Hanoi to facilitate EU-invested projects

Friday, 2014-02-21 11:41:19
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Chairman of the Hanoi municipal People's Committee Nguyen The Thao (centre) meets with the EU bussiness community (hanoimoi.com.vn)
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Nhan Dan/VNA - The Hanoi municipal administration vows to create a favourable investment climate in line with global integration to lure more foreign investment, especially capital from EU-based businesses.  

The pledge was made by Chairman of the municipal People’s Committee Nguyen The Thao at a February 20 meeting with representatives from EU corporations currently operating in the country like HITC-Schmidt, Mercedes-Benz, Siemens and IMG.

The city has made efforts to collaborate with agencies and other local authorities to remove red tape related to investment permissions, and further attract foreign-invested projects, stressed the chairman.

Hanoi has seen booming economic growth in recent years and initiated large foreign-invested projects, thanks to its policy of openness and fostering connections with more than 100 capital cities around the world.

The city has seized a number of economic and trade co-operation opportunities with the EU in both bilateral and multilateral directions.

There are 2,727 valid FDI projects operating in Hanoi in the fields of property, communications, processing industries and entertainment, with total registered capital of US$21.9 billion.

Of the total, 290 projects have investors from 19 EU member countries, worth a sum of US$2.61 billion. France recorded the most prolific investment with 68 projects, followed by Germany with 44 projects and Denmark with 42 projects.

EU businesses in Hanoi made combined revenue of VND25.7 trillion (over US$1.2 billion) between 2012 and 2013, contributing nearly VND1.78 trillion (US$83.66 million) to the local budget.

In the coming time, the city will continue to draw foreign investment towards the prioritised fields of high technology, education and healthcare, asserted the municipal leader.
As for EU nations, their priorities lie in other fields such as quality services, economy, electronics, high-class resorts, and treatment for environmental pollution, he affirmed.