In the future, the city will seek more development partners and harmonize capital attraction from the FDI sector and local resources.

Regarding investment partners, the local authorities assigned the Department of Planning and Investment to work with relevant agencies to research, assess, and compose trade promotion projects in the 2016-2020 period with different strategic partners such as Japan, the Republic of Korea, the U.S., Russia, and the EU.

In terms of sector, industry, and product, the city gives a priority to the environment (sewage treatment and environmental solutions); sustainable urban development (water supply, transport, urban development, and commercial centers); industry, agriculture, processing, high-tech, technological transferring, and safe food.

The Department also revealed that the city would continue to renovate FDI attraction policies towards quality instead of number; prioritizing high-tech, good administrative, environmentally-friendly projects.

By 2020, the city would promote FDI attraction; improve the investment environment; perfect infrastructure; better high-quality resources; and develop modern services./.

By Khanh Phuong