Hanoi  is seeking over VND161 trillion of investment to convert itself into a national and regional big trade center.

This is part of the Hanoi’s master plan on trade development by 2020 with a vision towards 2030 which was recently approved by the People’s Council.

Under the master plan, the city will need around 500 hectares and additional 2,260 hectares for trade projects by 2020 and 2030, respectively.

By 2030, Hanoi seeks VND 161 trillion for trade development will need over VND 521 trillion to build commercial infrastructure.

The master plan, especially, aims to make breakthroughs in trade development in Hanoi by expanding scale, diversifying products, and improving quality to meet social demand.

Total retail sales of goods and services are projected to grow at 18-20 per cent in the 2011-2015 period and 17-18 per cent in the 2016-2020 period.

By 2020, processed products and services are expected to account for 65 per cent and 25 per cent of the capital’s export turnover, respectively.

According to the master plan, Hanoi will build two agricultural wholesale markets in Long Bien – Gia Lam districts and two wholesale centers, a financial center, a regional-level trade center, an international trade fare in Mỹ Đình urban area, and two trade complex centers in Thanh Xuan districts.

By 2030, three other agricultural wholesale markets in Phu Xuyen urban area, Quoc Oai district and Son Tay town will be established. Six trade centers will be built.

The local authorities would offer favorable conditions in terms of policy, tax and land for investors and put aside local budget to mobilize adequate capital for the realization of the master plan./.