“Hanoi: A Magnet for International Investors”

Hanoi plans to attract FDI of US$3.13 billion this year

At the working session with the Standing Committee of the Hanoi Party Committee on August 17, Chairman of the Hanoi People’s Committee Tran Sy Thanh reported that, in the first seven months of 2024, Hanoi has made encouraging achievements despite challenges. The city has focused on directing several key tasks and strategies, including three important contents: The Law on the Capital (amended) has been passed by the National Assembly at the 7th session; the Master Plan for the Capital, and the Adjustment of the Master Plan for the Capital have been approved by the Politburo and the National Assembly and are now awaiting approval from the Prime Minister.

The economy continues to grow, with most socio-economic development targets increasing compared to the same period in 2023: GRDP in the first six months of 2024 increased by 6%, averaging 6.04% in the 2021-2023 period – about 1.16 times higher than the country’s average. Total state budget revenue in the first seven months reached nearly VND324 trillion, equivalent to 79.2% of the estimate.

Disbursement of public investment plans reached more than VND23,000 billion by the end of July 2024, equivalent to 28.7% of the plan, higher than the cumulative disbursement in the same period in 2023 (VND18,100 billion). Hanoi’s disbursement rate reflects the city’s determination and great efforts, according to Mr. Tran Sy Thanh.

Positive shifts in the economic structure are also a bright spot for the city. Production and business activities have been stable, with the industrial production index increasing by 6.2%, and trade and services continuing to develop. FDI attraction reached more than US$1.37 billion, with an expected total of US$3.13 billion for the whole year. The trust of international investors in Hanoi’s investment environment demonstrates the city’s strong reforms in management, business environment improvement, and investment promotion, said Mr. Tran Sy Thanh.

“Hanoi is not only an attractive destination for foreign investors but also an important economic and financial center of the region and the country,” said the Chairman of the Hanoi People’s Committee.

Following the Decision of the Prime Minister, the city has taken over the Hoa Lac High-Tech Park (with 111 investment projects, including 96 domestic projects and 15 foreign-invested projects, with a total registered capital of about VND116 trillion).

Urgently organize the implementation of the Law on the Capital (amended)

According to Mr. Tran Sy Thanh, to achieve the highest targets, goals, and tasks for 2024 and the whole term, Hanoi continues to innovate in its direction and administration, associating with the serious implementation of the Government’s and Prime Minister’s directions in a “dynamic, creative, and daring to think, dare to do, and dare to take responsibility for the common interest” spirit.

Hanoi will focus on perfecting the mechanisms and policies for the development of the capital; urgently organize the implementation of the Law on the Capital (amended), and build a number of special mechanisms and policies on urban government organization, decentralization and delegation, recruitment and management of cadres, civil servants and public employees, attraction and promotion of talents, and development of high-quality human resources…

“This will not only help Hanoi improve its management and administration but also create favorable conditions for attracting social resources and promoting synchronous and sustainable development,” said the Chairman of the Hanoi People’s Committee.

The city will continue to implement breakthrough solutions to drive socio-economic development; organize the implementation of the Master Plan for Hanoi Capital, and the Adjustment of the Master Plan for Construction of Hanoi Capital (after being approved by the Prime Minister); and efficiently exploit land resources…

In addition, promote the development of urban technical infrastructure and digital infrastructure towards a smart city; complete important transport infrastructure projects such as the urban railway system, Ring Road 4 of the Capital region, cross-river bridges, and key traffic intersections…

Hanoi proposes creating favorable conditions for the development of the Hong River axis

To achieve the targets and tasks for the development of the capital, at the working session, the Chairman of the Hanoi People’s Committee proposed that the Government and the Prime Minister pay attention to directing the implementation of the Law on the Capital 2024. Accordingly, to detail and concretize the Law on the Capital, it is necessary to review, study, build and promulgate 96 documents, contents, and tasks; six of which are under the Government’s authority. Hanoi hopes that the Government will direct the ministries and central branches to actively implement the Plan to build documents and submit them to the Government and the Prime Minister for approval according to the progress set out in the Decision of the Prime Minister on the Plan for the implementation of the Law on the Capital.

Regarding urban planning, management, and development, Hanoi proposed that the Government and the Prime Minister consider and soon approve the Master Plan for Hanoi Capital and the Adjustment of the Master Plan for Construction of Hanoi Capital to create a new development space for the capital in the spirit of Resolution No. 15 of the Politburo. For urban railway projects, Hanoi proposed that the Government and the Prime Minister consider and promulgate “special” and “breakthrough” mechanisms and policies to decentralize and delegate authority to the city.

In addition, continue to pay attention to directing and creating favorable conditions for Hanoi to focus on developing the Hong River axis as the main space of the capital, so that the Hong River space will become the “new development symbol of the capital” according to Conclusion 80 of the Politburo. Take measures to effectively exploit the land fund on both sides of the river, which is the economic, commercial, service, cultural, and tourist axis and the central area between the southern and northern urban areas of the Hong River.

Regarding the special city, Mr. Tran Sy Thanh emphasized that the Law on the Capital stipulates that Hanoi is a special city, so the city proposed that the Government and the Prime Minister allow Hanoi to immediately implement programs and plans to invest in the development of the northern city in Dong Anh, Me Linh, and Soc Son districts and the western city in Hoa Lac and Xuan Mai to call for resources and international investment experience. This is to create a strong breakthrough, soon building a smart and modern city, connecting regions and inter-regions, becoming the center and driving force for the development of the Red River Delta region and the whole country.

Regarding regional linkage and development, Hanoi proposed that mechanisms and policies be created to facilitate the city in focusing on investing in completing and closing the ring roads. Complete Ring Road 4 by 2027, cross-river bridges, and start Ring Road 5 before 2030 to create a development corridor in the western region of the capital and connect the capital city of Hanoi with other provinces and cities.