More than 10 years ago, Hanoi was behind many provinces and cities in attracting FDI, but now, Hanoi has risen to second place, just after Ho Chi Minh City.
Northern FDI attraction locomotive
Although accounting for only 1% of the country's population, Hanoi has been making important contributions to Vietnam's economy, demonstrated through impressive figures such as accounting for 12.5% of GDP and 17% of total budget revenue.
In particular, according to experts, in the past 15-20 years, Hanoi was behind many provinces such as Vung Tau, Binh Duong, Dong Nai... in attracting FDI, not to mention Ho Chi Minh City. However, according to updated data from the Foreign Investment Agency, by August 2024, the total FDI capital poured into Hanoi had reached 53.6 billion USD, only 4.5 billion USD less than Ho Chi Minh City.
“We can see that in attracting FDI, Hanoi is moving slowly but surely. Up to now, attracting FDI to Hanoi is almost equal to Ho Chi Minh City,” Mr. Nguyen Van Toan, Vice President of the Association of Foreign Invested Enterprises, shared at the seminar “Hanoi’s Economy - 70 years for the goal of circular and sustainable development”.
The seminar was organized by the Economic & Urban Newspaper in coordination with the Hanoi Department of Information and Communications and the Academy of Journalism and Communication on the morning of September 25 in Hanoi.
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| Seminar "Hanoi's Economy - 70 years for the goal of circular and sustainable development". |
At the seminar, experts analyzed that Hanoi has great potential in attracting FDI capital, such as infrastructure development compared to the general level of the whole country, a basic traffic system that meets the transportation needs of investors; a young, well-trained labor community,...
“Projects under 100 million USD have relatively quick and simple approval procedures compared to many other localities, creating a fast and open investment environment for Hanoi,” said Dr. Le Quoc Phuong, former Deputy Director of the Center for Industry and Trade Information (Ministry of Industry and Trade).
In the future, Mr. Phuong proposed that Hanoi take the lead in developing models of civilized, modern, green and clean high-tech industrial parks, such as Hoa Lac High-Tech Park, so that investors can work, live and use services. From there, it will create motivation to attract high-tech investors in general to Vietnam.
Transition to a green, sustainable economy
Besides the issue of attracting foreign investment, experts also discussed at the workshop the future economic development model of Hanoi, focusing on the factor of green and sustainable growth.
It can be seen that in recent times, Hanoi has become the country's leading economic, cultural, educational, medical fields... in which trade, services, and tourism are key economic sectors.
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| Hanoi's economy is shifting towards services and industry as the main focus. |
According to Associate Professor Dr. Dinh Trong Thinh, Former Head of the Faculty of International Finance (Academy of Finance), Hanoi's income scale has increased sharply in the period from 2010 to 2023, with GDP at 7%. Hanoi's per capita income in 2023 exceeded that of Ho Chi Minh City for the first time. In addition, in 2022, despite being affected by the Covid-19 pandemic, Hanoi's economic growth slowed down but was still higher than the overall growth rate of the whole country.
In order for Hanoi to maintain its growth momentum in the future, economic expert Nguyen Minh Phong suggested that the capital needs to plan in a direction that more deeply connects the urban economy with the rural economy, develops tourism close to agriculture, and improves the traditional craft village system.
“Both urban and rural economies need to develop in a green direction, applying high technology, aiming for high added value in regional and global supply chains,” Mr. Phong affirmed.
Meanwhile, Mr. Nguyen Hoang, Chairman of the Hanoi Supporting Industry Enterprises Association (HANSIBA), said that to develop a sustainable, circular economy, Hanoi needs to carefully study the 17 sustainable development goals of the United Nations and the models of some capitals in Asia, Northern Europe, etc. to come up with a program and model for the capital Hanoi.
“Circular economy is sustainable, green - clean, good living environment, longevity, health and living standards will improve for every citizen and worker in the capital. Hanoi needs to establish a Sustainable Socio-Economic Development Council, invite experts in various fields, businesses... to participate in implementation,” Mr. Nguyen Hoang suggested.
Over the past years, Hanoi has always maintained good growth and contributed positively to the country's growth. In the first 6 months of 2024, the total regional product (GRDP) is estimated to increase by 6.0%; the total state budget revenue in the area is estimated to reach 61.7% of the estimate (up 12.5% over the same period); export turnover increased by 8.8%; social development investment capital increased by 9.55% (up 9.0% over the same period).
The construction of new rural areas has achieved many positive results. Up to now, Hanoi has 18/18 districts and towns (100%) meeting new rural standards; 382/382 communes meeting new rural standards; 186 communes meeting advanced new rural standards, 68 communes meeting model new rural standards.
Source: https://baodautu.vn/ha-noi-hut-von-fdi-bang-chien-luoc-cham-ma-chac-d225829.html
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