RoK President Moon Jae-in (L) and Chairman of the Hanoi People’s Committee Nguyen Duc Chung (R) at the Vietnam-RoK Business Forum (Source: VNA)

Hanoi (VNA) – Hanoi has defined resources from investors, especially those from the Republic of Korea (RoK), as one of important factors deciding the success of the capital’s implementation of development goals and orientations, said a senior local official.

Chairman of the Hanoi People’s Committee Nguyen Duc Chung made the statement while addressing a Vietnam-RoK Business Forum in held in the city on the occasion of the State visit of RoK President Moon Jae-in.

Currently, Hanoi is one of the three most favourite investment destinations for foreign investors, he noted, adding that in 2016-2017 period, the city lured 6.5 billion USD in foreign direct investment, ranking second among localities nationwide in FDI attraction.

Meanwhile, Hanoi is among cities with highest growth of 8 percent per year annually he said, highlighting that the city is a safe investment destination with stable political environment.

With 8 million people, Hanoi is the second most crowded locality in the country, said Chung, highlighting the city’s advantages such as young labourers, which account for 60 percent of the labour force, and the improved infrastructure system in industrial parks.

The capital city is also popular to foreign tourists. From the city, visitors can easily reach other tourist destinations such as Ha Long Bay, Trang An heritage site and Sa Pa resort town.

In 2017, Hanoi welcomed 23.8 million visitors, up 9 percent year on year, including 4.95 million foreigners, a rise of 23 percent.

Hanoi’s provincial competitiveness index has increased through years, ranking 13 out of 63 localities nationwide in 2017.

Currently, it is hosting 1,500 RoK-invested projects worth 5.4 billion USD. In 2016 and 2017, the city lured 420 projects with total investment of 730 million USD.

Last year, Hanoi’s exports to the RoK reached 445 million USD, accounting for 3.8 percent of the city’s total export value. Meanwhile, the city imported 3.3 billion USD worth of goods from the RoK, or 11 percent of its imports.

Nearly 600,000 RoK visitors came to Vietnam, a surge of 59 percent over 2016.

A recent survey among FDI firms in Hanoi showed that 43 percent of RoK enterprises wished to expand operation.

Hong Sun from the RoK Business Association in Vietnam said that total number of RoK firms investing in Vietnam reached over 6,500 as of 2017, of which over 1,000 firms opened representative offices in Hanoi.

He held that in the coming time, the figure will continue increasing.

Chairman Chung said that Hanoi hopes for more RoK-invested projects in areas of the RoK’s strength such as electronics, information technology, green industry, power saving, satellite urban area construction, and infrastructure for industrial parks and logistics centres.

“Hanoi commits to continue improving its investment and business environment, making it more open, transparent and effective,” he said, vowing to accompany with and create favourable conditions for investors in the city.

Chung expressed his belief in the further success of RoK firms in Hanoi thanks to efforts of the city and the New Southern Policy of the RoK.-VNA