DPRK-USA Hanoi Summit presents golden FDI opportunities

DPRK-USA Hanoi Summit presents golden FDI opportunities

As of Feb. 27 morning, security is tightened in the National Government Guesthouse Residence and the Sofitel Legend Metropole Hanoi hotel area where summit activities are expected to take place Hosting the worldwide political event of the year will be the perfect opportunity for Viet Nam and Ha Noi to showcase its strengths and attract foreign direct investment (FDI) this year. 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-Viet Nam Free Trade Agreement, which is expected to be ratified early this year. International media has praised Viet Nam as one of the most successful countries for attracting and using foreign investment with US$35.5 billion pledged to Viet Nam in 2018, in which disbursement reached a record $19.1 billion. Ha Noi is the hottest destination, drawing $7.5 billion foreign capital last year, accounting for 21.2 per cent 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 organised 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 Ha Noi, 2.3 times higher than the 2011-15 period. Ha Noi can become a major tourism, trade and economic centre of not only Viet Nam 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 Viet Nam improve its prestige in the world and make it an important factor in the region. For Ha Noi, it is an opportunity to attract global attention and let them see every corner of the capital city, traffic, historical heritages and the vitality of this city,” said Kim Do-hyon, Ambassador of the Republic of Korea to Viet Nam. Foreign investors, especially Korean companies, are actively seeking opportunities and supply chains in Ha Noi, the ambassador said. Nguyen Duc Chung, chairman of the Ha Noi 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 environmental 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.