Hanoi (VNA) – Betterinvestment climate, with simplified administrative producers and special incentives,has helped improve investor confidence, thus catalysing investments from awider pool of both domestic and international investors for socio-economicdevelopment.

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

According to Vice Chairman of the municipal People’s Committee Ha Minh Hai, 76documents related to administrative reform and digital transformation wereissued in 2023 and the first three months of this year. Besides, thesingle-window mechanism has been carried out to settle procedures in planningand 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 aproject to develop and operate the infrastructure system of the Dong Anh IndustrialPark, the municipal People’s Committee granted the investment certificate tothe Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex).

In the northern port city of Hai Phong, the Hai Phong Economic Zone Authorityhas been assigned to settle all administrative procedures. Accordingly, it hascooperated with competent authorities, including the Department of Planning andInvestment, the Department of Taxation and the Department of Customs, to grantbusiness certificates and tax codes for investors at the earliest.

Chilisin Electronics Corporation, a Taiwan-basedenterprise with operation at the Vietnam – Singapore Industrial Park Hai Phongsince 2015, registered additional 73.7 million USD to expand its scale inVietnam.

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

Inthe same vein, the northern province of Thai Nguyen has recordedradical changes its business environment, making it a bright spot in thecountry’s FDI investment attraction.

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

Despite improved investment climate, investors have encountered formidable challengeswhile carrying out their projects, including site clearance work and shortageof industrial land funds.

Against this backdrop, local authorities have worked to push ahead landclearance, develop industrial parks and build transport infrastructure toimprove regional connectivity./.