Hanoi joins hands with VAFIE to accelerate foreign capital attraction

Hanoi affirms its leading position

Implementing Program No. 05/CTr-UBND dated May 18, 2025 of the City People's Committee on promoting investment, trade and tourism in 2025, along with Notice No. 413/TB-VP of the City People's Committee Office, the Hanoi Department of Finance chaired the working session and signed a memorandum of understanding on cooperation with VAFIE.

According to the agreement, the two sides will closely coordinate in organizing investment promotion activities, supporting businesses and connecting potential investors in the period of 2025 - 2030. This is considered a concrete action to realize Hanoi's determination to improve the quality of the investment environment, affirming its role as the economic, political and cultural center of the country.

Signing ceremony of the Memorandum of Understanding on cooperation in implementing investment promotion activities in Hanoi for the period 2025 - 2030 between the Hanoi Department of Finance and the Vietnam Association of Foreign Invested Enterprises (VAFIE).

Speaking at the meeting, Mr. Le Trung Hieu, Deputy Director of Hanoi Department of Finance, emphasized that the City's financial and budget management work is always innovated, ensuring a large balance, promptly meeting spending tasks for development investment, social security, national defense and security.

“We have been making efforts to reform administration, especially in the fields of tax and finance, to build a transparent, open and attractive investment and business environment. Thanks to that, Hanoi has continuously been among the leading groups in the country in attracting foreign direct investment (FDI),” Mr. Hieu affirmed.

However, Hanoi is also facing the challenges of a large city, especially in mobilizing and effectively using financial resources for infrastructure development, digital transformation and green growth. Therefore, establishing a close cooperation mechanism with business associations, especially VAFIE, will help the City better utilize social resources, creating new momentum in the coming period.

According to the memorandum of understanding, Hanoi Department of Finance and VAFIE agreed to focus on 3 groups of tasks:

Firstly, coordinate the development and organization of investment promotion activities. The two sides jointly develop plans, organize seminars, workshops, and dialogues with businesses; and invite leading experts to participate in consulting, research, and support policy making.

Second, introduce and connect potential investors. VAFIE will introduce domestic and foreign enterprises and investors who want to invest in Hanoi; coordinate to welcome working delegations, creating favorable conditions for project research and implementation.

Third, strengthen international cooperation. From 2026, the two sides will coordinate to organize investment promotion missions abroad, targeting key markets. VAFIE will act as a bridge, providing information on events, and arranging resources and personnel to ensure effective implementation.

Mr. Le Trung Hieu affirmed that this is an important milestone for resonance and connection between state management agencies and the business community, aiming to build Hanoi into a modern, civilized, green and sustainable economic and financial center.

Accompanying businesses

Speaking on the sidelines of the meeting, the leader of the Hanoi Department of Finance said that the City always considers businesses as companion partners, regardless of whether they are domestic or foreign. The State focuses on public investment, while businesses undertake projects calling for socialization. For projects that have not yet attracted investors, the State will proactively invest to ensure development progress.

Management activities will be carried out through planning, inspection and supervision tools to ensure quality and efficiency. The city has also issued specific mechanisms under the Capital Law, in which Resolution 16 on supporting small and medium enterprises, and Resolution 17 on attracting strategic investors are considered important foundations.

Notably, the Hanoi Department of Finance is building an investment promotion software to create a more transparent and favorable environment for businesses. The basic interface has been completed, information on project portfolios, incentive policies, and legal documents are being updated.

The software is developed according to 6 criteria: "correct, sufficient, clean, alive, unified, shared", helping investors easily access information anywhere without having to directly attend many conferences. According to the plan, the software will be completed in September 2025 and can be officially announced at the Investment Promotion Conference in 2026.

Prof. Dr. Nguyen Mai, Honorary President of VAFIE. Photo: Linh Nguyen

From the perspective of a VAFIE expert, Prof. Dr. Nguyen Mai, Honorary President of VAFIE, highly appreciated the development potential of Hanoi. He said that the City needs to review and complete the lists and plans for cultural and social development in the period 2006-2030, focusing on associations and specialized organizations to propose more strategic contents.

According to him, Hanoi's biggest advantage is its position as the national political and administrative center, where the headquarters of the Party Central Committee, the Government, the National Assembly and many diplomatic agencies and international organizations are located. This is a difference compared to other localities, including Ho Chi Minh City, helping Hanoi have the opportunity to affirm its position at a new height.

To realize this vision, Mr. Nguyen Mai proposed three directions: implementing fundamental projects until 2030 to create confidence for investors; promoting cooperation and the Government's attention to build a transparent investment environment; and most importantly, keeping credibility with investors, turning Hanoi into a safe and reliable destination.

Looking back over 30 years of innovation, Hanoi has demonstrated the strong resilience of a large city. With the signing of a memorandum of understanding on cooperation with VAFIE, the capital is opening a new path in attracting investment, utilizing social resources, developing infrastructure and improving competitiveness.

The cooperation between the management agency and the business community, the participation of experts, and the determination of the City's leaders promise to turn Hanoi into a regional investment center, making an important contribution to the overall development of the country.

Source: https://baodautu.vn/ha-noi-bat-tay-cung-vafie-tang-toc-hut-dong-von-ngoai-d388759.html