Contrary to the gloomy situation in the first month last year, the Ho Chi Minh City stock exchange rebounded last week, with VN-Index level exceeding

VNECONOMY updated: 09/01/2007

According to the Mr. Trieu Dinh Phu, Director of the Hanoi Planning and Investment department, Hanoi plans to attract more than 200 projects of foreign direct investment (FDI) worth US$1.5 billion in 2007. Mr Phu said that the fields that Vietnam will prioritise for investment are electronics, electrical equipment, mechanics, high-grade construction materials, pharmaceuticals, cosmetics, and meat processing. City authorities are also striving to attract foreign direct investment into developing a banking and finance centre, new urban areas in the north of the Red River, a new office – trade – exhibition centre, a centre for education, research and development, and the Hanoi high-tech zone. Hanoi has been successful in attracting foreign direct investment. In 2006, the total registered capital of FDI projects reached US$1.1 billion. Of this amount, the newly registered capital was US$609.4 million (148 projects). In 2006, the investment from foreign invested enterprises in the city amounted to 15% of the total investment capital in the area, which contributed 16% of GDP, 38% of total export turnover, while creating 10% of the total local budget, and generating 60,000 jobs. Since January 2, 2007, Hanoi has been applying the one door policy in business registration. This is an important part of the city’s strategy to improve the investment environment and improve administrative procedures.

Source: Thời báo Kinh tế Việt Nam