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Ha Noi seeks more foreign investment

Update: May, 04/2015 - 10:12

Ha Noi has been tackling obstacles overseas investors face in a bid to draw more foreign direct investment (FDI) and boost socio-economic development. — File Photo

HA NOI (VNS) — Ha Noi has been tackling obstacles overseas investors face in a bid to draw more foreign direct investment (FDI) and boost socio-economic development.

Nguyen Ngoc Tuan, vice chairman of the Ha Noi People's Committee, said the city asked relevant branches and ministerial departments to listen to the complaints of foreign-invested enterprises and offer solutions in a timely manner in a meeting with members of the Viet Nam Chamber of Commerce and Industry (VCCI) yesterday.

The city asked foreign investors to implement their licensed projects on schedule – otherwise their licences would be withdrawn. It also urged site clearance steering boards to work closely with investors on eight projects that were having trouble getting the needed clearance.

City authorities would also promote administrative reform, improving the processes of planning, investment, building and taxation to support businesses. Numerous trade promotion activities would also be held to attract more domestic and foreign investment.

According to statistics from the municipal People's Committee, by the end of 2014 Ha Noi attracted 3,169 FDI projects with a total investment of US$26.3 billion. It ranked third nationwide. Of those projects, 2,988 worth a combined $21.7 billion are still valid. About $11.3 billion has been disbursed.

In the first quarter of the year, an additional $160.2 million poured into the city.

South Korea is the number one foreign investor in Ha Noi, with 893 projects worth $4.77 billion. It is followed by Japan with 683 projects valued at $4.64 billion. The real estate sector has become the most attractive sector for investment in the city, accounting for 46.6 percent of total capital, followed by manufacturing and processing with 28.5 percent. — VNS

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