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High-tech park incentives under review

March 2, 2021 by www.vir.com.vn

1533 p6 high tech park incentives under review
The country’s three high-tech parks still have plenty of space to fill for new projects. Photo: Le Toan

Hoa Lac High-tech Park (HHTP) is now surrounded with complete infrastructure and favourable transport links which were expected to be an important factor for investment attraction. According to the park’s Management Board, it attracted six projects with total investment of about VND9 trillion ($391 million) in 2020, including one foreign and five domestically-owned. They focus on research and development, manufacturing, and high-tech pharmacy.

While the figure is higher than that of 2019, when the park lured in just four domestically-invested projects registered at VND7.46 trillion ($324 million), it was far lower than 2018, when it attracted 11 projects registered with VND17 trillion ($739 million), a record high over the past 20 years. Notable names involved included Nidec, Mitsubishi, and Hanwha Group.

The result is lower than expected though the HHTP itself enjoys Decree No.74/2017/ND-CP which came into effect in 2017, governing special mechanisms and policies for the park only. Few social infrastructures such as workers’ housing, hospitals, trade centres, and other services have been licensed there.

Industry insiders said that in the context that the country is promoting high-tech foreign investment and the trend of making business and investment in the local market among technology groups, the lacklustre foreign investment attraction of the HHTP has raised questions over how attractive it actually is. While COVID-19 is an obvious reason, others should be included, some added.

Established in 1998, the filling rate of the park is now 40 per cent of its over 1,500 hectares. The HHTP boasts the longest history among the country’s three high-tech parks, and has the advantages thanks to Decree 74, which includes unique incentives such as the 10 per cent corporate income tax (CIT) within the first 30 years for a new investment project of at least VND4 trillion ($174 million).

Looking to the south where Saigon High-tech Park (SHTP) is located in Ho Chi Minh City, Nguyen Anh Thi, head of its Management Board said that it has licensed two foreign-invested projects early this year – the $19.5 million US-invested Arevo 3D printer factory and the $1 million office for lease project by South Korea’s SNST & Finger Vina.

“Due to the land funds left for new projects, the park plans to attract $200 million worth of investment this year, and the production value of high-tech products hit $25 billion, while disbursement of the capital there is $700 million,” Thi said.

In 2020, the SHTP lured over $35 million worth of foreign investment, meeting half of the yearly target due to COVID-19 impacts and limited land funds left.

In the central region, Danang High-tech Park (DHTP) lured in $150 million worth of foreign investment and $108.7 million of domestic funding in 2020. Established in 2010, the fill rate in the park is now at 30 per cent.

Similar to the HHTP, the government issued Decree No.04/2018/ND-CP in 2018 on incentive policies for the DHTP, making it a motivation for the park to increase its attraction.

Competition among the three high-tech parks is expected to increase as the Ministry of Science and Technology is working on a draft decree in which incentive policies should be applied commonly for all three. Thus far the draft decree has received differing opinions, with some saying that the highest incentives in the decrees should be kept for certain parks, while others recommended that the policies should indeed be applied for all.

If the latter option gets the go-ahead, the high-tech parks will no longer have their own specific advantages and will be required to improve themselves and build other advantages to make them more attractive to investors.

For Hoa Lac, the groundbreaking of the National Innovation Centre (NIC) in early 2021 will be a new driving force. According to the project’s draft plan drawn up by the Ministry of Planning and Investment’s (MPI) Central Institute for Economic Management, the NIC will be developed with the total investment of VND1.9 trillion ($82.6 million), including VND1.7 trillion ($73.9 million) for the physical construction and VND200 billion ($8.7 million) for operating capital. The NIC is expected to lure 40 big technology companies, 150 startups and small- and medium-sized enterprises, and 15 venture investment funds, thereby creating more than 5,000 jobs.

Government policies are in place to accelerate digital transformation across sectors, thus promoting domestic businesses and international ventures to make more investment in the sci-tech sector in the months to come.

As shown in statistics from the MPI, sci-tech was the fifth-biggest sector for overseas investors last year, and the fourth-biggest in the first two months of 2021.

