HANOI SETS TO ATTRACT US$40 BILLION IN FDI OVER NEXT FIVE YEARS

Hanoi has compiled a plan on attracting between US$30-40 billion worth of foreign direct investment (FDI) during the 2021-2025 period, Deputy Director of the municipal Department of Planning and Investment Vu Duy Tuan told a working session with local authorities on April 19.

According to Tuan, during the 2016-2020 period, the city attracted 3,113 foreign-funded projects worth US$26.5 billion, 4.2 times higher than the capital recorded in the previous five-year period.

To date, of 33 key projects, 11 have been completed in line with plans, 15 are under construction, and 12 are about to begin.

Meanwhile, as of March 31, there were 2,907 projects worth VND1.65 quadrillion (US$71.52 billion) not funded by the local budget. Of these, 967 have been completed and 182 had stopped or had their licences revoked.

At the meeting, Chairman of the municipal People’s Committee Chu Ngoc Anh asked the department to follow the city’s goals and working programmes to actively issue related plans or make proposals to local authorities.

He ordered the department to quickly review the local list of key projects and suggest new ones for the 2021-2025 period, adding that the proposed projects ought to be helpful in boosting the city’s socio-economic growth and also prove feasible.

Anh also requested smooth and close coordination between the department and relevant sectors and localities.

Earlier on the same day, he inspected single-window units under the city’s multi-agency area and at the department.

Source: VCCI