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Ha Noi forum calls for outside investment

Update: August, 25/2015 - 09:50
A view of Ha Noi City. — Photo
HA NOI  (VNS) — Ha Noi administration has announced that it will focus on promoting investment in industry, trade and services, social infrastructure and agro-forestry besides affirming best incentives to investors to deploy their project on schedule.

The announcement was made yesterday during a conference on investment promotion of Ha Noi City 2015 held by the Ha Noi People's Committee.

Nguyen Ngoc Tuan, vice chairman of Ha Noi People's Committee, told participants that over the years, investment performance of Ha Noi had developed positively, both in quality and quantity. The total investment capital in the capital city reached more than VND1,400 trillion (US$62 billion) over the last five years, double than that between 2006-2010, with foreign investment playing a key role.

City authorities would also promote administrative reforms and improve 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, Tuan said.

As of 31 July , it had attracted 3,206 foreign-invested projects with a combined investment capital of more than $24 billion, ranking third among 63 cities and provinces nationwide. Of the figure, 162 projects were new and 30 were additional capital projects.

Ha Noi industrial production index up 7.4%

The industrial production index of Ha Noi in the first eight months of this year grew by 7.4 per cent year-on-year, the Ha Noi Statistics Department reported.

In the eight-month period, the manufacturing of transformers with a capacity of less than 650kVA recorded the highest growth of 41.3 percent, followed by motorised vehicles and spare parts with respective increases of 40.9 percent and 32.9 percent.

The production of construction rocks surged by 31 per cent, furniture up by 30.3 per cent, and medicine-pharmaceutical chemistry up by 25.7 percent.

The surging industry also contributed with a significant growth in the production of paper and wooden products, costumes and fridges, ranging between 17.1 per cent and 19.3 per cent.

A modest increase of 11.2 percent was witnessed in the production of non-metal materials while chemicals and commercial electricity saw 9 per cent increase in this period. — VNS

Speaking at the conference, Do Nhat Hoang, Director of Foreign Investment Agency, said to further attract FDI, Ha Noi should enhance its potential promotion and investment opportunities and clear obstacles in land clearance as well as shorten the time for issuance of investment certificate and paper-work. In addition, it should promote investment and business connections through banks, investment funds and consultancy companies.

The city's chairman, Nguyen The Thao, said Ha Noi would focus on attracting investment in industries to promote technology transfer, especially in high-tech, and create jobs and increase exports as well as train human resources and develop infrastructure facilities, support industry and high-quality service.

In the field of industry and construction, the city would focus on enhancing capacity building and position the industry in such a way that it can avail of the advantages and attain competitiveness to join in the global value chain such as support industry, information technology, biotechnology, high technology, microelectronics industry, said the chairman.

In addition, the city will also call upon investors to invest in building economic zones and industrial complexes. Priority will be given to large-scale projects that are less labour intensive, have high technological content, are clean and have high-added value and deploy environment-friendly technology.

Investors are encouraged to invest in public transport and railway system, telecoms network and waste water network besides entertainment areas.

In trade service sector, the city will formulate policies to spur trade service sector, particularly for sectors like finance and banking, logistics, posts and telecommunications, health care, culture, education, training and other services sectors.

Ha Noi will also attract investment in health care services, education and training and building of a number of high-quality universities with interna tional standards, and luxury resorts associated with healthcare service.

In agro – forestry sector, Ha Noi city also encourages investment in biotechnology, high-tech agriculture and animal husbandry research.

The city chairman told the conference that the city administration was committed to constantly creating a transparent and open investment environment. He said it would also come up with solutions to handle obstacles facing investors and offer best incentives to them to do business in Ha Noi. — VNS

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