The signing ceremony of the Memorandum of Understanding on establishing friendly and cooperative relations between Hanoi city People's Committee and Utah State in US, 2017. (Photo: VNA)

Being a dynamic and fast-growing economic center, Hanoi continues to be an attractive destination for many foreign investors, including US investors. They currently have 156 valid investment projects in the Vietnamese capital city with a total registered capital of USD278.43 million, focusing on manufacturing and processing (USD93,96 million), finance and banking - insurance (USD35 million), administrative activities (USD30.1 million), and real estate business (USD25 million).

Hanoi has sent many working missions to visit and work in the US while welcoming high-level US delegations to visit Hanoi, as well as major US business delegations who come to promote investment in the city.

The two sides have coordinated to organize many events and policy introduction activities and business linking efforts to promote trade and investment.

In 2019, Hanoi's export value to the US market reached US3 billion, accounting for 17.9% of the city's total export turnover, with the main products of metal (43%), textiles (34%), electronic and computer components (6%), footwear, handicrafts, and agricultural products of all kinds. Meanwhile, it imported USD1.29 billion from the US market in 2019, accounting for 4% of the total import turnover of the city.

Currently, 40 representative offices of US traders are licensed to establish in Hanoi, mainly operating in pharmaceuticals, electronics, telecommunications, agricultural products, garments, software and computers. Their effective operation has contributed to US businesses and Hanoi’s socio-economic development.

Bilateral cooperation between Hanoi and US localities has been strengthened through many exchanges of delegations. Typical is the official visit of the Governor of Utah state to Hanoi in 2017 to sign a Memorandum of Understanding establishing Hanoi - Utah cooperative relations. In 2018, the Mayor of Los Angeles city led a delegation of Los Angeles officials and businesses to visit Hanoi. Additionally, Hanoi donated medical supplies to New York city to join hands to prevent and combat COVID-19 in the US.

In tourism, Hanoi in particular and Vietnam in general are among the top destinations for US tourists. In 2019, the number of US tourists to Hanoi reached 25,409, an increase of 3.3% compared to 2018, accounting for 34% of the total number of US arrivals to Vietnam. Meanwhile, the cooperation to promote Hanoi tourism on the US television network CNN in 2017-2018 and 2019-2024 has seen positive effects, contributing to introducing Hanoi's image to international friends.

In information technology, on the basis of an MoU signed with major US technology corporations such as Dell and Microsoft, Hanoi has carried out the cooperation contents, especially in the building of e-government and smart city; while connecting US information technology enterprises to learn and invest in the city.

In environment, the Vietnamese capital city has cooperated with the U.S. Agency for International Development (USAID) to implement the project "Clean air - Green city" to establish a network to share information and knowledge about air pollution; and develop solutions and strengthen cooperation to improve air quality.

In terms of staff training, Hanoi has sent officials to participate in US-organized courses such as training courses for experts in assessing and certifying international standards on food safety in Florida in November 2019; and the ASEAN-US Smart Urban Development Cooperation Program in Washington in July 2019.

The US has been identified as a key market with strengths in many areas, especially in high technology, technology, environment, healthcare and education - training, which is suitable for Hanoi’s orientation to attract foreign investment in the future. In particular, the city will give priority to attracting investment in development of urban technical infrastructure, transportation, smart urban areas, water drainage and environment; information technology services, biotechnology, tourism, trade, education and training, healthcare, logistics; and clean technology./.

Compiled by BTA