Hanoi ready to welcome foreign direct investment wave

Hanoi ready to welcome foreign direct investment wave, Illustrative image (Photo: VNA)

Hanoi – Despite difficulties and challenges, the capital city of Hanoi has still led the nation in foreign direct investment (FDI) attraction over the past years, drawing 2.53 billion USD in the first nine months of this year.

With its competitive edges such as sustainable socio-economic development, abundant workforce, promising market and perse services, Hanoi not only showcases its strategic location but also receives high praise for its infrastructure, supporting services, and collaboration with businesses.

Since Hanoi was expanded, its economy has remained a locomotive, serving as a driving force of the northern key economic region and playing an increasingly important role in the national economy.

Notably, tourism has gradually become a spearhead economic sector, helping Hanoi to rank in the top 10 fastest-growing tourism cities worldwide and named in the list of the 25 most popular tourist destinations globally.

During the 2015-2022 period, Hanoi actively extended its external relations and promoted culture and friendship exchanges, contributing to trade promotion and FDI attraction. It has so far formed cooperative ties with over 100 capitals and major cities across the world, maintaining its active role in multilateral cooperation frameworks.

Deputy Director of the municipal Department of Planning and Investment Vu Duy Tuan said with its strategic location and special advantages, Hanoi is well-positioned to draw FDI in technology, especially the semiconductor industry.

CEO and Founding Partner of VinaCapital Don Lam said a number of organisations, firms and groups are interested in semiconductor manufacturing in Vietnam and Hanoi in particular. It is the biggest opportunity ever for Vietnam to access this multi-billion-dollar market.

According to Chairman of the municipal People’s Committee Tran Sy Thanh, Hanoi is in the process of rebuilding the Capital Law, with two master plans on its development orientations till 2045 with a vision to 2065.

Accordingly, the city has identified several priority sectors that could join the global value chain and fully tap the strengths of localities such as real estate, commercial infrastructure, high- and environmentally-friendly technology sector using less energy.

During the 2021-2025 period, it is striving to attract 30-40 billion USD in FDI and disburse 20-30 billion USD, with a focus on urban infrastructure, smart city development, supporting industry using modern and eco-friendly technologies, Thanh said.

FDI disbursement in first nine months highest ever In the first nine months, foreign investment disbursement was $15.9 billion, the highest amount during 2018-2023, according to the Ministry of Planning and Investment's Foreign Investment Agency (FIA).

Promising outcomes for 2023’s FDI Billions of US dollars flowing into Vietnam is contributing to the country’s whole-year target for foreign investment capital.

Hanoi continues to lead in FDI attraction in first nine months Hanoi has maintained its position as the leading destination in Vietnam for foreign direct investment (FDI), bringing in nearly 2.53 billion USD in registered capital during the first nine months of 2023 and representing nearly 12.5% of the country’s total.