Hanoi takes lead in FDI attraction

Hanoi lured more than US$6.17 billion in foreign direct investment (FDI) in the first seven months of 2018, making it the leading FDI attractor of the country, accounting for 26.9% of total FDI commitments in the period.

hanoi takes lead in fdi attraction hinh 0
The 4.1-billion-USD smart-city project invested by Japan’s Sumitomo Corporation in Dong Anh district (Source:https://baodautu.vn)
According to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, Hanoi was followed by Ho Chi Minh City with US$4.69 billion and the southern province of Ba Ria - Vung Tau with US$2.15 billion in FDI, which make up 17.9% and 9.4% of the country’s total FDI attraction, respectively.

Several large projects helped lift Hanoi to the top position.

Among them are the US$4.1-billion smart-city project invested by Japan’s Sumitomo Corporation in Dong Anh district and Lotte Mall Hanoi with a total registered capital of US$600 million invested by the giant Lotte Group of the Republic of Korea (RoK) which aims to build a complex comprising of a shopping mall, hotel, offices and apartments.

At the conference “Hanoi 2018 - Investment cooperation and Development”, municipal authorities also handed over investment licences to 71 projects worth a total VND400 trillion (nearly US$20 billion), including 11 FDI projects worth VND130 trillion (US$5.43 billion). 

The municipal Statistics Department said during the period, the foreign invested sector maintained its growth momentum with revenues hitting nearly VND14.8 trillion, or 48.3% of the yearly target, up 3.6% year-on-year. 

Statistics from the Foreign Investment Agency said foreign investors poured capital into 17 sectors during the last seven months, with the processing and manufacturing industry attracting the most at US$9.63 billion, 41.95% of total registered capital. 

Real estate was the second largest attractor with US$5.6 billion, or 24.4% of the total investment, followed by the retail and wholesale sector with US$1.69 billion, 7.4% of the total. 

As many as 96 countries and territories had investment projects in Vietnam in the period. Japan led with US$6.88 billion worth of investment, accounting for nearly 30% of the total investment poured into the country. 

The RoK came second with total registered capital of US$5.46 billion and third  was Singapore with US$2.73 billion, making up 23.8% and 11.9% of total investment, respectively.

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