Hanoi to inspect 81 foreign-invested projects

Hanoi's Department of Planning and Investment and other local units and agencies will inspect 81 foreign-invested projects in the city this year.

The Keangnam Hanoi Landmark Tower is among those under the inspection list. Photo: the Hanoi Times

The inspection is scheduled between the second and fourth quarters of this year. Among the large-scale real estate projects to be inspected is AON VINA Company Limited's Keangnam Hanoi Landmark Tower project in Nam Tu Liem District, Pacific Thang Long's Giang Vo complex project in Ba Dinh District, Noble Vietnam's Noble low-rise housing and service area project in Dong Anh District, and Grand Plaza Hanoi Hotel's Grand Plaza Hanoi hotel project in Cau Giay District.

The inspection plan aims to strengthen the sense of responsibility of investors and foreign-invested economic organizations in complying with investment laws and relevant regulations in their investment and business activities, according to the Hanoi Department of Planning and Investment.

The plan aims to correct any violations committed by investors and business organizations. Appropriate measures will be proposed to the relevant authorities to resolve any violations found during the inspection.

In addition, local authorities are expected to promptly identify and understand the difficulties and obstacles in the implementation of investment projects to provide solutions and support to investors and business organizations within their jurisdiction. The results will be reported to the relevant authorities for consideration and decision-making.

The ultimate goal is to improve the effectiveness of investment projects and foreign-invested economic organizations' activities and align them with Hanoi's socioeconomic development goals and directions.

The inspection will cover various other aspects, including the progress of charter capital contribution and disbursement of registered investment capital. It will also assess compliance with statutory capital contribution requirements in regulated sectors. In addition, it will evaluate the total realized investment capital and its ratio to the total registered investment capital.

The authorities will assess project implementation progress to ensure that investment objectives and commitments are met. It will also verify that projects comply with investment conditions, market access requirements, and criteria for receiving investment incentives and support.

Another critical aspect of the review is to assess the fulfillment of financial obligations to the State. It will assess whether the entities have met the requirements specified in their investment and business registration certificates.

The inspection will focus on compliance with regulations on investment supervision, assessment conditions, and reporting and statistical requirements prescribed by law. In addition, it will examine the extent to which any identified violations have been appropriately addressed and resolved.

Hanoi has experienced remarkable foreign direct investment (FDI) growth in the first four months of 2023, outpacing other cities and provinces in Vietnam. Compared to the same period last year, FDI inflows into Hanoi during this period amounted to approximately US$1.71 billion, an impressive increase of 260%.

Currently, Hanoi ranks second in the country in attracting FDI. It has over 7,000 valid projects with a total investment capital of US$61.7 billion. Of this amount, US$21.8 billion is contributed by capitalizing and acquiring shares. Regarding implementation, projects in Hanoi have successfully utilized a significant portion of their investment capital, amounting to US$41.1 billion, accounting for 66.6% of the total investment, indicating a high implementation rate compared to the national average.