Hanoi grants licences to 68 FDI projects in January

The capital city of Hanoi granted investment licences to 68 new foreign direct investment (FDI) projects worth 30.2 million USD in January, according to the municipal Department of Planning and Investment.

The capital city of Hanoi grants investment licences to 68 new foreign direct investment (FDI) projects worth 30.2 million USD in January. (Photo: thuongtruong.com.vn)

The capital city of Hanoi granted investment licences to 68 new foreign direct investment (FDI) projects worth 30.2 million USD in January, according to the municipal Department of Planning and Investment.

Seven existing projects were allowed to adjust their investment capital with a total additional sum of 71.4 million USD. In the month, foreign investors were permitted to pour nearly 40 million USD to acquire shares in Vietnamese firms in the month.

Last year, Hanoi led the nation in terms of FDI attraction, luring 8.45 billion USD, the highest amount in the past decade. The FDI inflow to the city accounted for 22.2 percent of the nation’s total FDI in 2019.

The processing and manufacturing sector remained the most alluring to foreign investors, followed by real estate and science and technology.

Noteworthy projects in the year included Hong Kong-based Beerco Limited’s investment of 3.85 billion USD in Vietnam Beverage Co.,Ltd, and a 420-million USD horse-racing complex by Charmvit Group of the Republic of Korea.

Director of the Department of Planning and Investment Nguyen Manh Quyen said that the city targets to attract 35-45 billion USD in FDI, equivalent to 23 percent of the country’s total FDI inflows during 2020-2025.

Besides, the city needs some 3 quadrillion VND (128.78 billion USD) in development investment. Therefore, it is necessary for Hanoi to accelerate reform of administrative procedures, improve its business climate, remove bottlenecks for local firms as well as promote startup and innovation, Quyen said.