Resources tapped to develop capital city’s economy

09/01/2020

VGP – 2019 was the second consecutive year that Ha Noi led the country in terms of attracting foreign investment, especially foreign direct investment (FDI).

The capital city registered an increase in the number of newly registered enterprises as well as the registered capital last year, demonstrating the results in improving the local business and investment environment.

Never has the business registration in Ha Noi been so simple and less time-consuming as it is now. The “Friendly Business Registration Agency” model of the municipal Department of Planning and Investment has deployed utility services to support business registration, thus helping to reduce businesses’ travel times and procedures to be performed.  

It is estimated that in 2019, the department granted business licenses to 27,902 enterprises with a registered capital of VND510.732 trillion (US$21.96 billion), a year-on-year increase of 11% in the number of businesses and up 30% regarding the registered capital.

Ha Noi completed and exceeded all the three important targets including the gross regional domestic product (GRDP) growth rate at 7.62%, per capita income at VND127.6 million per year, and the growth rate of development investment capital at 12.9% (exceeding the assigned target of 10.5-11%). The city attracted US$8.05 billion worth of FDI, maintaining its leading position on a national scale.

2020 is the last year to implement the targets set for the 2015-2020 term, and also a year with many opportunities and challenges. Ha Noi has set the goals of carrying on with the improvement of the business climate, the promotion of startups and creative startups, and the attraction of investment.

To accomplish these goals and contribute to the successful implementation of the five-year plan (2015-2020), Chairman of the Ha Noi People’s Committee Nguyen Duc Chung said that the city will continue to reform administrative procedures, improve the business and investment environment, remove difficulties for businesses, and promote start-up, innovation and creativity. Simultaneously, Ha Noi will encourage investment in the form of public-private partnership, as well as foreign direct investment, through strengthening the promotion of investment from the countries which have their own strengths, including Japan and EU countries (regarding the areas of waste treatment, water supply and drainage, smart lighting), and Israel (concerning agriculture).

In terms of administrative procedures, the city has closely instructed departments and sectors to shorten procedures related to the selection of investors and land clearance compensation, accompany investors in project formulation and implementation, and unfreeze capital sources, focusing on the fields that can create development motivations for the capital city’s economy.  

By Vien Nhu