Hanoi’s FDI attraction reflects robust reforms: official

Foreign investors' confidence in Hanoi's business climate reflects the success of robust reforms in management undertaken by the city and effective investment promotion, said Chairman Tran Sy Thanh.

Thanh made the statement at a Saturday meeting between Prime Minister Pham Minh Chinh and Hanoi Party Committee leaders.

Thanh reported that in the first six months of the year, Hanoi concentrated on several key and strategic tasks, including the Capital Law (amended) passed by the National Assembly; the Capital Plan; and Adjustment to the Capital Master Plan, which has received comments from the Politburo and the National Assembly and is currently awaiting the prime minister’s approval.

The local economy continued to grow with major balances maintained and most socio-economic development indicators showing improvements over the same period in 2023.

The Gross Regional Domestic Product (GRDP) in H1 increased by 6%, while the average growth rate for 2021-2023 was 6.04%, approximately 1.16 times the national growth rate.

In the year to end-June, Hanoi recorded over $1.37 billion in registered FDI, and the city expects this to hit $3.13 billion by the year-end, compared to $2.94 billion in 2023.

"Hanoi is not only an attractive destination for foreign investors but also an important economic and financial hub for the region and the entire country," Thanh said.

In line with the Prime Minister's decision, the city has taken over the Hoa Lac High-Tech Park, which includes 111 investment projects - 96 domestic and 15 foreign - with a total registered capital of approximately VND116 trillion ($4.63 billion).

The city has moved its urban planning, construction and management towards becoming smarter, greener and more sustainable. It is also proactively implementing its part of the national project to build at least one million social housing units for low-income individuals and industrial park workers by 2030, Thanh said, adding that it has been assigned 56,200 apartments.

In the 2021-2025 period, Hanoi plans to complete around 1.1 million square meters of social housing floor area, or about 16,000 apartments.

In the next five-year period (2026- 2030), the city aims to implement 50 projects with a floor area of approximately 3.2 million square meters, resulting in more than 57,000 apartments.