By Bich Thuy

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Finance Ministry sounds warning over illegal cryptocurrency exchanges

March 2, 2021 by english.thesaigontimes.vn

Finance Ministry sounds warning over illegal cryptocurrency exchanges

The Saigon Times

An individual holds up a visual representation of the cryptocurrency Bitcoin. The Ministry of Finance has warned the public about cryptocurrency platforms – PHOTO: VNA

HCMC – The Ministry of Finance has warned the public about cryptocurrency platforms founded by individuals and organizations at home and abroad with unidentified legal representatives.

Cybercrime associated with cryptocurrency businesses over the years has emerged increasingly complicated, with numerous sophisticated scams. Recently, the police of Danang City issued a warning about a new trick being used by cybercriminals, wherein these suspects instructed local residents to visit the App Store and CH Play to download stock exchange mobile apps to make an investment.

Commenting on the issue, the ministry said today, March 2, that the State Securities Commission has been teaming up with the police to tackle similar cases linked to cryptocurrencies and securities in many localities nationwide.

The forces discovered that cryptocurrency trading platforms were operating more frequently, such as the Rforex exchange via the website www.rforex.com in Hanoi’s Ba Dinh District or the Emrfx exchange at www.emrfx.com in the north-central province of Nghe An.

The ministry added that only the Hochiminh Stock Exchange and the Hanoi Stock Exchange were allowed to operate stock trading activities in Vietnam. According to the Law on Securities, virtual currency is not considered a security.

Vietnam currently has no legal frameworks adjusting the issuance and trading of virtual currencies and properties and has yet to license any unit to monitor the issuance and trading of virtual currencies and properties, said a Finance Ministry representative.

The ministry had established a research team on virtual currencies and properties, aimed at conducting researching activities and suggesting management policies over the issue within the authority of the ministry.

The representative stressed that the ministry will ramp up efforts to raise public awareness about virtual currencies and properties and to increasingly issue warnings over the risks and consequences of getting involved in investing in and transacting virtual currencies and properties illegally.

Filed Under: Uncategorized SaiGon Times Daily, SaiGon Times tieng anh, thời báo kinh tế sài gòn, báo kinh tế việt nam bằng tiếng anh, tin kinh te, kinh te viet..., the ministry of sound, finance ministry, Warning Sounds, finance ministry of bangladesh, finance ministry sri lanka, finance ministry orders, finance ministry circulars, finance ministry maldives, finance ministry press release, finance ministry email id, finance ministry jobs, Finance Ministry Circular

JP Morgan, May Bank selected TCB share as the top pick among Vietnam’s listed banks

March 2, 2021 by www.vir.com.vn

jp morgan may bank selected tcb share as the top pick among vietnams listed banks
JP Morgan, May Bank selected TCB share as the top pick among Vietnam’s listed banks

In a report, JP Morgan has stated that Vietnamese banks offer the best combination of growth and Return on Equity (ROE) in ASEAN. High nominal GDP growth and resilience in the last 12 months provide visibility on credit and earnings growth over the next few years.

In particular, JP Morgan has reiterated its “overweight” rating on Techcombank – Vietnam’s leading commercial lender – with an upbeat outlook on the bank’s performance. The target price for the bank’s share is VND55,000 ($2.4) per share as of December 2021, calculated via JP Morgan’s two-stage dividend discount model.

The rally in the bank’s share price as the top pick among Vietnam’s listed banks is fuelled by multiple indicators.

According to the US-based financial group, Techcombank is the most profitable bank in the country on ROA despite having a low deposit market share of 3 per cent.

jp morgan may bank selected tcb share as the top pick among vietnams listed banks
Expecting a 16 percent EPS CAGR for the sector, led bay TCB

The bank’s zero-fee programme and 1 per cent cash back debit card have led to sharp improvements in current accounts saving accounts (CASA) and to deposits going from 22 per cent in 2017 to 44 per cent in 2020. The brokerage also expects further improvement in CASA ratio to 50 per cent by 2023, leading to higher net interest margin (NIM).

Specifically, Techcombank has the highest capital (16.1 per cent capital adequacy ratio [CAR]) and lowest NPL (0.5 per cent), allowing for a 20 per cent CAGR for loans over the 2020-2023 period.

