Demand for office space and hotels is expected to increase, so Hanoi's property sector also has huge opportunities to attract more foreign investment.
Via foreign investment projects, the city will also have the opportunity to seek superior technology, management skills and creation of high value-added services.
Phuong said Hanoi would also receive large indirect foreign investment via mergers and acquisitions because it is one of the two cities with the most enterprises in Vietnam.
However, the city would face a challenge in trade and investment, experts said, including strong competition in the home and foreign markets with more complicated technical barriers and stricter standards of food safety.
Hanoi should promote cooperation with partners who are TPP members and solve difficulties in tax and customs for enterprises, Phuong said.
The city should focus on advertising its key export products to support its enterprises with regard to partners and expansion of the market, he said.
It should reform investment incentive policies to focus on their quality and have specific development policies for some key sectors such as textiles and garments.
Nguyen Hung Sinh, deputy director of Hanoi Agricultural Product Export Company, said the city should receive support in expanding the export market for enterprises by building an international quality management system and implementing efficient trade promotion programmes.
Hanoi should develop human resources for the development and expansion of the market, while enterprises should conduct thorough market research to usher in reasonable marketing plans.
Enterprises should also improve the competitiveness of their export products and the skills of their labour forces to take full advantage of the TPP, he said.