Ha Noi – an attractive destination for Chinese investors

Vice Director Nguyen Ngoc Tu said that from 1986 to date, China's Foreign Direct Investment (FDI) influx into Ha Noi has exceeded US$11.3 billion. This includes 693 new projects with a total registered capital of US$415.5 million, 107 projects with increased capital amounting to US$135.7 million, and 822 capital contributions and share purchases worth US$10.7 billion.

China ranks second among the major countries investing in Ha Noi. In the first 10 months of 2023 alone, Ha Noi attracted US$29.6 million in FDI capital from China.

As Viet Nam embraces a period of extensive international integration with various intertwined opportunities and challenges, he added that Ha Noi recognizes the business community's importance, especially the FDI sector, as a crucial driving force for the city's development and integration.

Speaking on the direction of infrastructure development in the economic corridor encompassing five provinces and cities of Viet Nam and China, Tu highlighted the significance of the Kunming (Yunnan) - Lao Cai – Ha Noi – Hai Phong - Quang Ninh corridor.

This corridor connects the northern Midlands and Mountains region with major economic centers such as Ha Noi, Hai Phong, and Quang Ninh, and serves as the region's shortest link to the sea. It plays a pivotal role in developing the northern region and fostering international cooperation with Yunnan province and the southwestern provinces of China. It also serves as a gateway to the ASEAN region with China, he continued.

In line with the national master plan for the period 2021-2023 and the vision up to 2050, the economic corridor development plan emphasizes the creation of a comprehensive transportation network, including roads and railways. This network aims to ensure connectivity from the Lao Cai border gate to localities along the route, ultimately linking to seaport cluster No.1, including the Lach Huyen gateway port in Hai Phong.

The plan also prioritizes the construction of new railway lines connecting Lao Cai, Ha Noi, and Hai Phong.

According to Tu, a key goal is to promote cooperation among localities along the economic corridor and to leverage and expand trade relations between Viet Nam and China, focusing on Yunnan and the southwestern provinces of China.

The plan includes the rational development of the urban system along the corridor to facilitate population distribution and tap into the potential for industrial, agricultural, and forestry development.

"It also aims to establish tourist routes that combine mountain resort tourism with sea travel and to develop digital infrastructure, creating a data center to maintain regional connectivity," he said.

A strategic focus is on the development of synchronized and modern urban and connectivity infrastructure, with an emphasis on the axes connecting Hanoi to major metropolitan areas in the region, Ring Roads No.4 and 5 of the Ha Noi Capital Region, and urban and eastern belt railways in Ha Noi.

"This approach aims to enhance connectivity and spur socio-economic development throughout the northern region. Industrial, urban, and service belts are also envisioned along Ring Roads No.4 and 5 of the Ha Noi Capital Region," he added.

The Chinese representative expressed his hope for increased Vietnamese exports to China, balancing trade and opening doors for various agricultural products, leveraging agreements such as the China-ASEAN free trade and RCEP agreements. With a market of nearly 100 million people, Viet Nam has become an attractive destination for Chinese businesses to invest and explore.

A representative from the Department of Commerce of Yunnan highlighted the continuous strengthening of exchanges and cooperation with relevant Vietnamese departments, branches, and localities.

Chinese customs statistics indicate that in the first nine months of 2023, the import and export turnover between Yunnan and Vietnam reached US$1.88 billion, with Yunnan importing US$730 million from Viet Nam—an increase of 74.8 percent over the same period last year.

She emphasized that 2023 marks the 10th anniversary of the "Belt and Road" initiative and is an important year for implementing cooperation agreements. The economic and trade cooperation between Yunnan and Viet Nam is steadily growing, focusing on mutually beneficial relationships and expanding cooperation in areas of common advantage.

Tran Thi Phuong Lan, Acting Director of the Ha Noi Department of Industry and Trade, highlighted the effective implementation of regional linkages. This includes connecting the supply and demand of goods between Ha Noi and provinces and cities nationwide and participating in trade activities, fairs, and exhibitions to promote the consumption of various products.

"Ha Noi is actively engaged in trade with businesses in Yunnan, and efforts are made to further explore the potential of bilateral trade," Lan said.

Meanwhile, China's Yunnan Department of Commerce emphasized the untapped potential of bilateral trade between Yunnan and Viet Nam, encouraging both sides to support the development of various industries and resolve challenges at border trade points.

In addition, there is a push to foster the growth of cross-border e-commerce. This involves reinforcing the exchange of policies, sharing experiences on cross-border e-commerce and maximizing the utilization of the China-ASEAN Cross-border E-commerce Logistics Industrial Park (Hekou).

Collaboration is sought between e-commerce platforms, overseas warehouses, and other enterprises, with concerted efforts to enhance talent training in cross-border e-commerce./.