Hanoi: 10-month foreign investment jumps 2.6 times year on year

About US$1.2 billion of the registered capital was implemented during the period, the Government portal (chinhphu.vn) quoted Deputy Director of the municipal Department of Planning and Investment Tran Ngoc Nam as saying at a meeting on November 15. 

Big foreign investments were poured into some industries that the capital city is strong at, he said, noting that in the hi-tech sector, US$300 million was committed for the building of a Samsung research and development centre. 

An aerial view of flyovers in Hanoi

FDI companies have posted growth in the disbursed capital and performance, which in turn would promote their confidence in the market and the local investment climate, Nam said. 

One-fifth of the enterprises nationwide are based in Hanoi, making the capital city one of the leaders in business number, he said, adding that the continually improved business environment has facilitated the establishment of new firms. 

From 2011 to 2015, 80,209 companies were set up in Hanoi, accounting for 43% of the total number of firms founded here between 1992 and 2015. 

More than 22,000 new businesses with registered capital of over VND203 trillion (about US$9.1 billion) have been born in the city since the beginning of 2016, respectively rising by 19% and 42% from a year earlier. 

Nam attributed those outcomes to drastic moves to tackle business difficulties, promote investment, and hold dialogues with enterprises. 

The gross domestic product of Hanoi this year is estimated at 8.03%– a six-year high, he added.