Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home>>Daily News>>Vietnam>>Economy >>Ha Noi urged to change ways of using FDI capital
NEWS UPDATES Asean Affairs   January 31, 2019  




Ha Noi urged to change ways of using FDI capital

 
Ha Noi should change its mindset to draw more foreign direct investment (FDI) capital and improve the use of FDI capital in at least 10 years with rising challenges and opportunities, Deputy Prime Minister Vuong Dinh Hue said on Tuesday.

The capital city should strengthen its co-operation and development ties, take foreign investors as key partners, and carefully select the right investors to develop an independent integrative economy, he said.

The deputy PM also appreciated Hà Nội’s efforts to lure FDI capital in the past 30 years that have paid great contribution to the capital city’s socio-economic development.

In 2019-20, the city must address its top-priority sectors, which need focused investment and help the city and neighbouring provinces join the global production chain and promote their advantages, according to the deputy PM.

Ha Noi must develop an administration that serves and accompany businesses, improve investment conditions, and cut unnecessary administrative procedures for foreign companies.

According to Nguyen Doan Toan, vice chairman of the city People’s Committee, there were nearly 4,500 valid FDI projects as of December 31, 2018 with total registered capital of US$36.6 billion.

Ha Noi lured nearly $11 billion in 1989-2005, $15.2 billion in 2006-14 and $15.11 billion in 2015-18.

In 2018 alone, the value of FDI capital flowing into the city was $7.5 billion. The figure topped among 63 provinces and cities, was 2.18 times the 2017 figure and was also the highest in 30 years.

Eighty per cent of the city’s projects were totally owned by foreign investors. The remaining were associate and joint venture businesses.

FDI capital flew the most in property development (29.5 per cent of the total), processing and manufacturing industry (20.1 per cent), and telecommunication and information (11.5 per cent).

Japan was Ha Noi’s largest investor with total capital of $10.2 billion. The followers included Singapore ($6 billion) and the Republic of Korea ($5.5 billion).

According to the city chairman Nguyễn Đức Chung, the city authorities had talked to investors to understand their investment plans, then showed the city’s willingness by arranging meetings between foreign businesses with top officials of the city to discuss the plans.

Besides, Ha Noi had worked to improve both living and working environment conditions for foreign companies. The city held meetings with the foreign business community to discuss and work on their problems and concerns.

The chairman also urged local authorities to set up a planning team to address key economic zones of the city with focus on logistic activities, and work with business associations to provide them with better working environment.

According to Ha Noi People’s Committee, there were some issues with the management of FDI projects such as the overlap of existing regulations, and lack of a co-working mechanism between central and local government agencies.

To resolve those problems, Ha Noi proposed the deputy PM review its draft plan on improving the quality of policies and management of FDI capital by 2030.

According to the draft plan, FDI projects must meet the socio-economic development of each local area, guaranteeing the general impact on society, economy, environment and natural resources.

With regard of the areas involving security and national defence, FDI proposals must be reviewed carefully and insightfully. The capital city of Hà Nội and neighbouring areas are urged to attract high-tech FDI projects that provide added values and benefit both socio-economic development and environmental protection.





Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



  Today's  Stories                     January 31, 2019
• Malaysia’s RT Telecom to invest as much as $1B in PHL common towers 
• Carmakers expect stagnating domestic sales this year Subcribe: Asean Affairs Global Magazine
• Trade between US and Cambodia rises 27 per cent on previous year Subsribe Now !
• BKPM records Rp 721.3t investment in 2018
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Ha Noi urged to change ways of using FDI capital
Asean Stock Watch  November 1,  2018

• Asean Stock Watch-November 1, 2018
Asean Analysis                June 15,  2018
• Asean Analysis June  11, 2018
Inflation may yet peak —Diokno
Advertise Your Brand

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2019 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com