Hanoi works to attract more investment
Sunday, 15/10/2017 10:40 (GMT+7)
Hanoi hopes to attract USD110 billion 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.
Seminar on strengthening economic partnership between Hnoi and British enterprises
Hanoi has attracted USD5.2 billion in the last two years thanks to its strengthened investment promotion activities. So far this year, investment for development has totaled USD8.6 billion.
On October 10, 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 said “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./.
CPV/VOV
Tags: