Hanoi to inspect 81 foreign-invested projects

Hanoi has set up a team to inspect 81 foreign-invested projects in the capital city over the next six months, according to a decision signed by director of the municipal Department of Planning and Investment Le Anh Quan.

The inspection aims to improve investors’ compliance with local laws, detect wrongdoings, and settle problems related to project implementation, says the decision which was published on the department's website in early June.

It will focus on the progress of capital contributions and disbursements, project implementation, financial obligations to the state, and labor management.

The inspection team will be led by Le Hoang Nam Thang, vice head of the foreign economics office at the planning and investment department.

Among the 81 projects, South Korea-invested ones account for 24, followed by mainland China and Taiwan with 16, Japan with nine, and Singapore with seven.

The inspection list features large realty projects, such as the South Korean-invested Keangnam Hanoi Landmark Tower, British Virgin Islands-invested Giang Vo Complex, and South Korean-backed Grand Plaza Hanoi Hotel, all in Hanoi.

Other notable names on the list are China-invested Huawei Vietnam, Airbus Vietnam, Gucci Vietnam, and Louis Vuitton Vietnam.

Registered foreign direct investment (FDI) capital in Vietnam declined 7.3% year-on-year to nearly $10.86 billion in the first five months of 2023, while disbursed capital dropped 0.8% to $7.56 billion, the Foreign Investment Agency (FIA) reported.

Of which, Hanoi accounted for the biggest registered figure of $1.87 billion, up 170% year-on-year, partly thanks to the $1.5 billion deal of lender VPBank selling a 15% stake to Japan’s Sumitomo Mitsui Banking Corp. (SMBC). The deal has made SMBC a strategic investor in VPBank.