Facilitating enterprises to invest in Hanoi

	Hanoi ranked at 3rd place in Vietnam in attracting FDI
	Garment & textile sector, magnet for foreign investors
	Investment in science and technology is vital factor to enterprises

In order for Hanoi to be an attractive destination to investors, in addition to what is being done, Hanoi needs more reform. Photo: ST.

Creating maximum favourable conditions

At the conference “Hanoi Development Cooperation”, which took place on 17th June 2018, Hanoi City granted Decisions on investment policies, Certificates of investment to 71 projects with total investment capital of VND 397,335 billion; of which there were 11 FDI projects with a total investment of VND130,061 billion. In 71 investment projects, there were large scale projects, especially the smart city project in Hai Boi commune, Vinh Ngoc (Dong Anh district) with the investment capital of VND 94,349 billion by Sumimoto Group (Japan).

Regarding Hanoi's policy of administrative reform and facilitation to enterprises, Mr. Nguyen Manh Quyen, Director of Hanoi Department of Planning and Investment said that the City has been implementing many policies to support and attract investment in start-up projects, such as reforming administrative procedures, creating favorable business and investment environment; supporting premises and space for start-ups, accessing credit; allocating funds to boost the activities of start-up organizations. At the same time, the City has also actively built, developed and connected the network of business organizations and business incubators in the form of public-private partnerships with the participation of domestic and international business associations, organizations and individuals.

In addition, Mr. Nguyen Duc Chung, chairman of Hanoi City People's Committee has proposed that from 1st August 2018, the City shall fully support costs and utilities services in the process of enterprises establishment for the City’s People’s Council to approve at the beginning of July 2018. "Accordingly, upon establishment, an enterprise can just declare by an online application, the whole procedures will be resolved and the result will be sent to the enterprise’s owner’s address via courier service," shared Nguyen Duc Chung.

About enterprises, Ms. Tran Thi Thu Hang, Director General of Vietnam Agricultural and Food product import and export joint stock company, said that after the conference "Government accompanying enterprises" held in May, 2017, the ministries, committees and sectors, especially Hanoi People's Committee, have been determined to improve and cut down many procedures to help businesses and investors have more new opportunities. Actually, Hanoi has conducted many promotions and conferences to connect enterprises.

Also at the conference, Mr. Chiristophe Hug, Managing Director of Tilia Company, said that the reason that enterprises choose Hanoi market to invest in is that Hanoi is one of the most developing markets in Vietnam. In particular, the leaders of Hanoi City have very clear policies and plans for investors. In addition, Hanoi authorities and Vietnamese enterprises are also willing to cooperate with foreign investors, including cooperation in new areas such as waste treatment.

There is much work to do

In order to improve the business investment environment in Hanoi, Minister of Planning and Investment Nguyen Chi Dung, said that Hanoi needs to continue to take the initiative in renovating science and technology, taking advantage of opportunities from the Industrial Revolution 4.0 for urban development. Accordingly, Hanoi needs to strengthen the urban network, become the centre, develop smart satellite and harmonize urban traffic. Particularly, expanding the connection of inner and outer space with the whole country and the world; shortening the technological level with developed countries, strengthening the connection with localities in both the vertical and horizontal directions and competition.

On the other hand, Mr. Kitagawa Hironobu, Head of the Japan External Trade Organization (JETRO) Representative Office in Hanoi, said Hanoi could organize seminars introducing its investment environment in Japan. This will help Japanese companies have more information about the investment environment of Hanoi in particular and Vietnam in general. In addition, most Japanese companies operate in the manufacturing sector, so Hanoi needs to specify preferential policies for investment and development in high-tech industries.

Some other foreign investors also agree that Hanoi is a highly competitive environment and attractive to foreign investors. However, the challenge is not only for Hanoi but for all markets. Investors consider many factors when deciding on investment in Hanoi, such as transparency, legal institutions and policies affecting enterprises. So, these are issues that Vietnam and Hanoi in particular need to pay attention to attract investment.

About domestic enterprises, Deputy Director of TransViet Travel Company Nguyễn Tiến Đạt, said that Hanoi needs more investment for tourism promotion because this is a smoke-free industry, brings high profits and is the strength of the capital. And to create the highlight for the capital’s tourism, according to Mr. Đất, Hanoi needs to create space "Hanoi through periods" in the Hoàn Kiếm lake walking streets. There will be photo galleries, artefacts, vehicles through periods. For example, the Hanoi space in the French colonial period will display pictures of Hanoi and antiques in the French period, cyclos. Thus, each visitor to Hanoi will understand very quickly about the historical period of the capital.

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In addition, Hanoi should have theatrical performances connecting Hanoi with the whole country and Hanoi with the world. Vietnam’s regions or countries in the world who want to show their culture can register in time frame. "These proposals are highly feasible. Travel companies in general and TransViet Travel Company in particular are willing to participate in the investment of socialization of Hanoi," said Dat.