Hanoi ranking third yet striving for more
Hanoi ranking third yet striving for more
Hanoi currently ranks third out of 63 provinces and cities in attracting foreign investment, with the total investment capital of $24.05 billion as of July 20, 2015, according to statistics published by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Foreign investors have engaged in 3,209 projects in Hanoi, with the total capital of $24.05 billion. In the first seven months of this year alone, the city attracted $96.4 billion to 162 newly-registered projects and $110.68 million in added capital to 30 existing ones.
“Hanoi has a strong competitive advantage compared to the northern provinces in attracting foreign investment as it has many industrial parks, including the Thang Long I Industrial Zone, the Noi Bai Industrial Zone and the Hanoi Southern Supporting Industrial Park. Furthermore, the city has access to modern infrastructure such as the Noibai International Airport, the Nhat Tan Bridge and the Hoa Lac Hi-tech Park,” Kana Miyazaki, deputy chief representative of the Japan External Trade Organization in Hanoi said at the Conference on Investment Promotion of Hanoi 2015, held on August 24.
“Hanoi is one of the most important business portals in Vietnam. It is an ideal destination for foreigners, especially for Japanese investors, due to its advantages in geographical location, human resources, fast economic growth speed and many existing subsidies as well as incentives,” said Masaki Kanatsu, general manager of the development department of AeonMall Vietnam Co., Ltd.
However, FIA’s general director Do Nhat Hoang said that Vietnam, in general, and Hanoi, in particular, was facing difficulties and challenges in attracting FDI as enterprises were waiting in anticipation for the Law on Investment, the Law on Enterprises and the related guiding documents.
“In order to deal with these problems, authorities should boost the promotion of the investment opportunities of the city and accelerate the awarding of investment certificates and relevant procedures in order to facilitate investors. It would also be welcome to establish a “Task Force Team” to support investors in preparing and implementing large-scale projects,” Hoang added.
