Hanoi leader pledges favorable conditions for Japanese investors
Hanoi Chairman Nguyen Duc Chung (R) meets with Masayuki Hyodo, representative director, president and chief executive officer of Sumitomo Corporation. (Photo: Hanoi Portal)

The chairman was speaking at his meeting on Tuesday with Masayuki Hyodo, representative director, president and chief executive officer of Sumitomo Corporation, reported the Vietnam News Agency.

The city leader praised Sumitomo and the CEO for carrying out major projects and helping other firms to invest in the city.

He noted that Hanoi takes the lead nationwide in terms of foreign direct investment attraction, with an estimated US$10 billion pledged this year, raising the total investment it has attracted so far to US$42 billion.

He added that Sumitomo’s construction of a smart city in northern Hanoi will help ease pressure on the inner city. Covering more than 271 hectares in the outlying district of Dong Anh, the smart city would cost over US$4.1 billion.

The city government has asked local authorities and regulatory agencies to fast-track site clearance and offer assistance to the investor, he added.

Hyodo, for his part, stated that Sumitomo will make every effort to complete the project as scheduled.

As Sumitomo will celebrate its 100th anniversary this month, he expressed hope that the corporation will grow further and invest more in Vietnam and especially in Hanoi.

Hanoi attracts highest FDI in 11 months

The capital city attracted the most foreign direct investment (FDI) in Vietnam during the year up to November, at US$7 billion, accounting for nearly a quarter of the total FDI, according to the municipal Department of Planning and Investment.

This figure was higher than the US$6.3 billion registered in the same period last year.

Foreign investors have chosen Hanoi for its infrastructure, industrial zones and convenient transportation. The capital is one of the centers of economy, industry, trade and services while the population is rising sharply, creating a high demand for housing.

The largest recipients of FDI include the manufacturing and processing industries, real estate, commercial services and information and communications sectors, according to the department. The largest foreign investors in Hanoi are Japan, Singapore and South Korea.

Source: Saigontimes