Hanoi to improve business environment

Therefore, attracting investment from local and foreign investors into economic development projects remains a key task for Hanoi during this period. This was also the main theme of the Hanoi 2016 – conference, held on June 4.

At the conference, the city leaders announced 95 projects in need of capital, and officially called for investment in the form of public-private partnerships. With a total value of US$31.3 billion, the 95 projects are spread into various fields such as infrastructure, medical, commercial service industry and technology. Many businesses expect new solutions to reduce administrative procedures and improve the business environment from the local authority.

Nguyen Hong Son, General Director of Vietnam Oman Investment JSC said: “It is necessary that we, as businesses, receive support with administrative procedures. Shorter and more transparent procedures are important too. We hope the new policies will address these matters”.

According to the local authority, in the first 5 months, investment capital poured into Hanoi has increased 5-fold, in which FDI alone increased 1.5 times, compared to the same period last year. These results are initial proof of improvements in administrative procedures reform in Hanoi.

Nguyen Duc Chung, Chairman of Hanoi’s People’s Committee said: “Hanoi will act as a bridge for local businesses and banks so that they can gain access to capital. The city will also provide necessary information about land for companies and citizens alike should they need it”.  

Addressing the conference, Prime Minister Nguyen Xuan Phuc requested the capital to create favourable conditions for newly-established businesses, and set the target for Hanoi to become a start-up city in the next 5 years.

Prime Minister Nguyen Xuan Phuc said: “We need to be ready to change, to innovate ourselves in order for the start-ups model to flourish in Vietnam instead of having to go abroad”.

At the end of the conference, there were 70 investors registering to pour capital into 52 projects with a total investment capital of US$13.4 billion.