Techcombank is also one of the rare banks across the region that is making money on both sides of the balance sheet, as well as on fee income, adjusted for all allocated costs. This allows for longer-term visibility on returns.

jp morgan may bank selected tcb share as the top pick among vietnams listed banks
Increasing PTs after EPS changes

The lender also rolled out a system to regulate total credit. This is due to a large corporate bond book and a 63 per cent loans-to-assets ratio. Further, high capital and low NPL holdings have allowed credit quotas in the 20 per cent range for the next three years, according to JP Morgan.

JP Morgan also expects the bank to be on a self-sustained capital level, given its combination of solid Return on Equity (RoE) and growth.

Sharing the same boat, Maybank Kim Eng Securities has recently voted Techcombank as Vietnam’s No.1 private-sector bank with a strong brand, deposit franchise, and a solid banking platform for high-profile companies in Vietnam.

The lender is considered the top player in bond underwriting and bancassurance competition, with a high-calibre management and execution team.

On the other hand, Techcombank has maintained consistent, robust profit growth in 2020, up 23 per cent on-year.

“We forecast Techcombank’s profit will grow 26 and 22 per cent in 2021 and 2022, respectively. Accordingly, ROE will improve to 19 per cent, with stronger credit growth and faster-than-expected easing in provisioning bringing about significant upsides,” noted Maybank.

The lender’s strategy is to focus on top private-sector companies, upper SMEs and affluent retail, and is run by a highly capable team. All of these factors enabled it to stay resilient through the unprecedented health crisis.

“Techcombank is now being traded at 1.4x price-to-book value (P/BV) in our 2021 expectation, which is in line with local peers’ average, despite its banking platform, earnings power, and quality being superior. We believe the bank’s robust profit growth outlook on the back of a strong balance sheet, along with improved market sentiment towards the bank’s stock in recognition of the bank’s strengths, will support further rerating,” the brokerage added.

Maybank also recommends investors to buy Techcombank stocks, with higher target price of VND43,700 ($1.9) as of December 2021, up 21 per cent compared to the current price.

The brokerage believes the market’s stronger sentiment towards Techcombank, in recognition of its strengths and improving ROE, will drive up its valuation close to that of industry-leading banks.

Earlier this month, Techcombank is also one of the nine Vietnamese lenders topping the Brand Finance Banking 500 list, with its brand value increasing from 327th in 2020 to 270th in 2021.

Bloomberg recently also stated that Southeast Asian stocks could be safe havens amid the disruption in global risk assets led by spiking yields. Thus, Techcombank – as the most dynamic, profitable bank in Vietnam – is among the best shelters from the global yield havoc.

Techcombank has the highest upside of 42 per cent (followed by ACB with 29 per cent) according to JP Morgan. Analysts also raised target price on resilience observed in 2020. Particularly, JP Morgan raised earning per share for the 2021-2022 financial year and target price for ACB, TCB, and VPB by 8-11

By Luu Huong

Filed Under: Uncategorized JP Morgan, May Bank, Techcombank, Money, JP Morgan International Bank, jp morgan private bank, jp morgan chase bank, bank shares list, jp morgan chase bank na

Effective EVFTA, EVIPA to bring about more opportunities for Hanoi: AHK

June 26, 2020 by hanoitimes.vn

The Hanoitimes – Marko Walde, chief representative of the Delegation of German Industry and Commerce in Vietnam, spoke with Hanoitimes about opportunities from a trade deal with the EU and what needs to be done to make use of it.

I would express my respects to Hanoi’s encouragements in terms of trade and investment promotion. As the capital of Vietnam, Hanoi with a good infrastructure basis, completed industrial zones and convenient transportation, is one of the centers of economy, industry, trade, and services.

Marko Walde, chief representative of the Delegation of German Industry and Commerce in Vietnam. Photo: AHK.

The city’s implementation of its “one stop shop” mechanism is also evidence of its dedication to bring in a clearer and more transparent investment environment. By completing other infrastructure projects, especially the metro lines, they city would increase their attractiveness tremendously.

