Hanoi works to attract more investment

(VOVWORLD) - Hanoi hopes to attract 110 billion USD in an investment capital in the next few years to boost its growth. Hanoi is working hard to improve its investment environment because the state budget can only supply fifth of what the city needs.
Hanoi works to attract more investment - ảnh 1Seminar on strengthening economic partnership between Hanoi and British enterprises

Hanoi has attracted 5.2 billion USD in the last two years thanks to its strengthened investment promotion activities. So far this year, investment for development has totaled 8.6 billion USD. On Tuesday, Hanoi debuted a startup portal at Startupcity.vn as a platform to connect startups and mobilize resources from domestic and foreign investors. Chairman of the Hanoi Municipal People’s Committee Nguyen Duc Chung: “Hanoi has improved its business environment to promote startups and entrepreneurship. Tourism investment programs have been boosted. Hanoi’s Provincial Competitiveness Index has increased 10 levels to 14th out of 63 cities and provinces.”

In the next three years, state budget allocations for Hanoi will shrink while the cost of needed infrastructure increases. Hanoi has asked the government and ministries to work out a specific mechanism to enable it to mobilize resources, improve its business environment, and increase its competitiveness.

Hanoi has modernized its administrative system to reduce time and costs for enterprises and moves towards its goal of becoming a smart city. Mr. Chung said: “Municipal leaders will help solve problems for all sectors. Hanoi will strengthen administrative reforms, exports and production.”

Hanoi is welcoming investment in socio-economic development to become an economic hub of Vietnam.