Volume of foreign investments increases ten-fold in Q1


VGP – The capital city of Ha Noi attracted US$ 4.04 billion of FDI in Q1, which represents a tenfold rise from the same time last year (US$ 399.8 million).

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Over 6,300 newly-founded enterprises

The city implemented Resolution 02/NQ-CP, January 1, 2019 on measures and solutions to improve business environment and raise national competitiveness in 2019 with a vision towards 2021. In Q1, the city took different measures to perfect the business environment. 

Total social investment was estimated at VND 58.4 trillion, up 10.5%. The city absorbed US$ 4.04 billion of FDI, up ten times against the same period last year (with US$ 399.8 million).

The city granted 6,339 business licenses worth US$ 52 trillion (up 16% in number and equivalent in value in comparison with the same period last year). As of late Q1, the city housed 259,274 enterprises. 

In 2019, the customs sector targets to raise the proportion of customs clearance coverage to 65% of enterprises; reduce export customs clearance time to under 5 hours and 15 minutes and import customs clearance time to under 21 hours. 

10% of business registration response via post services

The city is providing online business registration services. In 2019, the city plans to cut time of administrative procedures for seal publication to only one day; business termination to three days; adjustments of business registration content to two days; and 10% of business registration response via post services.

Regarding tax area, synchronous measures will be taken to improve human resource quality; accelerate administrative procedures and IT applications; and broaden online tax registration. 

Entering Top 10 PCI

In 2019, the city targets to perfect the investment and business environment; encourage innovation and business startup; develop businesses in both number and quality.

On the basis of business performance in Q1, the city will spare no effort to fulfill business environment norms stipulated on Resolution 02/NQ-CP. 

Especially, the city is determined to joining the Top 10 in   Provincial Competitiveness Index (PCI); and speeding up online payment./.  

By Kim Loan