Hanoi ranks first for foreign investment registered in 2024 so far
Hanoi ranks first for foreign investment registered in 2024 so far
Hanoi attracted a total of $914.4 million in foreign investment during the first two months of 2024, including 27 newly-licensed projects with $869.8 million, 17 projects receiving additional investment of $9.1 million, and 21 instances of foreign investors contributing capital or purchasing shares, totalling $35.45 million.
Foreign investors have invested in 38 cities and provinces nationwide in 2024 so far. Hanoi leads the way with the total registered foreign direct investment (FDI) of nearly $914.4 million, accounting for 21.3 per cent of the total registered investment capital and surpassing the same period in 2023 by 24.4 times.
Hanoi Statistics Office reports that in January, the capital attracted $866.8 million in FDI. Of this, 10 newly-licensed projects accounted for $859.4 million, while six projects underwent adjustments with an additional registered capital of $5.1 million. Foreign investors contributed capital or purchased shares in seven ventures, totaling $2.3 million.
In February, Hanoi approved 17 new foreign-invested projects with total registered capital of nearly $10 million. Additionally, 11 projects underwent adjustments, resulting in increased registered capital of $4 million. Foreign investors contributed capital or purchased shares in 12 instances, reaching a total of $17.3 million.
Hanoi is recognised as a region with an investment-friendly environment for high-tech investors. The city not only focuses on establishing favourable policies for investors but also strives to enhance the development of industrial zones, particularly those specialising in high technology.
According to a Foreign Investment Agency report, Hanoi's investment capital saw a significant increase due to a large new project totaling over $662 million from Singapore, focusing on the development of a new urban area in the west of Hanoi. This is also considered to be one of the largest real estate transactions in Southeast Asia.
During a government press conference on March 2, Deputy Minister Tran Quoc Phuong outlined three breakthrough strategies aimed at attracting even more large-scale foreign ventures.
The first is to focus on improving infrastructure and land quality. According to the deputy minister, "Large-scale, foreign-invested projects require substantial land area and infrastructure. Therefore, our focus will be on completing infrastructure connectivity projects. At the same time, we will promptly implement guidelines on land laws."
The second strategy is to concentrate on training and building a high-quality workforce. Currently, the MPI is coordinating with the Ministry of Education and Training to urgently implement the training of high-quality human resources, for the semiconductor industry.
Third is the need for institutional improvement. The deputy minister stated that the National Assembly has recently issued many breakthrough policies, such as laws on procurement and land. In addition, the government has issued numerous regulations to improve the business environment by streamlining administrative procedures. "These new policies will undoubtedly make significant contributions to promoting the attraction of foreign initiatives in Vietnam," said Phuong.
