Hà Nội promotes investment, trade in Việt Nam - China economic corridor

Tuesday, Nov 14, 2023 16:49

A view of the discussion session on trade and investment under the economic corridor cooperation conference. — VNS Photo

Hà Nội will have more policies to promote investment and trade cooperation between four Vietnamese localities: Lào Cai, Hà Nội, Hải Phòng, and Quảng Ninh, and Yunnan Province, China.

At the discussion session on trade and investment under the economic corridor cooperation conference in Hà Nội on Monday, Nguyễn Ngọc Tú, deputy director of the Hà Nội Department of Planning and Investment, said that Hà Nội always stands at a leading position in attracting foreign investment thanks to constantly improving investment and business environment and simplifying procedures.

Hà Nội is an attractive destination for investors from many countries and territories in the world, including China.

Up to now, the capital city of Hà Nội has lured a total foreign investment of about US$62.6 billion, the second-largest in Việt Nam, including 7,312 new projects with registered capital of $28.7 billion.

The field attracting the largest foreign investment capital is real estate business (31 per cent), followed by the manufacturing and processing industry (29.7 per cent); trade and services (22.5 per cent); and construction and science and technology (5 per cent).

In the first ten months of 2023, the capital city attracted more than $2.6 billion of FDI, including 346 new projects with a total investment capital of $321.1 million, and $1.5 billion from one transaction in which a Japanese investor (Sumitomo) bought VPBank shares.

During the ten months, Hà Nội attracted $29.6 million from Chinese investors.

From 1986 until now, the city has attracted investment capital of about $11.3 billion from China, including a total registered capital of $415.5 million from 693 new projects; an increased capital of $135.7 million; and $10.7 billion from share purchases.

Tú said in the next years, Hà Nội prioritises calling for foreign investment in projects with quality and high competitiveness, focusing on fields such as urban infrastructure development and smart city construction; supporting industries; information technology; research and development; tourism, financial services, banking; training; and high-tech agriculture.

The city will continue to innovate investment promotion activities; promote the role of investment promotion agencies in these activities, he said. It also strongly improves the business investment environment for sustainable development.

Trade with China

Also, at this discussion session, acting director of the Hà Nội Department of Industry and Trade Trần Thị Phương Lan said that Hà Nội will continue to promote trade cooperation at home and abroad, contributing to socio-economic development.

Therefore, the department proposes programmes and plans to promote the development of the domestic and foreign market, such as domestic consumption stimulus, organisation of trade promotion programmes; development of logistics services and e-commerce.

To improve the effectiveness of cooperation between Quảng Ninh and Yunnan, Lê Hồng Giang, deputy director of the Quảng Ninh Department of Industry and Trade, hopes that the two provinces will continue to strengthen cooperation, and improve cooperation efficiency in trade and logistics.

Meanwhile, a representative of the Department of Commerce of Yunnan province said that in the first nine months of 2023, the trade turnover of Yunnan and Việt Nam amounted to $1.88 billion. Among them, Yunnan imported $730 million from Việt Nam, an increase of 74.8 per cent over the same period last year.

Cross-border e-commerce cooperation is developing rapidly, so to promote the cooperation along the Việt Nam-China economic corridor, the representative proposed to strengthen bilateral trade cooperation between Yunnan and Việt Nam; and promote the development of cross-border e-commerce and customs clearance capacity at ports. — VNS

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