Hanoi ranked third among 63 cities and provinces nation-wide in FDI attraction over the first half of this year as with the total value of US$203 million. According to the Foreign Investment Agency's report, up to June 20, the city attracted 3,206 foreign-invested projects with the total investment capital of more than $24 billion.
To attract FDI, Hanoi’s authorities accelerate administrative reform; improve the processes of planning, investment, building and taxation to support businesses. Numerous trade promotion activities would also be held to attract more domestic and foreign investment.
The city had been tackling obstacles overseas investors face in a bid to draw more foreign direct investment and boost socio-economic development. Branches and ministerial departments are required to listen to the complaints of foreign-invested enterprises and offer solutions in a timely manner. In their turn, foreign investors are asked to implement their licensed projects on schedule. It also urged site clearance steering boards to work closely with investors on eight projects that were having trouble getting the needed clearance.
Hanoi city will organize a conference on August 24 to promote investment in industry, real estate, trade and services, and social infrastructure. The forum aims to better advertise the city's investment climate and opportunities to domestic and foreign investors. This is a good chance for local authorities to collect challenges that investors have encountered so far, a move to improve the city's investment climate and enhance its competition in attracting investment.