Hanoi improves procedures process to attract more FDI

Hanoi’s Department of Planning and Investment welcomes hundreds of members of the public every day who come to complete procedures or seek counselling related to business activities. According to many local business owners, there has been a significant improvement in processing administrative procedures at the department.

The local authority has managed to reduce the time taken to process all procedures related to establishing new businesses from 7 to 3 working days. At the same time, online registration is encouraged in order to save time.

The application of the single door mechanism has created favourable conditions for the establishment of new enterprises in the city. This has helped improve investment activities in Hanoi both in terms of quality and quantity.

Hanoi used to rank near bottom of the Provincial Competitiveness Index due to the complexity of administrative procedures. However, through time, the city’s ranking has risen to 26^th in 2014 and 24^th in 2015. This is the evidence of the local authority’s effort in improving the confidence in investors.