Hanoi willing to create best conditions for foreign investors (16:10 21/10/2021)

HNP - Addressing the meeting with foreign-invested enterprises on October 19  to seek solutions to tackle difficulties facing them amid the COVID-19 pandemic, Politburo member and Secretary of the Hanoi Party Committee Dinh Tien Dung said that the capital city is willing to create the best possible conditions for foreign investors to conduct business.

Secretary of the Hanoi Party Committee Dinh Tien Dung delivers a speech at the meeting.

Treasure support and contribution of the business community 
According to Dung, the fourth wave of COVID-19 has had taken a heavy toll on all aspects of on daily life as well as socio-economic development of Vietnam. 
As the capital of Vietnam, Hanoi tasked itself with doing the  utmost to put the pandemic under control, protect public health and soon boost economic recovery, bringing the capital city back to new normal. 
In response to the complicated COVID-19 pandemic, the municipal authorities have followed guidelines of the Party, State, National Assembly, and Government, and encouraged the whole political system, businesses, organizations and people to engage in the fight against the pandemic. Strong measures have been put in place to contain the pandemic. 
Hanoi has initially put the pandemic under control and now is now in the process of adapting to the new context, bringing the capital city back to new normal. 
The municipal authorities have also paid special attention to caring for and supporting local people, foreigners and businesses facing challenges due to the COVID-19 pandemic, with the total amount of VND1.55 trillion.
The municipal Party chief attributed the city's initial success against COVID-19 to the effort of the entire political system and people, especially great contribution of domestic and international organizations, business community and foreign-invested enterprises operating in Vietnam.
Overview of the meeting.
Hanoi - an attractive destination for enterprises
Dung said that as the capital, the heart of the country, and one of the two largest economic hubs of Vietnam, Hanoi accounts for 8.5% of the country's population. The city annually contributes 16% of the country’s gross domestic product (GDP), 18.5% of the national budget, and 8.6% of total export and import  volume.
Hanoi has affirmed its role and position as the major economic and international trading hub, the growth engine of the capital region as well as the Red River delta and the whole country, he stated. 
Over the past time, in realizing guidelines of the Party and State, the Hanoi government has identified the foreign invested economic sector as a component of the Vietnamese economy, an important driving force for the city's development, he reiterated, stressing that the municipal authorities always respect and protect legitimate rights and interests of investors, and ensure harmony in interests among the State, investors and workers.
To date, Hanoi has been home to 6,625 foreign-funded projects with total registered capital of $48.7 billion. Said projects accounted for 10% of the city's budget collection, 12.6% of capital expenditure, 30% of employment and 45% of the city's import/export activities.
Especially, in the first nine months of the year, the capital city attracted US$1.28 billion in FDI despite a prolonged lockdown that lasted almost three months as a result of the fourth outbreak of the coronavirus.
The FDI sector contributed about 10% of the city's budget, 12.6% of development capital, 30% of jobs and 45% of foreign trade revenue.
"This is a testament to foreign investors' confidence in the city as a destination for investment as well as in its potential," said Dung. 
More effort to remove difficulties for enterprises
Dung said that fully understanding the challenges faced by the business community during the pandemic, the municipal authorities are doing its utmost to take various measures to control the pandemic as soon as possible, and help foreign firms overcome difficulties and promote business recovery.
In particular, Hanoi's administration has instructed the municipal Taxation Department to extend the deadline for payment of added value, corporate and individual income taxes for over 31,000 taxpayers this year, with a value of nearly VND22 trillion (US$956 million), reduce land lease by 30% for 650 taxpayers at a cost of nearly VND250 billion in line with the PM's Decision No.27.
In the time ahead, the city will focus on strongly renewing its growth model, restructuring its economy based on science-technology and innovation, developing digital infrastructure, enhancing administrative reforms and improving planning quality to best serve businesses and people.
"With its potential, advantages and preeminent policies, Hanoi is always ready to create the best possible conditions for foreign investors operating in the city. The municipal authorities also commit to ensuring legitimate rights and interests of investors in accordance with Vietnam's current laws", the city leader asserted. 
He emphasized that the municipal authorities would be willing to listen, gather feedback and opinions and study proposals shared by the foreign investor community, especially in measures to help reopen the economy and boost recovery speed.
The leader also expressed his belief that the city together with the business community would soon overcome challenges caused by the COVID-19 pandemic, strongly recover production and business activities and accelerate socio-economic development of Vietnam and Hanoi in particular.

By Tran Huong

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