From our point of view, for the long run, Vietnam and Hanoi should establish a stable and reliable legal framework and economic policy to support businesses, local and international ones. In particular, Hanoi should develop a practical oriented dual vocational training and education projects in order to gain high skilled labor force and support local businesses in improving their technology competence as well as their competitive advantages.

Hanoi should continue improving general infrastructure as well as conducting a suitable platform for direct experience exchanges and direct dialogue between authorities and businesses as well as between local and international ones.

As I mentioned before, for the purposes of sustainable development and attracting more high-value-added foreign direct investment, the legal and regulatory framework of many sectors and the economic policies should be improved further and be consistent.

The other challenges are the lack of qualified workers in Vietnam, the undeveloped supporting industries, especially the weakness of the domestic supply chain. These matters might cause problems in the long term and Vietnam should solve it quickly. We hope that in the long run, once the EVFTA and EVIPA come into force, they will bring more opportunities for Hanoi and other provinces.

I strongly believe that there will be many FDI flows for high-valued projects into Vietnam, in the long term, including from Germany. German investors would bring their well-known technology in management and training to this country, allow more value-added production, less waste of material and resources.

At the upcoming “Hanoi 2020 – Investment and Development Cooperation” conference, the city’s leaders will issue licenses for 116 projects with registered capital of a combined VND339.67 trillion (US$14.66 billion), according to the municipal People’s Committee.

The event, scheduled to take place at the National Convention Center on June 27, is set to attract up to 1,850 delegates, including senior government officials, 29 ambassadors and diplomatic officers, representatives from eight international organizations, foreign experts, among others.

Filed Under: Uncategorized EVFTA, EVIPA, Hanoi's investment, German investors, business environment, investment opportunities mass effect 2

NATEC and Enterprise continue cooperation to unlock Vietnam’s innovation potential

March 2, 2021 by www.vir.com.vn

natec and enterprise continue cooperation to unlock vietnams innovation potential
Pham Hong Quat, director general, NATEC and Leon Cai, regional director (Ho Chi Minh City), Enterprise Singapore

The Vietnamese agency (NATEC) and Enterprise Singapore (ESG) have renewed their cooperation for another two years. What will be the focuses in the next stage? How will it benefit the innovation landscape for Singapore and Vietnam?

Pham Hong Quat: Singapore is considered to be the hub of innovation as well as a “paradise” for startups, with startup-friendly policies including subsidies and a range of incubation schemes. With its advanced IT infrastructure, strong government support, intellectual property laws, and deep tech talent pools, Singapore has become a world-leading technology innovation centre.

Thus, the cooperation between NATEC and ESG will provide an open space for best practices and know-how sharing, particularly on the crafting and execution of startup and innovation supporting policies, as well as building and operating startup hubs.

Through market access programmes and joint events, Vietnamese startups will have a chance to experience and benefit from peer-to-peer learning with their counterparts. Operating in the world’s leading and most vibrant ecosystem, Singaporean startup founders and teams have admirable skills and qualities, for example, creative thinking; entrepreneurship and management skills; fundraising and management; as well as research and development (R&D). Moreover, there will be a high chance that our startups can find great partners or clients in a new market.

One of the biggest concerns for Vietnamese startups might be how to get funding from venture capital funds or angel investors and how to manage them wisely, especially during the crisis. Thus, what they need to focus on is acquiring valuable know-how and skills from their counterparts and taking any opportunity to interact and learn from experienced investors and mentors.

Leon Cai: The renewed MoU will build on existing partnerships between Vietnam and Singapore to facilitate collaborations for startups, ecosystem builders, and the tertiary institutions of both countries, especially in strengthening the global innovation communities’ access to Vietnam’s startup landscape, connecting startups from Vietnam to major technology hubs, and facilitating venture capital activities. In addition, the renewal will have an additional focus on leveraging existing open innovation initiatives such as the Singapore Open Innovation Network to crowd-source solutions for corporates in Vietnam. ESG will also share best practices with NATEC to develop similar open innovation platforms for Vietnam, among other initiatives.

