Thursday, August 17, 2017 - 22:41:19

Hanoi set to accelerate Japanese investment

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Hanoi Planning and Investment Department deputy director, Nguyen Manh Quyen, told Ha Noi Moi (New Hanoi) newspaper about plans for speeding up Japan's direct investment in the capital.

* Can you evaluate the current situation of Japanese investment in the city?

Japan has been the biggest foreign investor in Hanoi. To date, Japan has invested in a total of 480 projects with combined investment of around 4.5 billion USD in many important fields, such as manufacturing mechanics, service, electronics, domestic goods production.

Most of Japanese investors have implemented projects in accordance with their plans and legal regulations. They have made remarkable capital contributions for the city's economic growth, especially for export, job creation and sources of income for the city's budget.

* Is that main reason for the city to implement the plan?

Due to impacts of the global economic depression, reduced state investment budget and the effective use of capital, luring capital from foreign investors was seen as a pressing task to mobilise capital for the city's development.

Japan is a Vietnam's close and comprehensive partner. Japan has demonstrated that it is an important partner to Vietnam, especially to Hanoi over the past years. The Japanese investment direction is suitable to our orientation for attracting foreign investment.

Direct investment and bilateral trade are priotised in our bilateral trade agreeement

* What are main targets of the plan?

The plan aims to support Japanese enterprises that have been working in the Hanoi area, creating a new investment wave in efforts to achieve the city's socio-economic development plans for the period 2011-15, towards 2030 and with vision to 2050.

The plan focuses on researching the real situation and investment trend of Japan in Vietnam and in Hanoi particularly. It also studies the prospects, opportunities and limits of Hanoi in attracting investment from Japan.

Defining targets, orientation and key fields and proper projects would help in proposing measures for calling Japanese investment and improving the investment environment during the period 2013-15.

* What measures would be carried out to implement the plan?

The city will implement a series of measures to boost Japanese investment. A group of measures would help in supporting and handling obstacles for Japanese enterprises with focus on setting up a collaboration mechanism on enterprise and project management and policies for encouraging and honouring good enterprises.

Groups of measures for investment promotion would highlight providing information for schemes, development plans, information and instruction of administrative procedures in mass media and e-newspapers (in English and Japanese).

Other measures would aim to increase land access, space for production and business with a focus on review sites that could attract foreign investment, especially schemes and situations of land use in industrial areas.

Measures would also include reforming administrative procedures in the investment field such as review and publication of administrative procedures in English and Japanese.

The city's planning and investment department would set up a process for verification in specific fields to increase transparency and shorten the time of verification.

The city would collaborate with Japanese investors in establishing and operating two vocation training schools following the demands of Japanese enterprises - immediately the Phu XuyenTraining School. Through this, it would help strengthening co-operation and technology transfer opportunities in foreign investment areas.

Japan is the biggest investor in Hanoi. Thus, strengthening investment promotion and co-operation with Japan would bring about many benefits, such as the improvement of the foreign investment climate, human resources quality, strengthening local enterprises' competitiveness and specially contributing to the city's sustainable development strategy.-VNA

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