Photo for illustration (Source: tapchitaichinh.vn)
Hanoi is one of the most attractive localities to foreign investors. As of June 2018, Hanoi had 4,300 active FDI projects with a total registered capital of more than USD33 billion. So far this year, it is leading the nation in FDI attraction, thanks to administrative reforms to encourage production.
A single-door mechanism and single inter-sector mechanism have been applied by administrative agencies thus saving time and efforts for individuals, organizations, and businesses.
“In addition to investing in infrastructure, Hanoi has promoted a favorable investment and business environment, reformed administrative procedures, stepped up e-government, and provided public services via the Internet. The municipal authorities are continuing to improve the investment and business environment and support the business community, making people the focus of services,” said Nguyen Duc Chung, Chairman of the Hanoi People’s Committee.
Binh Duong province has been successful in FDI attraction thanks to smart policies and administrative reforms. It has attracted more than USD30 billion in FDI projects, the third best FDI total in Vietnam.
“These achievements are thanks to efforts by leaders at all levels to develop an open environment for investment attraction, by listening to and promptly addressing problems faced by enterprises. Binh Duong has publicized the operations of state agencies, particularly those that handle procedures for investors,” said Tran Thanh Liem, Chairman of the Binh Duong provincial People’s Committee.
Many ministries and sectors have simplified procedures and reduced business conditions. These have helped enterprises reduce their costs.
“Ministries, sectors, and localities should fine-tune administrative procedures to save time for individuals and businesses. We need to improve oversight and inspection, make administrative procedures more transparent, and reduce the excessive time required to handle administrative procedures. It’s also important to promptly deal with the complaints and petitions of individuals and organizations,” said Standing Deputy Prime Minister Truong Hoa Binh./.