Hanoi seeks economic cooperation with foreign partners

15:04 | 26/03/2018 Economy- Society

(VEN) - Hanoi People’s Committee Chairman Nguyen Duc Chung said the capital would promote international integration towards advanced technology application and development of new fields based on mutually beneficial cooperation with foreign partners.

hanoi seeks economic cooperation with foreign partners
Hanoi People’s Committee Chairman Nguyen Duc Chung gave a speech at a conference overviewing Hanoi’s international integration activities in 2017 and targets for 2018

Achievements

Speaking at a conference overviewing Hanoi’s international integration activities in 2017 and targets for 2018, Nguyen Thanh Hai, Deputy Director of the Hanoi Department of Industry and Trade, said administrative reform contributed to improving the city’s business environment and resident and enterprise comfort indexes related to public administrative services. Hanoi’s 2016 provincial competitiveness index (PCI) improved by 10 places compared with 2015, from the 24th to 14th place - the capital’s highest ranking ever. Hanoi has implemented various programs to disseminate international economic integration information among workers and businesses while working to improve the competitiveness of its enterprises and products, and consistently developing elements of a market economy.

Hai said that in recent years, the city has been consistently implementing international integration in different fields, contributing to the fulfillment of socioeconomic targets. In 2017, the city experienced growth of 7.3 and 11.3 percent in gross regional domestic product (GRDP) and retail sales and service revenue compared with 2016.

Hanoi recorded a high export growth in recent years, exceeding its 2017 export growth target with export revenue of almost US$11.78 billion, up 10.3 percent from 2016, of which, exports by locally governed businesses reached nearly US$9.82 billion, up 12 percent. Last year, the city attracted investment capital of nearly US$3.44 billion, 10.2 percent more than 2016 and four percent higher than the 2017 target. Of this, more than US$1.43 billion was attracted through 556 newly licensed projects, and US$690.1 million was capital increases of 165 projects, and more than US$1.31 billion were 637 foreign investors’ contributions to Vietnamese businesses.

However, the city’s international integration activities have revealed limitations attributed to inconsistent and impractical state policies. Many policies need to be supplemented and/or revised. Particularly, international integration activities in business promotion, opening doors to foreign investors, and consumer protection, remains inefficient. Business competitiveness remains modest. Enterprises are not as dynamic and creative as they should be, while the joint strength of enterprises in the same field and production chain hasn’t been utilized and promoted. Firms are engaged in adopting changes to confront technical barriers of foreign countries.

Investment environment improvement

To fix these problems, Hanoi will continue to review and systemize its legal documents in all areas, and build databases to examine and review documents in order to create favorable conditions for organizations and citizens to implement regulations and policies. The city will also focus on administrative reform, improve the investment and production environment, continue to disseminate information and organize investment promotion events in strategic partner countries, assist enterprises to expand markets and improve competitiveness, speed up new rural area development, and research and apply new and high technologies to production.

Hanoi People’s Committee Chairman Nguyen Duc Chung said the city has many advantages but faces difficulties and challenges in international integration. He proposed that in 2018 sectors review state and government regulations on international integration to prepare specific plans in compliance with their actual development demands. Given that integration must be comprehensive in all fields, the chairman told sectors through international integration to approach and apply new technologies, take the initiative in development and pursue practical and efficient development. International integration must ensure benefit of parties and enable domestic businesses to make use of foreign partners’ assistance and resources, he said.

Chung also proposed that sectors work harder to attract foreign investment capital, make use of foreign partners’ management and technological expertise, and focus on development of startups and the sharing economy. The chairman said political security and safety must be ensured and economic development of the capital region and the Northern Delta should be considered upon international integration.

In 2017, Hanoi-based businesses exported goods worth US$11.79 billion, up 10.3 percent from 2016, and attracted investment capital of nearly US$3.44 billion, 10.2 percent more than the previous year.

Nguyen Hanh