Hanoi builds synchronous policies to draw foreign investment
Hanoi (VNA) – A conference linking hundreds of Hanoi and Singaporean
enterprises was held in the capital city of Hanoi on March 7.
The event
was co-hosted by the municipal Department of Industry and Trade, the Vietnam
Trade Office in Singapore, the Singapore Chinese
Chamber of Commerce and Industry (SCCCI) and the Vietnam Chamber of
Commerce and Industry (VCCI).
Speaking at the event, Vice Chairman of the municipal People’s Committee
Nguyen Manh Quyen affirmed that in order to draw foreign investment capital, Hanoi
has been launching synchronous policies and mechanisms such as stepping up the
construction of infrastructure in industrial zones and clusters.
Singapore currently ranks second among 140 countries and territories investing
in Vietnam and is also the second biggest investor in Hanoi, mostly in real
estate, construction, lodging and dining services, science, technology and
education, he said.
Hanoi will
help investors learn about laws, policies and
investment procedures; and connect with foreign partners, he added.
Since 1986, the capital city has drawn about 61.4 billion USD in FDI. In
2022 alone, the figure reached 1.77 billion USD, up 15% annually, placing the
city at the sixth place nationwide in terms of FDI attraction.
So far, Singapore
has poured 11.4 billion USD into Hanoi, including roughly 616 million USD last
year, the highest among partners, accounting for 34.7% of the total capital in
the city.
VCCI’s
Permanent Vice President Nguyen Quang Vinh said Hanoi exported goods worth 615
million USD to Singapore last year, or 3.6% of the total, mostly machinery,
tools and spare parts making up 46.7%, wood and wooden furniture 3%,
electronics and accessories, computers and components 2.5%.
SCCCI
President Kho Choon Keng said SCCCI groups about 5,000 member
enterprises operating in various areas. The delegation is accompanied by over
30 major Singaporean groups and firms wishing to seek cooperation opportunities
with Hanoi partners.
He added
that a number of Singaporean companies seek opportunities in infrastructure,
production, logistics, transport, education, tourism, finance and agriculture
in Vietnam and Hanoi in particular.
In the
coming time, Singaporean firms will expand cooperation in new realms such as sustainable
development, renewable energy and digital economy, he said.
Singaporean
business representatives suggested Hanoi upgrade infrastructure in industrial
parks, simplify administrative procedures, and step up the adoption of modern
technology in handling administrative procedures related to business
registration, taxation, insurance and land.
Hanoi firms wished to
connect with Singaporean counterparts in developing new, eco-friendly and
energy-efficient products while tapping advantages brought about by free trade
agreements to which Vietnam and Singapore are members./.