09:54 | 27/05/2019 Investment
(VEN) - According to the Foreign Investment Agency under the Ministry of Planning and Investment, Hanoi led the country in attracting foreign direct investment (FDI) in the first quarter of the year.
Hanoi lured more than US$4.15 billion in FDI in the first three months of 2019, 10 times higher than the same period last year. This result brings the accumulated number of Hanoi FDI to US$40.6 billion, including 4,551 ongoing projects.
The biggest FDI project in Hanoi in the first quarter of the year was a US$3.85 billion investment by Hong Kong (China)’s Beerco Limited in Vietnam Beverage Co., Ltd, a local unit of Thai Beverage Public Co., Ltd. Also notable was Thailand’s Indochina Energy Development project with total investment of US$10 million.
The FDI surge was attributed to Hanoi’s efforts to attract investment by improving the business environment, providing support for investors and foreign-invested companies from business registration to project implementation, removing bottlenecks, and creating a healthy and equal environment in land access.
In addition, the capital city has promoted the application of information technology to handle administrative procedures in business and investment registration, tax payments, insurance and land lease, among others. It has also made public and transparent all sector planning and land use plans in various forms, creating favorable conditions for businesses to easily access information.
Hanoi Department of Planning and Investment Director Nguyen Manh Quyen said the business community has recognized Hanoi’s administrative reform efforts through its provincial competitiveness index (PCI). Specifically, Hanoi’s ranking has risen consistently for six consecutive years, up 42 places from the 51st in 2012 to the ninth in 2018.
According to the Hanoi Department of Planning and Investment, the key task for 2019 is to maintain the high growth in FDI attraction, while promoting its disbursement.
To achieve the goal, Quyen emphasized that Hanoi will continue to promote administrative reforms, strengthen the application of information technology in management and improve online public services at level 3 and 4 in order to create favorable conditions for businesses investing in Hanoi. In addition, the capital city will effectively implement preferential policies, especially in tax, credit, land lease and human resource development, and accelerate the progress of granting licenses for big FDI projects.
In order to retain its leading ranking on the PCI, Hanoi seeks to maintain the online business registration rate of 100
percent, reach a 98 percent rate of online tax declaration and payment, and ensure that 100 percent of tax refund
records are checked according to regulations and handled on time.