Trade and business links between Vietnam and Singapore have been robust ever since the countries established bilateral diplomatic relations back in 1973. In recent years, we have observed growing interest from Singaporean companies in Vietnam’s technology and innovation sector. With this renewed memorandum, we hope to build a vibrant ecosystem, leveraging the strengths of different innovation players from both countries to create an environment that enables startup and corporate partnerships, and catalyses business transformation and economic growth.

How important s Vietnam’s startup and innovation scene to the rest of ASEAN, the world, and to Singapore? Has there been any changes over the past five years in this regard?

Pham Hong Quat: The Vietnamese government started to pay attention and set up initiatives to build and support the startup ecosystem since 2016 with the National Programme to Support Innovative Startup Ecosystem in Vietnam until 2025, also known as National Programme 844. Since 2017, Vietnam has emerged as a hub for startups, closely competing with Indonesia and Singapore. In the first half of 2019 for instance, Vietnamese startups raised $246 million with startups such as Tiki, VNPay, and VNG capturing 63 per cent of these deals. The first half of 2020 witnessed a 22 per cent reduction in deals compared to the same period in 2019, owing mainly to the economic impact of COVID-19. However, fundraising by Vietnamese startups has shown signs of recovery in the second half of 2020.

To encourage entrepreneurship, the Vietnamese government has established a number of funds at state and provincial/city level to support startups.

Our ecosystem is booming and emerging and in only two years Vietnam jumped from the second-least-active startup ecosystem among the six largest ASEAN countries (Indonesia, Vietnam, Thailand, Malaysia, Singapore, the Philippines) into the third rank, trailing behind only Indonesia and Singapore, according to Southeast Asia-focused venture capital firm Cento Ventures.

Vietnam, driven by its growing internet penetration, smartphone adoption, and young demographics, offers huge potential for startups, especially ones focusing on fintech, e-commerce, and enterprise solutions. These sectors have attracted significant portions of funding in the last year. Other emerging sectors include education technology, agri-tech, and logistics.

Leon Cai: In the past five years, from 2015 to 2020, there has been an exponential increase in deal counts and investments into Vietnam, compared to the five years before then. Regulatory changes, too, have been passed in Vietnam to make it easier for startups to access tech from aboard. National agencies such as NATEC and innovation centres across Vietnam have been established to champion innovation. These are indicators that venture capitalists welcome and boost confidence among investors. Vietnam has risen significantly in 2019’s Global Innovation Index rankings.

Within ASEAN, Vietnam is one of the top three innovative nations, together with Indonesia and Singapore. As a whole, Southeast Asia has built a strong reputation in the innovation scene, with 13 unicorns groomed here. The region has also been attracting a significant number of global investors. According to DealStreetAsia , one of the biggest funds that closed this year in the region is global venture capital firm B Capital Group with more than $700 million that focuses on Southeast Asia.

What lessons should Vietnam learn from Singapore to develop its startup and innovation ecosystem? Which best practices will ESG share with NATEC to develop similar open innovation platforms for Vietnam?

Leon Cai: ESG has been working with public and private partners in Singapore to grow our open innovation ecosystem. As open innovation involves a “win-win” partnership between larger corporates and innovative startups and SMEs, these efforts include setting up the Singapore Open Innovation Network , which is a national gateway to aggregate all open innovation challenges out of Singapore, and the Startup SG Network featuring local startups and ecosystem partners. Most of the innovation calls are open to global solution providers and startups to apply. ESG also collaborates with foreign partners on international co-innovation programmes such as the EUREKA GlobalStars-Singapore call and the recently-launched inaugural Southeast Asia Open Innovation Challenge.

Under the renewed MoU, we look forward to more opportunities to work with NATEC to facilitate exchanges between startups, corporates, investors, and other ecosystem players from Vietnam and Singapore, leveraging on existing initiatives such as the Singapore Open Innovation Network or through new collaborations like the Southeast Asia Open Innovation Challenge.

Pham Hong Quat: Business-incubating infrastructure, tax incentives, cash grants, or financing schemes are outstanding government support initiatives from Singapore that push the ecosystem to the next level and those best practices are what we desire to learn.

