Hanoi to attract $500 million in foreign investment in 2023

Hanoi plans to draw roughly US$485 million in foreign direct investment by the end of the year.

Electronics production at Rhythm Precision Vietnam in Noi Bai Industrial Park, Hanoi. Photo: Pham Hung/The Hanoi Times

In 2024, the capital aims to welcome about $3.15 billion worth of FDI capital. Of this, about $2.15 billion is expected to pour into land use projects and about $1 billion into commercial and service projects.

For 2025, Hanoi also targets $2.7 billion of FDI capital, including $1.2 billion for commercial and service projects and $1.5 billion for land-use projects.

To achieve the expected results, Deputy Chairman of the Hanoi People's Committee Nguyen Manh Quyen has asked local authorities to continue administrative reform work and provide regular updates on the areas and infrastructure designated for future projects.

Vice Chairman Quyen also ordered subordinate agencies to remove bottlenecks and be active in promoting foreign investment.

Quyen urged local authorities to report problems beyond their jurisdiction to the municipal government as soon as possible for solutions.

"Industrial parks must review and improve their facilities and organize events to attract foreign businesses," he said.

He also asked the Hanoi Promotion Agency (HPA) to conduct activities to introduce Hanoi's business environment to foreign investors.

"Foreign investors must be given sufficient information on local business and investment conditions," he said.

Foreign investment promotion conferences should be held both in Hanoi and in overseas cities, he said.

According to Nguyen Ngoc Tu, Deputy Director of the city's Department of Planning and Investment, Hanoi drew more than $2.6 billion worth of FDI capital in the first 10 months, ranking third in the country.

In 10 months, about 340 new projects were registered in Hanoi with a total registered capital of $321 million. Foreign investors also increased their capital by $242 million during the period.

Foreign investors bought $544.3 million worth of equity in FDI projects and $1.5 billion worth of shares on the stock market.