Hanoi licenses 235 new FDI projects from January-April

Hanoi licensed 235 new foreign-invested projects with a total registered capital of VD324 million in the first four months of 2020.

Hanoi licenses 235 new FDI projects in the first four months of 2020. (Illustrative image)
Hanoi licenses 235 new FDI projects in the first four months of 2020. (Illustrative image)

During the period, foreign investors pledged an additional US$365 million to 35 existing projects in the city, while their capital contributions and share purchases reached US$293 million.

Hanoi’s export revenue fell by 4.7% year-on-year, hitting US$4.329 billion, of which domestic and foreign-invested sectors reported respective decreases of 4.6% and 4.7%. Some commodity groups with a sharp plunge in export turnover included petroleum, down 49.1%; phones and components, down 33.7%; agricultural products, down 17.4%; and computers, electronics and components, down 13.1%.

However, a number of commodity groups reported increased revenue compared to the same period in 2019, namely wood and wooden products, up 19.9%; ceramics, up 17.7%; means of transport and spare parts, up 12.3%; leather and footwear, up 8.8%; and other goods (including essential goods and medical equipment serving COVID-19 prevention and control), up 23%.

Hanoi’s index of industrial production (IIP) in April fell 14.7% compared to the previous month and decreased 4.3% year-on-year. From this, the manufacturing industry slipped 15.8% compared to March and 5.5% over the same period last year, and the mining sector reported respective declines of 4.9% and 13.3%. The electricity and gas production and distribution industry decreased 3.3% month on month but saw an 11% growth year-on-year.

Nonetheless, in terms of the January-April period, Hanoi’s IIP grew 2.3% against the same period in 2019.