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Ha Noi to attract more investment from British businesses (13/10/2017)

HNP - Ha Noi Promotion Agency in collaboration with Department of Foreign Affairs (under the Ministry of Foreign Affairs) and British Business Group Viet Nam (BBGV) on October 12 jointly organized a seminar themed “Ha Noi meets BBGV: Strengthening economic partnership”. The event saw the attendance of Vice Chairman of the Ha Noi People's Committee Nguyen Doan Toan and representatives of enterprises from the UK, Belgium, Viet Nam, etc.

Ha Noi leaders and representatives of the UK businesses pose for a group photo.

Addressing the seminar, Vice Chairman Toan briefed the participants on the current socio-economic status and the potential for conducting business in Ha Noi.

He said that Ha Noi had 4,165 valid projects with the total registered capital of US$ 26.6 billion, ranking third among the cities and provinces in term of FDI attraction, accounting for 17.4 percent of the country’s total FDI projects and 8.7 percent of the total investment capital.

Many large-scale projects and works have been completed and put into operation. The city has focused on creating the most favorable conditions to support businesses, enhancing administrative reform, improving the quality of investment and business environment and helping businesses make greater contribution to local development.

Over the past time, the trade and investment cooperation between Ha Noi and the UK has been strengthened. Nonetheless, the potential for bilateral cooperation remains huge.

In 2016, Ha noi's export turnover to the UK market reached US$ 524 million, accounting for 4.9 percent of Ha Noi's total export turnover. Import turnover of Ha Noi from the UK reached US$ 142 million, accounting for 0.6 percent of total import turnover of Ha Noi.

To date, Ha Noi is home to 66 valid British-invested projects with a total investment capital of $416.7 million, ranking 13th among foreign investors in Ha Noi

In the time to come, the capital city will prioritize attracting investment projects in the fields of high technology, new technology, clean energy, the service meeting international standards through various forms, such as: FDI, PPP, socialization, etc. The city will focus on the fields of construction and development of satellite urban areas, urban railway projects, ring roads, finance, environment, high technology agriculture.

Ha Noi prioritizes calling for investment in the areas which the UK has strengths, such as banking finance, education and training, tourism, commerce, information technology, high technology, etc.

The seminar facilitated information exchange under the forms of business to business and business to government, covering 5 overall themes: (1) queries on administration procedure, especially the issues of licensing, land use, construction, labor, tax and custom; (2) legal environment, specifically intellectual property rights; (3) waste treatment, recycling facilities, environmentally friendly production process; (4) high-skilled and selective vocational training, based on the strength of demand of the market; (5) coordination and business links between Ha Noi and other provinces.

According to British Deputy Head of Mission to Viet Nam Stephen Lysaght, the business environment of Ha Noi in particular and Viet Nam in general has been improved strongly in recent time. However, in order to further attract businesses to invest in Ha noi, Ha Noi should simplify administrative procedures in the field of customs, tax, enhance transparency, higher predictability, and improve Ha Noi's competitiveness in the region and the world.

He also introduced the advantages in cooperation of British businesses in Ha Noi, as well as other cities and provinces in Viet Nam.

 


Vice Chairman of the Ha Noi People's Committee Nguyen Doan Toan delivers a speech at the seminar.
 

Addressing the seminar, Vice Chairman Toan stressed that the seminar is an interactive platform for Ha Noi and UK companies to network and discuss current situation, challenges and advancements relating to administration, environment, labor and cooperation.

It also creates golden opportunity to promote economic, trade, investment and tourism cooperation between the two sides; strengthen domestic and international investment through the effective implementation of investment promotion, trade and tourism of Ha Noi; continue to promote the potential and investment opportunities of the Capital city with businesses in the UK in particular and Europe in general, he added.

He asked relating departments, sectors to continue to accelerate the reform of administrative procedures, shorten application processing time, create favorable conditions for foreign companies to invest and operate in Ha Noi.

He also underlined that Ha Noi will continue administrative reforms, improve the investment climate, recover factors affecting the business environment and overcome shortcomings.

BBGV is now a network of about 450 members from 19 sectors. Apart from business links, it reaches its hands to the local society with various charity activities held annually. For example, the Group organises the annual Ho Chi Minh City Fun Run for Charity since 2000, as part of its commitment to building linkages with the local community. BBGV Business Centre aims to be a leading Chamber of Commerce driving and promoting Vietnam by working alongside government to deliver on-demand trade services for UK companies, and support members to meet their objectives through a responsible business and social networking organization.

By Le Anh

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