Oct 31, 2019 / 11:24

Hanoi remains FDI attraction champion in Vietnam

The Hanoitimes - Hanoi targets GRDP growth rate of 7.5% in 2019 and 2020, leading to the average GRDP growth in the 2016 – 2020 period of 7.33% - 7.41% per year, which is in line with the city’s five-year development plan.

Among 60 cities and provinces in Vietnam having received foreign direct investment (FDI) in the first ten months this year, Hanoi has remained the top destination with commitments of US$6.85 billion, accounting 23.5% of total committed FDI nationwide in the period, according to Nguyen Manh Quyen, director of the municipal Department of Planning and Investment. 
 
Overview of the meeting. Source: Hanoi's portal.
Overview of the meeting. Source: Hanoi's portal.
Ho Chi Minh City came second with US$4.96 billion or 17% of the total investment, followed by Binh Duong, Dong Nai, and Bac Ninh. 

Upon breaking down, foreign investors committed US$945 million for fresh projects in Hanoi and injected an additional US$578 million for existing ones, and spent US$5.33 billion on share acquisitions, Quyen said at a meeting on October 30. 

In addition to foreign invested projects, Hanoi attracted VND36.31 trillion (US$1.57 billion) in investment capital from domestic sources, including VND17.37 trillion (US$752.25 million) for new projects and VND18.94 trillion (US$820.33 million) for existing ones. 
 
Data: FIA. Graphic: Ngoc Thuy.
Data: FIA. Graphic: Ngoc Thuy.
Quyen informed that total retail sales of consumer goods and services grew 8.6% month-on-month in October to VND49.8 trillion (US$2.15 billion), accumulating a total of VND462 trillion (US$20 billion) in the January – October period, up 10.2% year-on-year. 

The consumer price index (CPI) rose by an average 3.63% against the same period last year. 

Hanoi has seen a total of nearly 23,140 enterprises set up in the first ten months of 2019 with registered capital of VND317.1 trillion (US$13.73 billion), up 8% in number and 36% in capital year-on-year. 

Meanwhile, the number of tourists coming to Hanoi has been on the rise, reaching 23.82 million in the first ten months, up 9.7% year-on-year. Of the total, foreign tourists totaled at 5.32 million, up 10.8%. Revenue from tourism activities in Hanoi during the period was estimated at VND83.2 trillion (US$3.6 billion), up 31.3%. 

During the January – October period, Hanoi’s exports reached US$13.4 billion, up 16.1% year-on-year, in which the domestic sector posted export turnover of US$7.9 billion, up 26.5% and the FDI sector of US$5.51 billion, up 3.8%. 

The city's state budget revenue reached VND202.8 trillion (US$8.78 billion), equivalent to 82.5% of the year's estimate and up 15% inter-annually. Of the total, revenue from crude oil reached VND2.6 trillion (US$111.98 million), up 16.8% year-on-year, and domestic revenue of VND200.2 trillion (US$8.67 billion), up 15%.  

Hanoi targets GRDP growth rate of 7.5% in 2019 and 2020, leading to the average GRDP growth in the 2016 – 2020 period of 7.33% - 7.41% per year, which is in line with the city’s five-year socio-economic development plan.