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Hanoi targets $3b in FDI for 2009   2009-02-20 - VNS

A view of the Thang Long Industrial Zone in Ha Noi. 

The capital is targeting US$2-3 billion in foreign direct investment (FDI) this year, which would place it in the country’s top five locations for FDI, according to the municipal Department of Planning and Investment.

The city hopes to draw $1.8-2.7 billion from 260 new projects while attracting the remaining capital from 40 existing ones.

Despite the global economic crisis, the city still attracted $180 million in FDI in January, said the department deputy director Nguyen Van Tu, who predicted the figure would reach $400 million this month.

In order to reach the goal, the city needed to perfect its "one-stop shop" policy in business registration and capital construction as well as boost transparency in trade and investment, said Tu.

He said the city should consider the policy in other areas like land leasing and transfer to foreign investors. Tu emphasised the need to upgrade IT infrastructure to speed up on-line registration for administrative procedures.

The department is establishing a list of projects seeking domestic and foreign investment to streamline the investment process.

In 2008, the city granted licences to 270 new foreign-invested projects with a total registered capital of $4.4 billion. It also granted permission to 30 existing projects to increase their capital by $6 million.

Real estate development has remained the most attractive sector for foreign investors, accounting for half of the total registered capital. Information and communication technology (ICT) follows close behind with 43.5 per cent.

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