Hanoi improves investment environment to attract more major businesses

The city has been conducting many measures to continue improving the competitiveness of the economy and building a safe, stable and attractive investment environment for both domestic and foreign investors.

Recently, many foreign investors have implemented many production and business projects with large investment capital in Hanoi.

An attractive destination

Following the success of two trade centres in Long Bien District (with total investment of over 200 USD) and Ha Dong (more than 192 million USD), Japan-based Aeon Group is completing the procedures for the construction of the Aeon Hoang Mai project in Hoang Mai District in the third quarter of 2022. According to General Director of Aeon Mall Vietnam Co., Ltd. Nakagawa Tetsuyuki, with its trust in the guidelines and policies for investment attraction by the Vietnamese Government and Hanoi, the Group has decided to carry out 16 projects in Vietnam between now and 2025. Specifically, the Group will continue with 3-4 more projects in the capital city.

The construction of 220 million USD research and development centre project by Samsung Group (from the Republic of Korea) at Tay Ho Tay Urban Area has been promoted for its completion in the third quarter of this year as planned. Once completed, Samsung hopes to contribute to raising the research capacity of Vietnamese engineers in many new fields science and technology and boosting the fourth industrial revolution.

In May, the construction of industrial clusters in the districts of Dan Phuong, Thach That and Thuong Tin was completed. Many industrial clusters which received the establishment decision during 2019-2022 period are behind schedule due to problems in planning, land procedures and site clearance. Facing this situation, the city assigned leaders of departments, agencies and chairpersons of People's Committees of districts and towns to strengthen inspection and take full responsibility for the implementation of assigned tasks as well as to carry out measures to remove obstacles for the deployment of all 41 industrial clusters in 2022.

Chairman of N&G Group Joint Stock Company Nguyen Hoang said the investors to the Hanoi South Supporting Industrial Park (Hanssip) will receive maximum support in terms of premises, factories, and policies as prescribed as well as free advice on investment procedures and permits and support in recruiting and training workers.

A representative from Xuan Phuong Co., Ltd. noted that while developing its project in Dan Phuong District, the company has received active support the departments, agencies and local authorities.

According to the Hanoi Municipal Department of Planning and Investment, the city attracted 586.6 million USD in FDI in the first four months of this year, three times higher than the same period in 2021. This includes 96 newly registered projects with a total capital of 81 million USD and 47 projects with additional investment capital. Meanwhile, 110 turns of foreign investors contributed capital and purchased shares, reaching 379.7 million USD in capital.

Improvement of investment and business environment is a key task

At the new stage of establishment, businesses will face many difficulties and surprises, so the support and companionship from the authorities is very necessary. According to the Business Support Centre under the Hanoi Municipal Department of Planning and Investment, in addition to maintaining the rate of 100% of business registration documents done via the internet, the city has recently implemented a programme to give a 100 percent discount of one-year usage fees for digital signatures and 500 electronic invoices for newly formed enterprises in 2022.

Hanoi authorities have also actively reviewed administrative procedures to simplify and speed up the time to receive and resolve procedures, contributing to facilitating and reducing costs for people, organisations and businesses. Positive changes in improving the investment and business environment in Hanoi have been recognised and appreciated by the business community and people.

With its determination of economic recovery and development, Hanoi has identified the improvement of the investment and business environment, administrative reform, and support for businesses’ recovery as key tasks. During his working session with Aeon Group, Secretary of the Hanoi Municipal Party Committee Dinh Tien Dung once again strongly affirmed the city’s message: “Hanoi is determined to improve the investment environment, promote administrative reform and create the most favourable conditions to attract both domestic and foreign investors, especially in high and clean technology and environmental protection”.