Most importantly, we are impressed by the way they form public and private partnerships in open innovation – a global phenomenon and our focus in the past few years. We believe that this is an appropriate approach to build up sustainable ecosystem as government funding and supports are limited while there are a lot of opportunities from the private sector. By creating an open innovation platform where the government plays a role as facilitator, we can draw private resources into startup support activities on a sustainable win-win basis.

We are positive that the renewed MoU will bring more impacts and benefits to the startup ecosystem of the two countries via a number of detailed activities such as market access and exchange, joint pitching sessions, capacity building, and open innovation platform.

What successful tie-ups have there been between startups and corporations under the MoU? What are your future expectations?

Leon Cai: ESG and NATEC signed the MOU at the sidelines of TechFest 2018 in Danang, Vietnam on November 30, 2018 to facilitate collaborations for startups, ecosystem builders and tertiary institutions between both countries.

Over the past two years, the MoU has supported a number of initiatives:

  1. Strengthening the global innovation communities’ access to Vietnam’s startup landscape. NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), partnered Becamex IDC Corporation to launch ecosystem builder BLOCK71 Saigon in October 2020. As an entrepreneur enclave of startups, venture capitalists, and incubators, BLOCK71 Saigon connects Vietnam’s innovation players with a network of mentors, global tech talents, and resources from corporates and government agencies;
  1. Connecting startups to major technology hubs. BLOCK 71 augments the efforts of Enterprise Singapore’s Global Innovation Alliance (GIA) in Ho Chi Minh City, a partnership with Saigon Innovation Hub (SIHUB) and Singapore-based venture fund Quest Ventures that was launched in 2019. GIA is a network of global innovation hubs which Vietnam’s ecosystem players can tap on to access the latest R&D efforts, whilst familiarising the global startup community with market demands unique to Vietnam. More than 10 Singapore-based startups from various sectors participated in the first run of the GIA HCMC market immersion programme, which concluded recently with a number of participating startups in discussion for partnerships or pilot projects with Vietnamese partners; and
  1. Facilitating Venture capital activities. We have observed more fund raising activities from Singapore-based venture capital firms looking to invest in Vietnam’s fund and startups. Sea Group and Vertex Holdings invested in the recently launched Do Ventures fund, targeting Vietnamese startups. Other noteworthy fund-raising activities include Singapore companies, Insignia Ventures Partners, and TRIVE investments into Vietnamese technology companies Logivan and CoderSchool, respectively. Singaporean edtech startup Kalpha also raised seed funding from Vietnam-based VC Nest Tech VN.

Moving forward, we hope to facilitate more co-innovation partnerships between startups and corporates. One example is the ongoing Southeast Asia Open Innovation Challenge that was launched at the Singapore Week of Innovation and TeCHnology in December last year. VNG Cloud launched its call to source for partners to co-innovate complementary technologies to support its eKnow Your Customer (eKYC) solution which enables digital banking for banks and financial institutions. The Open Innovation Challenge also saw participation from a number of other regional corporates including Central Group (Thailand), Hong Leong Holdings (Malaysia), Emtek (Indonesia), and Sunway (Malaysia), aiming to leverage Singapore’s business friendly environment, strong infrastructure and proximity to Southeast Asia to co-develop and scale new innovative solutions.

The Vietnamese government has a number of supporting policies for startups. Do you think they are enough to facilitate startup development and lure Singaporean startup and venture funds?

Leon Cai: Policies to support innovation has been remarkable in the last 10 years. At the enterprise level, MoUs such as those between ESG and NATEC further strengthen the role of the business sector in Vietnam’s innovation landscape. Our MoU encourages private and public partnerships, enterprise investments in science and technology initiatives, and expands public support for R&D at firm level by linking Vietnamese enterprises with research institutions.

Efforts to strengthen training and knowledge transfers between research centres, academia, and foreign companies and national science and technology networks will also assure more domestic firms can access the latest technologies and build capabilities to improve on productivity and quality benchmarks.

These efforts make Vietnam an attractive investment for Singaporean companies.

