Hanoi will strive to attract a total of US$1.5 billion and more in FDI registered capital with more than 200 projects in 2007, said Director of the Hanoi Planning and Investment Department Trinh Dinh Phuc at a press briefing in Hanoi on January 5.

Hanoi will focus on developing the electronics industry, high-quality building materials, pharmaceuticals and cosmetics and cattle and poultry product processing and also give priority to financial banking and commercial office centres, new residential quarters, recreational parks and hospitals, Mr Phuc added.

To reach this target, Hanoi has worked out five solutions for intensifying the attraction of FDI with a focus on zone planning to define favorable locations for investment so that domestic and foreign investors will find it easy to seek necessary online information about the business environment and investment promotion projects.

In addition, the focus will be on streamlining investment procedures based on “one-door” mechanism, removing difficulties facing investors during the project implementation process and accelerating the construction tempo of social and technical infrastructure facilities including finalising three beltways, three  tram lines and three bridges crossing  the Red River. Furthermore, priority will be given to building and expanding a number of industrial parks and boosting activities to promote investment, trade and tourism.

Hanoi expects increased investment into IZs and EPZs

Hanoi expects to attract an additional US$180 million investment in its industrial and export processing zones in 2007, said an official of the capital city's IZ and EPZ managing board.

According to Nguyen Van Viet, Vice Chairman of the board, the city plans to grant 20 licences for new projects capitalised at US$100 million and another 20 licences allowing operating projects to add a total of US$80 million to their capital.

The revenues of businesses in the city's IZs and EPZs are expected to increase by 35 percent compared to 2006.

Last year, Hanoi passed 18 licences for the establishment of new projects and 30 licences for increasing investment capital. The total capital invested in the city's IZs and EPZs reached US$218.5 million, representing 21 percent of the total foreign investment capital in Hanoi.

Businesses in the IZs and EPZs generated US$1.7 billion in revenues, a year-on-year increase of 42 percent, and an export turnover of US$1.25 billion, representing 35 percent of the city's total revenue.