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Ha Noi leads in attracting foreign direct investment

08:28 - 09/08/2018

Ha Noi lured more than US$6.17 billion in foreign direct investment (FDI) from  January to July, accounting for 26.9% of the total FDI commitments in the country. The figure is the result of the city’s efforts to simplify administrative procedures and improve its investment environment.

Ha Noi was followed by Ho Chi Minh City with US$4.69 billion and the southern province of Ba Ria - Vung Tau with US$2.15 billion in FDI, which make up 17.9% and 9.4% of the country’s total FDI attraction, respectively, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Several large projects helped lift Ha Noi to the top position. Notable schemes include the US$4 billion-plus smart-city project invested by Japanese conglomerate Sumitomo in Dong Anh district.

Another big investment is the Lotte Mall Ha Noi project by South Korean giant Lotte Group. This US$600-million project is a complex comprising of a shopping mall, hotel, office space and apartments.

At the conference “Ha Noi 2018 - Investment cooperation and Development”, municipal authorities also handed over investment licenses to 71 with a total investment of VND400 trillion (US$17.5 billion), including 11 FDI projects worth more than US$5.428 billion.

In addition, the event saw the signing of 24 memoranda of understanding between Ha Noi and other localities, Hoa Lac Hi-tech Park and domestic and foreign investors for cooperation in multiple fields with a combined investment worth an estimated VND70 trillion (approximately US$3 billion).

The increase in the number of newly-licensed and additionally-funded projects has shown the investors’ long term plan in Ha Noi as well as the huge attraction of the city.

Vice director of Deloitte Viet Nam Bui Ngoc Tuan commented that foreign investors  when eyeing a new investment destination, often care about profit, incentives provided. Ha Noi owns features of a big city with a favorable position, key role in connecting regional trade.

The city also ranks top nationally in high technology application and making all the policies transparent. All of these advantages and measures help hold foreign investors' foot in Ha Noi, he added.

During the period, the foreign invested sector maintained its growth momentum with revenues hitting nearly VND14.8 trillion, or 48.3% of the yearly target, up 3.6% year-on-year, according to the municipal Statistics Department.

source: chinhphu.vn

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