Hanoi licenses 48 new projects for $3 billion
Hanoi licenses 48 new projects for $3 billion
At the meeting entitled “Hanoi 2017—Investment and Development Cooperation” on June 25, the Hanoi People’s Committee handed out investment certificates to 48 projects worth a total of VND74.370 trillion ($3 billion) and signed memorandums of understanding (MoU) with a number of investors over an expected total investment sum of VND134.790 trillion ($5.4 billion).
Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, introduced an investment portfolio in Hanoi with the aim of attracting more investors. This portfolio includes 17 public-private-partnership (PPP) projects with a total capital sum of VND802.700 trillion ($32 billion) and 119 projects with the total capital of VND303.850 trillion ($12.2 billion) to be sourced from the private sector.
Hanoi has been reporting an average economic growth of 9.5 per cent a year over the last 20 years. The capital accounted for 8.2 per cent of the national economy in the past, but now it has grown to 13.6 per cent and contributed more than 16.5 per cent of the national budget.
Meanwhile, the city considers investment in transport infrastructure a top priority because the national budget can meet only 20 per cent of its capital demand for transport infrastructure. Thus, 80 per cent of the capital needed for transport infrastructure projects will be mobilised from the private sector.
Of the total of 52 key projects in Hanoi, 38 are on transport infrastructure, with the total investment of VND422 trillion ($16.9 billion). If all 52 projects are implemented properly, Hanoi will own one of the best transport infrastructure sytems in Vietnam.
In his speech at the meeting, Prime Minister Nguyen Xuan Phuc said he highly appreciated the organisation of this conference, where the city listens to the opinions of investors from in and outside the country.
Phuc also said that Hanoi should be a land for the small seeds of startups to grow up and reach beyond the national boundaries.
“To lure in more investors and excellent ideas, Hanoi’s authorities should introduce measures to connect, support, and encourage residents in Hanoi as well as other domestic and international enterprises to strive for a mutual target: a Hanoi which is green, polite, modern, and retains its unique characteristics, the most outstanding capital in the ASEAN,” he said.
Besides, Hanoi will thoroughly improve its administration agencies and develop employee capacity, to create a responsible, reliable, and efficient administration system. It will also enhance the business environment to strengthen the belief of investors, enterprises, and residents, and try to raise its competitive capacity as well as other features.
PM Phuc asked Hanoi to efficiently implement its planning and develop urban areas to fit the social infrastructure through enhancing cooperation and linkages with other localities. Moreover, it should eliminate inappropriate policies, optimise the cost of infrastructure usage, promote production distribution, connect surrounding regions, and connect international and domestic value chains.
The PM promised to create a fair, friendly business environment, encourage startups and investment, stabilise politics, and open opportunities for all economic sectors.
On behalf of Hanoi’s authorities, Chairman Chung promised, “We will implement the PM’s directions, create an authority to serve and stand by enterprises in cooperation and development. The satisfaction of enterprises and residents will be the ruler to measure our professionalism and efficiency by."
