The Hanoitimes - In 2020, Hanoi targets to attract over US$5 billion in FDI, while investment promotion activities would focus on new markets, particularly member countries of the CPTPP and the EVFTA. The “Hanoi 2020 – Investment and Development Cooperation” conference, held on June 27, strongly promoted Hanoi as a safe and attractive investment destination in the post-Covid-19 era, according to Nguyen Gia Phuong, director of the Hanoi Promotion Agency. Leaders of Hanoi and the central goverment at the conference. Photo: Pham Hung. The first conference of this kind was held in 2016 when the city attracted 23 projects with investment capital of VND36.91 trillion (US$1.58 billion). In another conference one year later, the number of projects given an investment license increased to 48 worth VND74.36 trillion (US$3.19 billion). Notably, the 2018 edition of this conference, with 71 projects worth VND397 trillion (US$17.06 billion), laid the foundation for Hanoi to claim the top spot nationwide in two consecutive years of 2018 and 2019 in terms of foreign direct investment (FDI) attraction. In 2019, Hanoi attracted US$8.67 billion in FDI, the highest figure after 30 years of the open door policy. The actual FDI amounted to US$6.9 billion, up three-fold compared to that of in 2018. Japan is currently the largest investor to Hanoi with US$10.9 billion, followed by Singapore with US$8.2 billion, and South Korea with US$6.3 billion. This results reflect strong efforts by the local authorities in promoting investments and improving the business environment, Phuong said. For this year, the “Hanoi 2020 – Investment and Development Cooperation” was held right after the Covid-19 pandemic had been contained in the city. The event showed Hanoi’s determination to be the pioneer among Vietnam’s localities in rebooting the economy in the post-pandemic period. More importantly, the process would accelerate Hanoi’s administrative reform and enhance …
[Read more...] about Hanoi – safe investment destination post Covid-19