Investor confidence gains traction on improved business climate

Over the past time, the capital city of Hanoi has drastically worked to shorten time to handle administrative procedures.

According to Vice Chairman of the municipal People’s Committee Ha Minh Hai, 76 documents related to administrative reform and digital transformation were issued in 2023 and the first three months of this year. Besides, the single-window mechanism has been carried out to settle procedures in planning and investment, natural resources and environment and tax, among others, helping locals and businesses save time and costs.

In less than a month since the Government approved the policy investment for a project to develop and operate the infrastructure system of the Dong Anh Industrial Park, the municipal People’s Committee granted the investment certificate to the Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex).

In the northern port city of Hai Phong, the Hai Phong Economic Zone Authority has been assigned to settle all administrative procedures. Accordingly, it has cooperated with competent authorities, including the Department of Planning and Investment, the Department of Taxation and the Department of Customs, to grant business certificates and tax codes for investors at the earliest.

Chilisin Electronics Corporation, a Taiwan-based enterprise with operation at the Vietnam – Singapore Industrial Park Hai Phong since 2015, registered additional 73.7 million USD to expand its scale in Vietnam.

Deputy Director General of Chilisin Electronics Vietnam Company Limited Liao Yun Hoan said the city’s incentives together with local safety and better business environment is a solid foundation for the firm to enlarge operation in the city, adding the local authority has supported the firm to remove bottlenecks in a timely fashion.

In the same vein, the northern province of Thai Nguyen has recorded radical changes its business environment, making it a bright spot in the country’s FDI investment attraction.

Chinese solar panel maker Trina Solar, a large investor in Thai Nguyen, said that the group completed all investment procedures for its third project at Yen Binh Industrial Park with total registered of 454 million USD in a very short time, raising its total investment in the country to more than 930 million USD.

Despite improved investment climate, investors have encountered formidable challenges while carrying out their projects, including site clearance work and shortage of industrial land funds.

Against this backdrop, local authorities have worked to push ahead land clearance, develop industrial parks and build transport infrastructure to improve regional connectivity.