Hanoi attracts almost 870 million USD in FDI last month

February 02, 2024 | 12:37

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An estimated 866.8 million USD in foreign direct investment (FDI) was channelled into Hanoi in January, the municipal Statistics Office reported.

Hanoi attracts almost 870 million USD in FDI last month

Thang Long Industrial Park in Hanoi's outlying district of Dong Anh (Photo: VNA)

Hanoi – An estimated 866.8 million USD in foreign direct investment (FDI) was channelled into Hanoi in January, the municipal Statistics Office reported.

That comprises 859.4 million USD registered for 10 new projects, 5.1 million USD added to six existing ones, and 2.3 million USD spent on seven transactions to contribute capital to or buy shares of local businesses.

During the month, 2,529 new companies with combined capital of 35.4 trillion VND (1.4 billion USD) were established in Hanoi, respectively rising 54 per cent and 2.4-fold year on year. As many as 3,660 firms resumed operations, up 50 per cent.

While 12,300 businesses registered suspension of operations, 457 others were dissolved, increasing 56 per cent and 52 per cent, respectively, data shows.

The office said consumption demand has continued growing compared to the final months of 2023 as the Lunar New Year (Tet) festival is nearing. Retail sales of goods and consumer service revenue totalled 68.8 trillion VND in January, up 3.2 per cent month on month and 9.3 per cent year on year.

Nguyen Manh Quyen, Vice Chairman of the Hanoi People’s Committee, said that this year, the city will push forward with administrative reforms to create favourable procedures to attract domestic and foreign investors.

It will organise more trade promotion events both in Vietnam and abroad to seek potential investors. More high-quality agricultural products and items under the “One Commune, One Product” (OCOP) programmes, and those of craft villages will also be developed to serve domestic consumers and tourists, he added.

$2.36 billion of FDI flows into Vietnam in January

Vietnam lured over $2.36 billion in registered foreign direct investment (FDI) capital in January 2024, an increase of 40.2 per cent against the same period in 2023.