Hanoi takes top place in drawing foreign investment

14:09 | 07/01/2019 Investment

(VEN) - Hanoi has for the first time scaled to top of the list of Vietnamese localities in attracting foreign direct investment (FDI), according to a recently issued report by the Hanoi People’s Committee.

hanoi takes top place in drawing foreign investment

The report on the city’s socioeconomic development in 2018 and the 2016-2018 period shows Hanoi attracted an estimated US$6.5 billion in FDI in the first 11 months of 2018, almost triple the amount during the same period last year.

According to the Hanoi People’s Committee, 4,350 FDI projects are underway in the city with total registered capital of US$33.38 billion. From 2016-2018, Hanoi attracted nearly US$13.25 billion, 2.12 times the amount attracted in the 2012-2015 period.

FDI in Hanoi in 2018 is concentrated in information technology, the processing and manufacturing industries, real estate, wholesale and retail. Major FDI projects include a smart city project in Dong Anh District with more than VND94 trillion invested by the Sumitomo Group (Japan) and the BRG Group (Vietnam); Mitsubishi Chemical’s OPC manufacturing project in Hoa Lac Hi-Tech Park, with US$92 million of investment capital; the VND4.8 trillion Heineken brewery in Thuong Tin District by a Singaporean investor; a financial and trade center with investment of US$68 million by TSQ Vietnam, a Polish-invested company; and Lotte Mall with investment of nearly VND13.41 trillion by the Republic of Korea’s Lotte Group.

Hanoi’s FDI results are attributed to its efforts to improve management as well as the business and investment environment. The city deals with all business registration procedures online. In August, an electronic inter-level one-stop-shop system was piloted in three departments, two urban districts and one suburban district.

The city has also provided guidance for sectors and management officials on easing red tape for businesses, especially in the fields of industry and trade, finance, business and investment registration. Hanoi encourages the transformation of household businesses into enterprises and maintains effective coordination with the municipal post office in sending necessary papers during the business registration process.

The city continues calling for investment in new projects, while at the same time facilitating the implementation of existing projects.

Tue Minh