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|Lotte Center Hanoi is the symbol of South Korean investment in the capital|
Around 1,500 representatives, including leaders of the government, ministries, agencies, cities and provinces, international organisations and hundreds of investors and businesses will attend “Hanoi 2018—Investment and Development Co-operation.”
About 160 projects covering various fields, including smart city, education development, hi-tech agriculture, healthcare, environment, and tourism will be introduced. Twenty Memoranda of Understanding and investment certificates are expected to be signed or granted with the total value of VND270 trillion ($12 million).
Nguyen Gia Phuong, director of the Hanoi Promotion Agency, said that this is a good opportunity to create a transparent investment climate in line with the process of international integration, facilitating investors to do long-term business in Hanoi and strengthening linkages between the capital and the key northern economic region as well as the Red River Delta region.
The capital always ranks first in FDI attraction, especially after expanding its administrative geographical boundaries. Foreign capital mainly comes from the most developed countries, such as Japan, Singapore, South Korea, and goes into real estate, processing and manufacturing, information technology, finance, and banking.
Besides key projects that were granted investment certificates last year such as Aeon Mall Hadong with the total investment of $192.5 million, Hatay Millennium Tower raising investment to $32.2 million, and Park City urban area raising investment to $72 million, as well as three clean water projects worth $327 million, Hanoi has just given certificates to two, altogether $400-million projects of Japan’s Nidec Corporation in Hoa Lac Hi-Tech Park.
The city is also considering the $92 million project of Mitsubishi Chemical to produce OPC drums in Hoa Lac Hi-Tech Park, the beer factory of Heineken Hanoi to raise investment capital to $43 million, and the trade-finance centre project of TSQ Vietnam Co., Ltd. to raise capital to $68 million, among others.
While Hanoi attracted $3.435 billion of FDI capital (up 10.2 per cent on-year), it is estimated to have received $1.3 billion in the first half of 2018 (up 10.2 per cent on-year), according to the Hanoi Authority for Planning and Investment.
These are testament to the actualisation of the city’s policy to lure investment into selected sectors, contributing to the capital’s socioeconomic development. Large-scale real estate projects have contributed to modernising the face of the capital, services projects improved the quality of life, and education projects are forming high-quality human resources.