Hanoi focuses on FDI quality

Tuesday, April 03, 2012 - 16:05:32

Hanoi plans to reduce projects relating to real estate, processing, and assembling.

(VOVworld) - In the first quarter of 2012, Hanoi attracted 39 new Foreign Direct Investment projects with total registered capital of 120 million USD, a 2% increase in the number of projects and 490% increase in investment capital compared to the first quarter of 2011. According to Hanoi’s Statistics Office, major focus was given to projects which will improve human resources and boost the city’s economic growth.

Economists say the rise of FDI in Hanoi as a positive sign. Nguyễn Văn Tứ,  Deputy Director of the municipal Investment and Planning Department says 'Hanoi currently ranks among the country's top three FDI destinations with more than 2,200 active projects worth 22 billion USD. Last year was a success with 300 new projects and a committed capital of 1.5 billion USD, 175% more than the previous year. Although the figures fall short of the potential, they are significant in a struggling world economy with FDI in other provinces dropping sharply'.

Late last month, Japan’s Shimizu Corporation and the N&G Corporation signed a contract to build the Southern Hanoi Supporting Industries Park (HANSSIP), an urban service and residential area for workers, at a cost of nearly US$1 billion. The park will help Japanese small and medium sized enterprises which are invested in auxiliary industries in Vietnam and improve the competitiveness of Vietnamese products. Doctor Nguyễn Minh Phong, an economist at Hanoi’s Institute of Economic and Social Affairs, sees positive signs in the level of FDI registration and disbursement compared to last year. He says there are many more industrial and agricultural projects and projects that encourage the growth of the domestic market. Municipal leaders plan to reduce projects relating to real estate, processing, and assembling. Hanoi’s target for this year is to lure the same amount of FDI capital - 1.5 billion USD – as last year. Doctor Nguyễn Minh Phong says 'We should first create a good investment environment and mechanism which are in line with the country’s integration commitments, international practices, and foreign investors’ requirements. Second, we should have appropriate master-planning with a sustainable FDI attraction orientation to secure investors. Third, the infrastructure including transportation systems, service foundations, industrial zones, electricity and water systems, human resources, and policies to support enterprises should also be completed. More importantly, domestic companies should be improved so that foreign investors can either make joint ventures or outsource to create a complete product chain'.

Hanoi has pledged to help the business community deal with any obstacles, and create the best possible conditions for them to invest and expand production in the city. To attract more FDI, the city will speed up the improvement of administrative procedures to save time for businesses, make public investment-related information accessible, and make a leap in land clearance to help businesses needing production sites.

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