By Bich Thuy

Filed Under: Uncategorized Singapore, MoU, innovation, ESG, NATEC, startups, Investing, cooperatives in vietnam, brian tracy how to unlock your potential, why potential is continuous, potential unleashed how to unlock, unlocking your full potential, how firms use cooperative strategies to innovate, lean enterprise how high performance organizations innovate at scale, meditation unlock your hidden potential, who unlocked gohan's potential, for continued cooperation, soar 9 proven keys for unlocking your limitless potential, women-owned enterprises in vietnam perceptions and potential

Hanoi proves itself to be a trustable and attractive investment destination

June 27, 2020 by hanoitimes.vn

The Hanoitimes – The conference would welcome over 1,200 domestic and foreign investors, businesses, many of whom would receive their respective investment licenses from Hanoi’s authorities.

Prime Minister Nguyen Xuan Phuc is attending Hanoi’s major investment promotion conference themed “Hanoi 2020 – Investment and Development Cooperation” on June 27 at the National Conference Center where major projects will be licensed.

Hanoi’s investment promotion conference would welcome over 1,200 domestic and foreign investors, businesses.

The event is set to attract up to 1,850 delegates, including senior government officials, 29 ambassadors and diplomatic officers, representatives from eight international organizations, foreign experts, among others.

Notably, the conference would welcome over 1,200 domestic and foreign investors, businesses, many of whom would receive their respective investment licenses from Hanoi’s authorities.

Prime Minister Nguyen Xuan Phuc attends the event. Photo: Tran Long

At this event, Hanoi’s leaders will sign 36 memorandum of understandings (MOUs) worth US$26.08 billion with organizations, businesses and investors, including 23 MOUs with domestic enterprises (US$17.85 billion) and 13 with foreign ones (US$8.22 billion).

The Hanoi People’s Committee would also announce an investment portfolio comprising of 282 projects with estimated investment capital of VND483.1 trillion (US$21.66 billion) in eight priority fields, including (1) 151 industrial, trade and services projects; (2) 34 projects of technical infrastructure development; (3) 45 projects of social housing; (4) nine environmental projects; (5) 13 projects of repairing and rebuilding old complexes; (6) 10 projects in housing development; (7) 15 agricultural projects; (8) five urban development projects along the Vo Nguyen Giap avenue.

“Hanoi 2020 – Investment and Development Cooperation” conference is expected to be a platform for greater cooperation between investors, businesses and Hanoi’s authorities in particular, and of Vietnam in general.

By convening the conference after the initial containment of the Covid-19 pandemic, Hanoi sends a strong message on efforts of the capital city and Vietnam to lure investment from domestic and overseas businesses.

Hanoi remains a safe and stable investment destination for investors as the capital city is determined to be the pioneer among Vietnam’s localities in rebooting the economy in the post-pandemic period.

Secretary of the Hanoi Party Committee Vuong Dinh Hue speaks at the event. Photo: Tran Long

Hanoi speeds up economic recovery

Addressing the event, Secretary of the municipal Party Committee Vuong Dinh Hue said the conference is expected to help Hanoi attempt to take the lead among localities nationwide in 2020 in the economic recovery after the sweeping of the Covid-19 pandemic.

Building Hanoi into a smart, creative and livable city

Chairman of the Hanoi People’s Committee Nguyen Duc Chung. Photo: Pham Hung

Chung said that the business community and investors have made important contributions to Hanoi’s achievements over the past years.

On this occasion, the municipal government and investors will sign 38 memorandums of understanding with a total investment of about US$28.6 billion, including 26 proposals worth about US$20.5 billion by local investors and 12 proposals, estimated at US$8.32 billion, foreign investors.

Hanoi – high potential in agricultural development and IT human resources

Minister of Agriculture and Rural Development Nguyen Xuan Cuong

Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that the conference has been held impressively with the application of information technology.

Hanoi pioneers welcoming new investment wave

South Korean businesses expect more support in tourism World Bank always stands ready to support Hanoi

World Bank’s Country Director for Vietnam Ousmane Dione

World Bank’s Country Director for Vietnam Ousmane Dione said that although the Covid-19 epidemic has left unpredictable consequences on people’s health and life, it has opened up opportunities for Hanoi, which has contained the pandemic and has become a safe destination for multinational companies to relocate their production facilities.

“We’ve been always supported by the Hanoi authorities”

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