Hanoi promises most enabling environment for large investors

Accordingly, the municipal Department of Planning and Investment, the Hanoi Industrial and Export Processing Zones Authority, the Hoa Lac Hi-tech Park Management Board, the Hanoi Promotion Agency, other departments, sectors, and units were asked to closely follow the Politburo’s instructions, the Government’s action plan, and the Ministry of Planning and Investment (MPI)’s promotion programme to build and carry out the city’s annual investment promotion programme. They were told to give advice to city leaders joining central delegations in visits abroad so as to attract large, quality, and effective investment projects.

Illustrative image - photo: Internet

They were demanded to encourage investors to make investments in line with the city’s list of investment attraction projects while frequently reviewing and adjusting the list to ensure investment attraction efficiency in accordance with the Politburo’s Resolution No. 15-NQ/TU. They need to work with relevant departments, sectors, and units to prepare land, infrastructure, and labour, among others for welcoming large investors and enterprises. The agencies and units were also instructed to upgrade industrial park infrastructure to create a competitive edge for medium- and long-term investment attraction.

The Hanoi administration asked them to enhance civil servants’ implementation capacity, reform administrative procedures and the administrative apparatus in a way that centres on people and enterprises, quickly handle investment and business procedures in line with law, and not arbitrarily issue requirements or conditions that do not match legal regulations during the settlement of administrative procedures.

In case there are problems or inconsistency during the enforcement of legal rules on investment and enterprises, they need to quickly report to and consult with the municipal People’s Committee to seek opinions from ministries and central agencies.

Departments, agencies, and units were asked to proactively access and assist investors to tackle difficulties and hindrances, speed up investment disbursement, and find out each department, sector, and unit’s responsibilities towards problem-hit projects to seek instructions from the municipal People’s Committee.

The administration assigned the Department of Planning and Investment to coordinate the implementation of investment supervision and assessment tasks. Meanwhile, the investment registration agency is responsible for compiling and submitting periodic reports on schedule, ensuring updated and quality information, and especially the submission of reports via the national investment information system.

Heads of agencies and units were also requested to seriously implement the municipal Party Committee Standing Board’s Directive No. 24-CT/TU, dated August 7, 2023, on enhancing discipline and sense of responsibility towards the settlement of works throughout the city’s political system. They must also bear responsibility for any wrongdoings related to foreign investment, according to the Hanoi People’s Committee.

During January - July, total registered foreign capital in Vietnam has topped 18 billion USD, a year-on-year increase of 10.9%, according to the MPI’s Foreign Trade Agency.

Foreign investors injected 10.76 billion USD in 1,816 new projects, rising 35.6% and 11.6%, respectively.

Meanwhile, 734 projects had their capital adjusted up with a total of more than 10.76 billion USD, down 0.3% in the project number and up 19.4% in capital year-on-year.

Capital contributions and share purchases fell 45.2% to 2.27 billion USD.

In the first seven months, Hanoi has attracted 1.3 billion USD in FDI, surging 65% from a year earlier. That includes 1.1 billion USD channeled into 143 new projects, 138 million USD into 102 existing ones, and 77 million USD spent on contributing capital to or purchasing shares of local companies, statistics show.