Hanoi receives 36 proposals for investment cooperation worth $26b

ABO/VNS - The capital city of Ha Noi as of Monday received 36 proposals for memorandums (MoU) of understanding for investment cooperation, which were estimated to be worth more than US$26 billion in total.

The proposed MoUs were expected to be signed at the upcoming investment promotion conference themed “Ha Noi 2020 – Investment Cooperation and Development” scheduled for June 26.

Among them, 23 proposals were from domestic companies and 13 from foreign enterprises and organisations.

At the conference, the capital city would call on investment for 116 projects with a total capital of more than VND339 trillion ($14.6 billion). These projects were mainly in urban housing, office buildings, tourism-services and industry, technical infrastructure and finance and banking sector.

The investment promotion conference themed “Ha Noi 2020 – Investment Cooperation and Development” will be organised on June 26.  Photo hanoimoi.com.vn.

The city would also call for investment in 282 projects which failed to find investors at previous conferences with a total capital of VND483 trillion.

According to Ha Noi Promotion Agency, about 540 enterprises already confirmed their participation in the conference, while 120 of them were foreign-invested. The conference was expected to attract 1,500 participants.

Secretary of the Ha Noi Party Committee Vuong Dinh Hue said that the conference would send a strong message that Viet Nam and Ha Noi were safe and attractive investment destinations for both domestic and foreign investors.

Through the conference, Ha Noi wished to show the determination of becoming a pioneer in post-COVID-19 economic recovery and development.

The capital city also strived to strengthen administrative reform and improve its investment climate to accelerate economic growth. The city targeted to achieve an economic growth rate 1.3 times higher than the country’s average.

Statistics of the Foreign Investment Agency showed that Ha Noi attracted more than US$1.17 billion in foreign investment in the first five months of this year with 258 new projects and 66 projects increasing their capital. Domestic investment was estimated at more than VND9.1 trillion in January – May.

The capital city has so far attracted $37 billion worth of foreign investment in more than 6,200 projects as of May 20, ranking second among 63 provinces and cities nationwide in terms of attracting foreign investment.

More than 12,260 new firms were set up in the capital city in the first five months of this year with total registered capital of VND181 trillion, a drop of 10 per cent in volume but a rise of nine per cent in registered capital over the same period last year.

(Source:  VNS)