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Hanoi to hold development conference to promote FDI


Hanoi to hold development conference to promote FDI

A textile factory in Hanoi a symbol of Chinese FDI
Photo: Reuters

Hanoi will today host a conference intended to promote the capital as a safe and attractive target for investment.

The Hanoi People’s Committee plans to offer up 116 new projects worth over $14.6 billion and drum up investment in 282 older projects worth $21.66 billion. Vietnam’s domestic construction and manufacturing industries stand to benefit substantially from the capital boost, as there are dozens of urban and industrial development contracts slated for implementation. The recent push for local and foreign financing is a signal that Hanoi is both open for business and prepared to evolve into an international development hub in the wake of COVID-19.

Hanoi is portraying the conference as a conduit for greater collaboration between international investors, local businesses and Vietnamese authorities. Expect foreign investment in the IT, logistics and e-commerce sectors to experience sustained growth following today’s event given its emphasis by the People’s Committee. The increased use of IT and amplified FDI from other Asian nations—most notably South Korea and Japan—will likely keep investment strong by reducing business delays and boosting transparency.

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