Hanoi urged to renovate mindset in attracting and using FDI capital

Tuesday, 2019-01-29 17:55:11
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Deputy PM Vuong Dinh Hue speaks at the working session. (Photo: kinhtedothi.vn)
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NDO – Deputy Prime Minister Vuong Dinh Hue has asked Hanoi to renovate its mindset in attracting and using foreign direct investment (FDI) capital in the face of new emerging requirements, conditions, opportunities and challenges in the new period.

Politburo member Hue made the remark while heading a working team of the government to work with the Hanoi authorities concerning the locality’s FDI capital attraction and use on January 29.

The working session aimed to explore the reality of foreign investment in the capital city, as well as its advantages, difficulties and recommendations to finalise the project on the orientations for the completion of institutions and policies to improve the quality and efficiency of attracting and using FDI capital until 2030.

In his address, Deputy PM Hue highly appreciated Hanoi’s FDI attraction results over the past 30 years, which, he said, has contributed positively to local socio-economic development.

He suggested that the capital city possibly shift from strengthening the attraction of FDI capital to a period of comprehensive investment and development cooperation.

All-around cooperation is manifested through considering investors as important partners and creating an environment worth living so that foreign investors will stick with Vietnam, the deputy PM stated.

Investment attraction also needs to be renovated in the direction of being selective with new criteria, he said, recommending that investment promotion focuses on the long-term efficiency, are in accordance with global trends, and move from quantity to quality.

Vice Chairman of the Hanoi People’s Committee Nguyen Doan Toan addresses the working session. (Photo: kinhtedothi.vn)

Reporting to the working team of the government, Vice Chairman of the Hanoi People’s Committee Nguyen Doan Toan said that by the end of 2018, Hanoi had nearly 4,500 valid investment projects with a registered capital of US$36.6 billion. Real estate is the largest recipient of investment (29.53% of the total), and Japan ranks first in terms of investment capital scale in Hanoi with approx. US$10.2 billion.