HA NOI TO ATTRACT INVESTMENT

The city took initiatives to reduce the time needed for establishing new business, falling from five to three days, while time fulfilling procedures required to receive investment licences were also slashed to 15 days, instead of the previous 45 days.

Other administrative procedures were also simplified, Nam said.

Despite these encouraging improvements, the city's investment environment remained less competitive, as compared with other localities nationwide, he said.

Thus, the top priority this year will be given to continuing to promote administrative reforms and improving the processes of planning, investment and building to support businesses.

Also, numerous trade promotion activities will be included to attract more domestic and foreign investment, he said, adding that the city will develop solutions to handle obstacles facing investors.

Do Nhat Hoang, Director of the Ministry of Planning and Investment's Foreign Investment Agency, said to further attract FDI, Ha Noi should enhance its potential promotion and investment opportunities and eliminate obstacles in land clearance.

During a conference on investment promotion, entitled Ha Noi City 2015 and organised by the committee last August, Hoang suggested the city promote investment and business connections through banks, investment funds and consultancy companies.

According to the Ha Noi People's Committee, the city attracted US$1.4 billion in foreign direct investment (FDI) in 2015. Also, FDI disbursements experienced a year-on-year rise of 8 per cent to an estimated $1.1 billion.

From now until 2020, the city will focus on attracting investments in infrastructure construction development, establishment of hi-tech and biological parks, as well as support industries.

Other prioritised sectors for seeking investment include hi-tech agriculture, production of new materials, trade and tourism, in addition to health care, training and education.

Source: VIR