Hà Nội lures US$1.8 billion of FDI in 11 months
Hà Nội lures US$1.8 billion of FDI in 11 months
The capital city attracted US$1.8 billion in foreign direct investment (FDI) in the first 11 months of 2024, with significant growth in capital poured to both new and underway projects, according to the city's People’s Committee.
Tunnel boring process for the Nhổn–Hà Nội urban metro line. — VNA/VNS Photo |
In November alone, the capital drew $152 million in FDI. The city saw 25 new projects with a total registered capital of $16.8 million, 20 projects that increased their capital by $99 million, and capital contribution and share acquisition deals valuing $36.2 million.
In the January–November period, Hà Nội reported 258 new projects totalling $1.2 billion in registered capital, along with 180 active projects with combined capital increase of $283.2 million. At the same time, 213 foreign investors contributed $341.1 million through equity investments.
Despite the strong foreign investment inflow, Hà Nội also saw a decline in newly established businesses. In November, 2,095 new enterprises were set up, a 22 per cent drop from the same time last year, with their registered capital falling by 48.6 per cent to VNĐ31.9 trillion ($1.2 billion).
Though 651 businesses resumed operations, a 7.1 per cent increase, 1,074 registered temporary suspensions, up 7.7 per cent. The number of firms that were dissolved was 434, a 44.2 per cent rise.
The results pushed the number of newly established firms in the first 11 months of this year to 27,100 new businesses, with a total registered capital of VNĐ276.7 trillion. This represents a 6.9 per cent decline in the number of companies and a 13.8 per cent drop in registered capital from a year earlier.
In this period, 9,100 businesses resumed operations, a 12.7 per cent rise, and 22,500 others registered temporary suspensions, up 18.2 per cent. More than 4,300 businesses dissolved, a 29.2 per cent increase.
To further accelerate investment and trade activities and draw more FDI, Hà Nội is focusing on administrative reforms and efforts to reduce licensing times for new projects.
In 2025, the city will continue to improve transparency and businesses' access to information, while developing industrial zones, high-tech parks, and upgrading transport networks to facilitate connectivity for investors.
Besides, Hà Nội will offer tax incentives and support for land procedures, with a focus on priority sectors such as high technology, clean energy, and digital transformation.
Nguyễn Ánh Dương, director of the Hanoi Promotion Agency, highlighted that throughout 2024, the city has hosted numerous trade and investment promotion events in key international markets such as China, the Republic of Korea, Japan, and Europe.
The city’s ongoing reform, removal of cumbersome procedures, and efforts to ease businesses’ difficulties have also continued to make it an increasingly attractive destination for foreign investors.
