Policies to Attract Foreign Investment in Hanoi

Over the years, Hanoi city has organized quality conferences of foreign investment attraction, focusing on implementing measures to attract transnational corporations engaged in investment and business in Hanoi.

 

To perform domestic and international cooperation activities on investment promotion. Hanoi is constantly promoting and improving the efficiency of investment promotion activities, creating a reasonable and effective connection between domestic and foreign investment promotion activities in Hanoi in all fields, economic sectors; connecting investment promotion activities with trade promotion, tourism, and other related activities.

In addition, Hanoi has issued the preferential policies according to priority development groups in each locality based on the advantages and potentials of each locality; innovating the implementation method to well perform the works of attracting, calling and directing foreign investment; renovating mechanisms and policies to attract maximum financial resources from all economic sectors, especially mobilize idle capital from the population to develop production and business.

Hanoi is one of the cities that has favorable business conditions for high technology investors. The improvement of the business environment has greatly contributed to attracting domestic enterprises, foreign enterprises, and corporations to invest in industrial areas in Hanoi. Hanoi not only focuses on developing preferential policies for investors but also promotes the completion of industrial areas, especially high-tech parks. Many FDI enterprises and corporations investing in Hanoi appreciate the improvement of the business environment of Vietnam in general and Hanoi in particular. So the FDI corporations have affirmed that they will choose Hanoi as a place to expand their investment and business in the coming years, especially in the high-tech field.

According to the government in Hanoi, in recent years, Hanoi has become a center of attracting FDI of Vietnam. Currently, this city has more than 6,300 valid FDI projects with a total registered capital is more than 46,8 billion USD. In 2020, despite the Covid-19 epidemic influence, Hanoi still has attracted 4 billion USD of FDI capital and 145,000 billion of domestic capital.

Based on the attracting FDI schedule, from 2021 to 2025, Hanoi will attract 30-40 billion USD of foreign investment capital, in which 20-30 billion USD of disbursed capital. To achieve this goal, Hanoi will promote the investment attraction, focus on the investment in economic infrastructure development, developing the high-tech parks, industrial areas, industrial clusters according to planning, making the investment attraction lists for regions, fields, and products, selecting the investment for the projects using high technology which help the investors could make the investment in the city in an easy way.

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Hanoi Attracted More Than 141 Million USD of Foreign Investment in The First Month of 2020

Hanoi Department of Planning and Investment has just informed that foreign investment attraction in Hanoi in January 2020 reached over 141 million USD, including 68 newly licensed projects, registered capital of 30.2 million USD.

Lawyers in Ha noi City

The total number of enterprises in Hanoi city now is 281,228 enterprises. The number of operating enterprises was 1,393 (down 12% over the same period).

Also, in January, trade activities were assessed to develop well, ensuring goods circulation to serve consumer demand during the Lunar New Year. Total turnover of goods sold and sales of social consumer services was estimated at 256,000 billion VND, up 2.1% over the previous month and up 11.4% over the same period in 2019.

Export turnover of goods in the province in January 2020 was estimated at 1,041 million USD, down 20.2% over the previous month and down 17.4% over the same period last year. In particular, export turnover of agricultural products decreased by 31.5% compared to the same period last year; textiles and garments decreased by 28.9%; footwear and leather products increased by 14.8%; computers, electronics and components decreased by 24.7%; machinery, equipment and spare parts decreased by 29.5%; phones and components decreased by 33.3%…

The industrial production index in January 2020 is estimated to decrease by 24.9% over the previous month and by 14.2% over the same period in 2019, mainly because January of this year coincides with the Lunar New Year. Most major industries have falling production indexes.

Tourists travelling to Hanoi in January 2020 reached 2.38 million arrivals, down 3.5% compared to the same period last year. In which, international visitors reached 481,800 arrivals, down 9% compared to the same period last year (international tourist arrivals to stay reached 339,676 visitors, down 8.4% over the same period); domestic tourists reached 1.74 million, decreasing by 2% over the same period. Total revenue from tourists is estimated at 8,693 billion VND, up 7.2% over the same period last year.

Particularly for 9 days of Lunar New Year, international tourists staying in Hanoi reached 86,844 visitors, down 13% compared to the same period last year. In particular, Chinese tourists decreased by 47% with 13,975 visitors.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact us to book your time in advance to let us provide our best services.

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An Additional of 60 FDI Projects Received Investment Licenses into Hanoi

According to Hanoi’s Department of Planning and Investment, in November, the city had 60 newly licensed FDI projects with a total registered capital of 600 million USD.

Of these, there are 52 projects with 100% foreign direct investment; 8 joint venture projects. Besides, there are 8 projects being adjusted to increase investment capital with the additional capital of 6.7 million USD.

Also, in November 2019, foreign investors contribute capital and buy stakes reach 72.9 million USD.

Notably, during the recent Prime Minister’s business trip to Korea, the leader of Hanoi People’s Committee awarded 4 investment policy decisions worth more than 400 million USD, signing the memorandum of understanding to invest in Hanoi worth more than 4 billion USD.

Accumulated from the beginning of the year to November 25^th 2019, the total registered capital of newly established projects and additional capital increased projects reached 2,142 million USD, of which newly registered 788 projects with total capital of 1,562 million USD; 160 additional projects register to increase investment capital of 580 million USD.

In the first 11 months of 2019, foreign investors contributed capital, buying capital contribution reach 5,330 million USD.

Previously, in October 2019, Hanoi had 91 newly licensed FDI projects with a total registered capital of 468 million USD, of which 72 projects were 100% foreign direct investment, 19 joint venture projects. Of these, foreign investors contribute capital and purchase shares reach 5,330 million USD. The number of projects terminating, suspending and dissolution is 27 projects, of which 24 projects are 100% foreign direct investment and joint ventures are 3 projects.

Major projects from the beginning of the year until now have invested in Hanoi such as the capital contribution and share purchase project of Beerco Limited (Hong Kong) in Vietnam Beverage Co., Ltd., the value of the capital contribution is 3.85 billion USD with the main target of brewing and brewing malt in Hanoi. The project Meiko Electronics Co., Ltd. (Hong Kong) with the goal of designing, assembling and manufacturing electronic components in Hanoi adjusts to increase an additional of 200 million USD investment capital.

Hanoi together with many leading corporations in Japan also exchanged memorandums of understanding (MOUs) on investment cooperation in many projects in the city with a total committed investment capital of up to 3.75 billion USD.

In addition, the newly released data of Foreign Investment Agency (Ministry of Planning and Investment), in the first 11 months, the country has attracted nearly 31.8 billion USD of foreign investment, up 3.1. % compared to the same period last year.

Specifically, in 11 months, capital contribution and share purchase reached US $ 11.24 billion, up 47.1% over the same period in 2018 and accounting for 35.4% of the total registered capital. Meanwhile, both newly and increased capital decreased. Specifically, newly granted capital reached 14.68 billion USD, down 7%; additional capital reached US $ 5.87 billion, down 10.7% over the same period last year.

In addition, the newly released data of Foreign Investment Agency (Ministry of Planning and Investment), in the first 11 months, the country has attracted nearly 31.8 billion USD of foreign investment, increase by 3.1% compared to the same period last year.

Specifically, in 11 months, capital contribution and share purchase reached 11.24 billion USD, increase by 47.1% over the same period in 2018 and accounting for 35.4% of the total registered capital. Meanwhile, both newly and increase capital decreased. Specifically, newly granted capital reached 14.68 billion USD, decrease by 7%; additional capital reached 5.87 billion USD, decrease by 10.7% over the same period last year.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact us to book your time in advance to let us provide our best services.

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