Hanoi prioritizes high quality service industries

08:11 | 08/03/2014 Economy

(VEN) - There are 2,727 effective foreign direct investment (FDI) projects totaling US$21.9 billion in registered capital in Hanoi, most of which are found in real estate, information and communications, processing and manufacturing, and entertainment sectors.

Nineteen EU countries currently have 290 direct investment projects (except projects in industrial and export processing zones) with a combined registered capital of US$2.61 billion in Hanoi, with France being the biggest EU investor with 68 projects, followed by Germany with 44 projects and Denmark with 42 projects.

Real estate is the biggest EU investment attractor. It is followed by finance and banking and other service industries. EU investment projects in general were implemented according to commitments and highly rated. EU investors have a high financial capability, modern technology, advanced management expertise, are serious and have sense of responsibility in project registration and implementation. Notable EU projects include the US$1.04 billion Vietnamobile mobile phone trading project of Hanoi Telecom and Hutchison (Luxembourg), the Republic of Cyprus’s US$375 million Vietnam-Russia Telecommunication Joint Stock Company project, the US$38.6 million Big C Thang Long Company project (France), the US$23.6 million Metro Vietnam Company project (Germany), the US$185.6 million TSQ Vietnam Company project (Poland), and the US$79.6 million Southeast Asian Beer Factory project (Denmark).

EU businesses obtained encouraging achievements. They made revenues of about VND25.703 trillion and paid VND1.778 trillion in taxes in 2012-2013, with notable ones including the Big C Thang Long that paid VND126 billion in taxes, Electrolux (VND107 billion) and Standard Chartered Bank (VND87 billion). In 2013, 59 EU businesses made a profit.

In the coming time, Hanoi will encourage projects with a high technological content and education and healthcare projects. The city will encourage EU investment in high quality service industries, trade, financial and banking center development, electric and electronic industries, hi-tech industrial parks, support industries, high-grade tourist projects, education and training, intensive healthcare, international standard hospital and environmental pollution treatment projects./.

Hanoi People’s Committee Chairman Nguyen The Thao said that Hanoi has pledged to create a favorable and transparent investment environment in accordance with the international integration process, simplify administrative procedures at all levels in investment promotion, management and implementation and create the most favorable conditions for investors to contribute to making the capital really become a safe, lucrative destination for investors.  

By Ngoc Hanh

Theo ven.vn