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The Hanoitimes - IFC will work with Hanoi to formulate a new-generation FDI strategy in response to the government’s master plan on foreign investment promotion toward 2030. IFC, a member of the World Bank Group, today [June 27] signed a memorandum of understanding (MoU) with the People’s Committee of Hanoi to support its efforts to attract new-generation foreign direct investment (FDI) and diversify its funding sources, thereby sustaining the city’s rapid economic development, competitiveness, and inclusive prosperity. IFC will work with Hanoi to formulate a new-generation FDI strategy. Photo: Nguyen Tung. As one of the fastest growing cities in Asia and home to over eight million inhabitants, Hanoi accounts for one-fifth of Vietnam’s gross domestic product (GDP). Hanoi attracted US$8.45 billion in FDI in 2019, highest among the country’s 63 cities and provinces. Three areas namely property development, processing and manufacturing, and telecommunication and information drew the largest shares of FDI. To sustain robust socioeconomic development, Hanoi aims to attract higher-quality streams of FDI. This will support the city’s strategy of developing high-tech and high value-added industries, increasing local sourcing, and creating more and better jobs. “Strategic FDI as guided in the Politburo’s Resolution 50/2019 on orientations to finalize policies and mechanisms to promote FDI quality and effectiveness toward 2030 plays an essential role in sustaining Hanoi’s sustainable economic and employment growth and in realizing its industrialization and modernization plan toward 2030,” said Nguyen Duc Chung, Chairman of the People’s Committee of Hanoi. “We welcome IFC’s support in developing a new investment strategy and diversifying funding sources as well as mobilizing quality investors through its global network,” Chung added. Under the MoU framework, IFC will work with Hanoi to formulate a new-generation FDI strategy in response to …

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The Hanoitimes - The conference would also lay a strong foundation for Hanoi to continue growing robustly in the coming years, said Hanoi's top leader. The upcoming “Hanoi 2020 – Investment and Development Cooperation” conference, which is scheduled to take place on June 27, would send a message that Vietnam, and Hanoi in particular, is a safe and attractive destination for doing business, according to Secretary of the Hanoi Party Committee Vuong Dinh Hue. Hanoi's upcoming investment promotion conference showcases the city's determination to become a safe and attractive destination for investors. Photo: Thanh Hai. This is the first of a series of events to be hosted by Hanoi in response to the patriotic emulation movement, as well as in celebration of the city’s 17th Party Congress, 1010th anniversary of Thang Long – Hanoi, the 13rd Party National Congress, Hue said at a meeting late on June 22. The conference would also lay a strong foundation for Hanoi to continue growing robustly in the coming years, Hue stressed. While the preparation process for the conference is all but completed, it is expected that it would attract up to 1,500 delegates, including international experts, investors and senior officials, revealed a report of the Hanoi Promotion Agency. At the conference, the city will issue investment licenses for over 115 projects. Among them, domestic investors are expected to invest nearly VND340.6 trillion (US$14.63 billion), including funding for 26 social housing projects worth VND72 trillion (US$3.11 billion) for low-income buyers. Additionally, foreign-invested projects being licensed by Hanoi this time are estimated to worth a total US$3.5 billion. The city is calling for investment in 282 projects with estimated cost of a combined VND483.1 trillion (US$20.93 billion). The organization of the conference after Hanoi’s initial containment of the Covid-19 pandemic sends a strong message on efforts of the capital city …

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Service providers at Long Thanh airport required to participate in competitive tenders By Le Anh A map of the location of the service facilities at the Long Thanh International Airport. These facilities will be put out to tender to choose investors - PHOTO: LE ANH HCMC – All enterprises seeking to invest in aviation and non-aviation services at the Long Thanh International Airport, which is under construction in the southern province of Dong Nai, must participate in competitive tenders, the Ministry of Transport announced. According to the feasibility study for the first phase of the airport project approved by the Government, investors who want to supply services at the airport would be chosen by the Ministry of Transport. The capital needed for these service facilities is estimated at VND5.93 trillion, which will be mobilized by investors. According to the Ministry of Transport, the capital mobilization through tenders is feasible. A representative of the ministry’s Planning and Investment Department said that under Government Decree 05/2021 on the management and operation of airports and a decision approving the Long Thanh International Airport project, investors of service facilities at airports must be chosen through bidding to ensure fairness and transparency for enterprises and that enterprises in the aviation sector will not be prioritized. The ministry has assigned the Civil Aviation Authority of Vietnam to draft a circular on the bidding and concession of service provision at the airport. National flag carrier Vietnam Airlines had earlier proposed the Ministries of Transport and Planning-Investment and the Commission for the Management of State Capital at Enterprises allow it to invest nearly VND10 trillion to become a ground services provider for aviation fuel, in-flight meals, duty-free sales and ground technical, cargo terminal, aviation logistics and waiting lounge services at the airport. Of the required investment, …

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