Hanoi attracts US$16 million in new FDI in July

Illustrative photo (Source: baodautu.vn)

Since the start of 2019, the city has attracted 475 new foreign direct investment (FDI) projects worth a combined US$270 million in registered investment capital, Dau tu (Investment) newspaper quoted the department as saying.

Up to 111 projects in Hanoi increased their investment capital by a combined US$359 million whilst the equity capital channeled by foreign investors reached US$4.481 billion.

From the beginning of the year to July 23, the total registered capital of newly-established enterprises and the additional capital, equity capital poured by foreign investors amounted to US$5.11 billion.

Between 2016 and 2018, Hanoi absorbed the FDI inflow of some US$14.05 billion, a 2.25 - fold increase compared to the 2011-15 period. Last year, the total FDI inflow into the city rose annually by 2.18 times to reach US$7.5 billion, making the capital city lead nationwide localities in terms of FDI attraction.

In addition to large FDI sources in manufacturing and processing, and real estate, Hanoi has managed to receive a range of projects in the fields of technology, clean water treatment, waste disposal, and education.

According to the Hanoi Department of Planning and Investment, this year the city has given priority to improving its investment and business climate as well as facilitating its innovation and entrepreneurship. It also aims to increase its Provincial Competitive Index across the fields of planning, investment, construction, and the issuance of business and investment licenses.

More attempts would be raised to remove procedures for investors with a clear focus on speeding up the implementation of procedures for large-scale projects. This year, Hanoi has also set the target of disbursing more than US$2.3 billion in FDI.