Summit presents golden FDI opportunities

The Trump-Kim Summit opens a new chapter in international integration following the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which took effect at the beginning of this year, and the EU-Vietnam Free Trade Agreement, which is expected to be ratified early this year.

International media has praised Vietnam as one of the most successful countries for attracting and using foreign investment with USD35.5 billion pledged to Vietnam in 2018, in which disbursement reached a record USD19.1 billion.

Hanoi is the hottest destination, drawing USD7.5 billion foreign capital last year, accounting for 21.2% of the country’s total FDI.

The capital city has actively introduced its strengths, potential and investment opportunities and policies to both domestic and foreign businesses. The city’s authority has also organized regular talks with investors, as well as welcoming suggestions through diversified channels including the foreign investment agency, ambassadors, trade counselors and business associations.

In the last three years, foreign investors pumped around $14 billion into Hanoi, 2.3 times higher than the 2011-15 period.

Hanoi can become major tourism, trade and economic center of not only Vietnam but also the region. The DPRK-USA Summit is a golden opportunity for the city to present itself to foreign investors.

“The summit will help Vietnam improve its prestige in the world and make it an important factor in the region. For Hanoi, it is an opportunity to attract global attention and let them see every corner of the capital city, traffic, historical heritage and the vitality of this city,” said Kim Do-Hyon, Ambassador of the Republic of Korea to Vietnam.

Foreign investors, especially Korean companies, are actively seeking opportunities and supply chains in Hanoi, the ambassador said.

Nguyen Duc Chung, chairman of the Hanoi People’s Committee, said: “the business community is an important driving force for the city’s development”.

The city has placed priority on quality projects, especially high-tech and environmentally friendly projects and the ones with added value and high competitiveness. Big corporations from the United States, EU, Japan and the Republic of Korea will be the main targets for the city to call on for investment.