Hanoi: A megacity pulling out all the stops for business

09:30 | 09/08/2017 Economy- Society

(VEN) - With strong efforts to improve investment in the capital and the city’s business environment, Hanoi has become a prime destination for domestic and foreign investors, Prime Minister Nguyen Xuan Phuc said at the “Hanoi 2017 - Investment and Development Cooperation” conference on June 25.  

Hanoi grants investment decisions to businesses

Impressive numbers

According to Hanoi Party Committee Secretary, Hoang Trung Hai, Hanoi’s economy continued to develop rapidly and on a sustainable basis in 2016, while the city’s budget revenue was high, and businesses grew rapidly in terms of quantity and value to reach a total of VND439.2 trillion in capital. Hanoi is gradually becoming a megacity and a major hub of the region, and the key to addressing the challenges and hardships of the megacity is to build a service administration, Hai said.

Nguyen Duc Chung, chairman of the Hanoi People’s Committee, said that in 2016 and the first half of 2017, the city approved and issued investment certificates for non-state projects worth a total of VND296 trillion, 4.43 times the city’s basic construction investment capital for 2016-2017.

At the conference, the Hanoi People’s Committee and investors signed 15 memoranda of understanding (MoUs) totaling VND134.79 trillion in value, while the city granted investment decisions to 48 projects, totaling more than VND74.37 trillion in registered capital. The projects are in transportation, environmental protection, industry, trade, services, tourism, sports, recreation, housing, urban areas, and education and training.

Diversifying investment sources

To ensure fulfillment of its development targets for the 2017-2020 period, Hanoi will continue to call for domestic and foreign investment and consider investment from different resources the driving force for the development of the capital.

At the conference, Chung introduced the city’s key objectives and portfolio of projects needing investment in the 2017-2020 period.

Prime Minister Nguyen Xuan Phuc highlighted Ha Noi’s efforts to improve its investment-business environment, with the city’s provincial competitiveness index jumping 10 spots, ranking it 14th out of 63 provinces and cities - its highest ever ranking, while its index of public administrative reform also climbed six spots.

Hanoi has attracted startups by many domestic and foreign organizations and individuals, he said, adding that the spirit of constructive government has been widely welcomed by domestic and foreign enterprises. The recent positive changes in Hanoi and many other provinces show that the spirit is gradually spreading, the PM said.

The prime minister told the city authorities to act effectively every day to find ways of attracting investors. He said Hanoi should make its planning and urban development activities more efficient, maximize the infrastructure cost efficiency, boost production in compliance with inter-regional value chains, and link to national and international value chains.

Hanoi People’s Committee Chairman, Nguyen Duc Chung, says Hanoi will pioneer implementation of the government’s guidelines on serving and accompanying businesses.

Nguyen Hanh