Hanoi sets new investment, trade and tourism promotion plans for 2024

A meeting was held on December 29 to review the performance of Hanoi’s investment, trade and tourism promotion 2023 and set tasks for 2024.

Nguyen Anh Duong, head of Hanoi Centre for Investment, Trade, and Tourism Promotion (HPA) said that 2023 saw a complex and unpredictable world situation.

The prolonged Russia-Ukraine conflict and tightened monetary policy have impacted the global economy. In Vietnam, the economy has been clearly affected, especially a decline in the export market, and the purchasing power, while production and businesses face difficulties, he said.

A meeting was held on December 29 to review the performance of Hanoi’s investment, trade and tourism promotion 2023

“In that context, with the regular, and close guidance of the city leaders, HPA and other departments and agencies have closely coordinated and focused on implementing many synchronous solutions to promote activities in a flexible and creative way, making an important contribution to the socioeconomic development of Hanoi,” he added.

2023 highlights

In 2023, Hanoi attracted $2.85 billion worth of foreign investment, up 61 per cent over the same period, of which, 378 were new projects with total capital of $371.4 million; 168 projects increased capital with total new registered capital reaching $293.7 million.

The city’s total retail sales and service revenue increased by 10.4 per cent during the year. The total number of tourist arrivals to Hanoi reached 24 million visitors, an on-year increase of 27 per cent. Total revenue from tourists reached $87.65 trillion ($3.7 billion), an increase of 45.5 per cent compared to 2022.

Nguyen Anh Duong, head of Hanoi Centre for Investment, Trade, and Tourism Promotion

Addressing the event, Nguyen Manh Quyen, Vice Chairman of Hanoi People’s Committee appreciated the coordination of departments, agencies, associations, and businesses, especially HPA in organising promotion programmes, contributing to the development of the city in 2023.

“HPA is a state-owned agency, performing the tasks under the direction of the municipal People's Committee with the professional advice of departments and agencies. In 2023, HPA's investment, trade and tourism promotion work has changed to be more professional and effective. However, investment promotion needs to be stronger attention," Quyen said.

He added that to this end, HPA needs to coordinate more closely with the Hanoi Department of Planning and Investment on investment promotion, coordinate with the Hanoi Department of Tourism on tourism promotion, and strengthen propaganda work to increase the effectiveness of HPA's promotion activities.

The HPA report showed that in 2023, many promotion activities have been innovated, and had implementation methods changed towards an appropriate and effective manner, providing timely support to domestic and foreign businesses and investors in promoting, and introducing products.

Specifically, HPA and other departments and agencies implemented 189 activities and programmes during the year.

HPA also strengthened links and cooperation with provinces and cities nationwide, as well as with international organisations and partners to promote the application of IT and organise promotion activities, attracting the participation of many businesses, and contributing to strengthening regional links to optimally tap into local resources and advantages.

Vu Ba Phu, director of the Vietnam Trade Promotion Agency, said that 2023 was a special year when the world economy was still gloomy, but with the leadership of the government, and Hanoi authorities, the trade promotion programme of the country in general and Hanoi’s in particular has produced opportunities.

"HPA made efforts with effective methods, continuously innovating promotion activities, and supporting businesses in the city in boosting production and business," he said.

The director recommended HPA continue to coordinate with the Ministry of Industry and Trade; continue its role as a regional connection centre, pioneering modern promotion, and ensuring the application of IT and digital transformation in trade promotion.

The HPA is now the focal point for organising promotion in all three areas of investment, trade, and tourism of the city, while supporting businesses in provinces and cities nationwide. Typically, it organises an annual Vietnamese regional specialities event in collaboration with more than 60 provinces and cities.

Directions for 2024

Regarding 2024, the vice chairman requested departments and agencies to advise the city on development scenarios and promotion activities. They should coordinate with HPA in successfully organising investment, trade, tourism events and programmes, ensuring the common goals of the city.

The focus should be on activities commemorating the 70^th anniversary of Hanoi’s Liberation Day; events such as the Ao Dai Festival and the Fall Festival should be held to attract domestic and foreign tourists.

“In addition, departments and agencies need to carefully review the contents of city-level events to ensure their quality; coordinate with localities, districts and town authorities to create all the conditions for people to benefit and craft villages to directly participate in city activities," he said

According to the head of HPA, in 2024, the agency will closely follow the government and the city's main tasks and solutions to implement the socioeconomic development plan for 2021-2025.

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