Domestic investment and trade conference focuses on Hanoi, northwest regions

Nearly 300 delegates participates conference to foster investment and trade between Hanoi and northwest provinces

The conference was taken place on November 23 in Lao Cai province, and demonstrated Hanoi’s commitment to accompanying businesses in these provinces to accelerate the consumption of Vietnamese products in local and foreign markets.

Nearly 300 delegates joined the conference, including leaders of the departments of industry and trade; departments of planning and investment; centres for investment, trade and tourism promotion of Lao Cai, Lai Chau, Dien Bien, Hoa Binh, Sơn La, Yen Bai, and others.

About 100 delegates of which are representatives of business associations, businesses, investors, domestic and foreign distributors.

“The event aimed to better introduce the investment and business environments of Hanoi, Lao Cai, and other provinces in the Northwest region, and their potential for investment, trade and tourism. It is expected to support enterprises to advertise their products and seek cooperation opportunities,” said deputy director of Hanoi Promotion Agency Le Tu Luc.

Luc added that the event also demonstrated the capital city's commitment to accompanying businesses in these provinces to accelerate the consumption of Vietnamese products in local and foreign markets, with an attempt to speed up their socioeconomic development.

According to Hanoi Promotion Agency, Hanoi wants to take continue to take a lead in attracting foreign investment as the city has been constantly improving the investment and business environment, actively reviewing administrative procedures, and simplifying and speeding up the time for businesses and investors to fulfil procedures.

Nearly 300 delegates participates conference to foster investment and trade between Hanoi and northwest provinces

During the conference, several MoUs were signed among businesses and associations, including an MoU inked between The Lao Cai Business Association and the Hanoi Association of Small and Medium Enterprises; an MoU between TraphacoSapa One Member Co. Ltd. and the Hanoi Association of Small and Medium Enterprises.

Business matching sessions to help businesses seek new cooperation opportunities were also held along with the event.

In addition, an exhibition showcasing typical products from Hanoi and some northwest provinces such as One Commune, One Product goods, handicrafts and farm produce opened its doors.

In the first 10 months of 2023, Hanoi attracted over $2.6 billion of foreign invested capital, ranking third in the country. From January to October, the city welcomed 20.7 million tourists, up 34.4 per cent on year. Of the sum, international arrivals hit 3.6 million, 3.5-times higher than the same period last year, while the remaining 17.1 million were local visitors, up 19 per cent on-year.

The city acquired a revenue of $3.2 billion from tourism activities during the 10 months, surging 66.7 per cent over the same period last year.

Lao Cai is considered a trade transit point on the Kunming-Lao Cai-Hanoi-Haiphong-Quang Ninh Economic Corridor that connected Vietnam and ASEAN countries with China's southwest localities. Every year, a large amount of agricultural and seafood products are exported through Lao Cai International Border Gate.

Ha Duc Binh, director of the Lao Cai Centre for Industry and Trade Promotion said, “The province is striving to become a centre that could facilitate economic relations among Vietnam, and other ASEAN countries with the southwest region of China with open mechanisms and preferential policies to attract investment and promote trade and tourism.

Currently, the province is home to 28 valid foreign-invested projects with a total registered investment capital of nearly $686 million. It also has 12 domestically financed projects worth over $238.8 million.

The province's trade turnover topped $1.76 billion over the past 10 months, equivalent to 35.2 per cent of the yearly target.

In terms of tourism, it received over 6.49 million visitors including 416,000 foreigners in the reviewed period, up 66 per cent on year or 8 per cent higher than the yearly goal. Lao Cai's tourism revenue also saw a strong growth of 45 per cent to over $837.1 million.

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