Hanoi calls for $33.5 billion investment in 95 projects

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The projects will need total investment of $33.5 billion. The plans were announced during the conference “Hanoi 2016-Cooperation, Investment and Development”, which was attended by Prime Minister Nguyen Xuan Phuc, local and foreign investors on June 4.

At the conference. Photo by VGP/Quang Hieu

Of the total, 52 are public-private partnership projects, worth $16 billion, and the remaining 43 projects need investment of $17.5 billion, Hanoi Chairman Nguyen Duc Chung said at the meeting.

Hanoi attracted $1.6 billion of new foreign investment during January-May this year, three times higher year on year. The city granted permission for 68 new projects, worth $3.1 billion in the period.

To support investment in the capital, Chung committed to process online registrations for establishment of a new company within two working days from this June, one day less than before, and cut 40 percent of time that investors have to spend on the investment procedures. The city also pledged to reduce 20 percent of administrative procedures in site clearance, cut half of the administrative procedures in planning, and shorten the time to get electricity supply by 10-15 days to 21-26 days. The capital promised to provide electronic tax payment services to all companies in the city.

The People’s Committee of Hanoi signed eight memoranda of understanding with investors during the meeting.

Addressing the meeting, Prime Minister Phuc wanted Hanoi to be a pioneer in investment, a center for start-ups and creativity. He also asked the capital to reduce the number of state-run companies and create a strong municipal government to support business operations.

In late April this year, Prime Minister Phuc chaired his first business meeting with around 1,000 people in Ho Chi Minh City and met with about 10,000 people online across the country, including government officials and representatives from local and foreign companies.