IFC Pledges to Help Vietnam’s Hanoi Lure New-Generation FDI

The International Finance Corporation (IFC), a private investment arm of the World Bank, and authorities in Vietnam’s capital city of Hanoi have inked a memorandum of understanding (MoU) to help the city lure more new-generation foreign direct investment, state media reported. Besides, such cooperation is in line with the directions of the Communist Party of Vietnam Central Committee’s Politburo and the FDI attraction plan of the government. Chairman Nguyen Duc Chung of the municipal People’s Committee, for his part, affirmed that the city welcomes the IFC’s efforts to help the city build a new investment attraction strategy and call for more hi-quality investors via the organization’s global network. IFC has currently cooperated with the Ministry of Planning and Investment to build the national strategy for new-generation foreign direct investment attraction and back Vietnamese firms to become the suppliers for multinational companies. With over eight million people, Hanoi led Vietnam in foreign investment attraction last year, with $8.45 billion, mainly in the real estate, manufacturing-processing, telecommunications, and information. (Tin Nhanh Chung Khoan, Tin Nhanh Chung Khoan)