Amid signs of economic recovery and continued growth, the number of businesses resuming operations and new registrations in Hanoi is on the rise.
| Production of precision mechanics at PMTT Group in Chuong My Industrial Park, Hanoi. Photo: Pham Hung/The Hanoi Times |
Data revealed by the Hanoi People's Committee that in July alone, the city issued certificates for 3,007 newly established businesses, representing a 20% increase year-on-year. The registered capital reached approximately $1.01 billion, up 4%. Additionally, 997 businesses resumed operations, marking a substantial increase of 56%.
For the first seven months of 2024, Hanoi granted certificates to nearly 18,000 new businesses with a registered capital of approximately $6.9 billion, reflecting a 2% decrease in the number of businesses and a 9% decline in registered capital compared to the same period last year.
However, 6,600 businesses resumed operations, which is a 14% increase.
In the early months of 2024, industrial production in the city continued to show a positive recovery. The Industrial Production Index (IIP) for July is estimated to have increased by 2.3% compared to the previous month and by 6.2% compared to July 2023.
Overall, for the first seven months, the IIP increased by 5.2% year-on-year. In this regard, most processing and manufacturing sectors saw significant increases compared to the same period, including machinery and equipment production (14.9%); paper and paper product manufacturing (13.8%); and production of furniture (11%).
Alongside boosting production, Hanoi is enhancing trade promotion and streamlining administrative procedures to attract investment. As a result, the number of enterprises in the foreign direct investment (FDI) sector remains relatively stable, noted the local authorities.
In the first seven months of 2024, the city attracted $1.3 billion in FDI, a 65% increase compared to the same period in 2023. This includes 143 newly registered projects with a total capital of $1.1 billion, 102 capital increase rounds totaling $138 million, and 118 instances of foreign investors contributing capital or purchasing shares worth $77 million.
