Hanoi gets 36 investment offers worth US$ 26 billion

Hanoi received 36 proposals for memorandums of understanding (MoU) for investment cooperation on June 23, which were estimated to be worth over US$ 26 billion. 
June 27, 2020 | 07:57
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The investment promotion conference themed “Hanoi 2020 – Investment Cooperation and Development” will be organised on June 27 (Photo: Investment News)

On June 23, Hanoi was offered 36 proposals for memorandums of understanding (MoU) for investment cooperation, which were estimated to be over USD 26 billion in value, according to Vietnam Plus.

The proposed MoUs are expected to be signed at the investment promotion conference themed “Hanoi 2020 – Investment Cooperation and Development” on June 27. Among these MoUs, 23 proposals come from domestic firms, and 13 from foreign businesses and organizations.

At the conference, Hanoi will call on 116 projects investments with a total capital of over VND 339 trillion (USD 14.6 billion). These projects are primarily in urban housing, office buildings, tourism-services and industry, technical infrastructure and finance and banking.

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The conference is an opportunity for Hanoi to show its determination to become a pioneer in post-Covid-19 economic recovery and development. (Photo: Market)

The conference expects to attract over 1,200 domestic and foreign investors and businesses. Hanoi Promotion Agency revealed that about 540 enterprises already confirmed their attendance in the conference, while 120 of them were foreign-invested.

According to Secretary of the Hanoi Party Committee Vuong Dình Hue, the conference would deliver a strong message that Vietnam and Hanoi were safe and attractive investment destinations for both domestic and foreign investors, VIR reported.

The conference is an opportunity for Hanoi to show its determination to become a pioneer in post-Covid-19 economic recovery and development.

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Hanoi currently ranks second among 63 cities and provinces nationwide in terms of foreign investment attraction (Photo: Ha Noi Moi)

Hanoi is also striving to strengthen administrative reform and improve its invesment environment to fasten economic growth. The city aims at achieving an economic growth rate 1.3 times higher than Vietnam's average.

Statistics of the Foreign Investment Agency showed that Hanoi attracted over USD 1.17 billion in foreign investment in the first five months of 2020 with 258 new projects and 66 projects increasing capital. Domestic investment was worth approximately more than VND 9.1 trillion (USD 387 million) in January - May.

With this statistics, Hanoi currently ranks second among 63 cities and provinces nationwide in terms of foreign investment attraction.

Over 12,260 new firms were established in Hanoi in the first five months with total registered capital of VND 181 trillion (USD 7.8 billion), a drop of 10 percent in volume but a rise of 9 percent in registered capital over the same period last year, informed Financial Times.

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