Hanoi continues to be most attractive FDI destination

Tuesday, 2018-12-25 22:08:55
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A Japanese-invested production line of electronic products in Hanoi's Quang Minh Industrial Park (Illustrative image. Source: VNA)
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NDO/VNA - Hanoi continues to lead the country in drawing foreign direct investment (FDI) with more than US$7.5 billion poured into the capital since the beginning of 2018, a 2.18-fold increase against the previous year.

Deputy Director of the municipal Department of Planning and Investment Tran Ngoc Nam revealed the information at a regular press meeting of the Hanoi Party Committee on December 25.

In 2018, the city has granted licences to 616 new FDI projects with total registered capital of US$5.03 billion, he said.

According to Nam, the capital has deployed a number of measures to improve the investment environment and increase support for investors and businesses from business registration to implementation of projects.

Particularly, the city has approved the simplification of 61 administrative procedures and pressed ahead with online business registration, ensuring that relevant administrative procedures are completed within three days.

Japan is the leading foreign investor in Hanoi with about US$10.6 billion, followed by Singapore, US$6.9 billion, and the Republic of Korea, US$5.5 billion, Nam said.

The field most attractive to foreign investors is real estate, which absorbed 34.8% of total FDI, followed by processing and manufacturing 24.4%, information and communications 8.72%, and construction 6.29%, he added.