Hanoi approved 20 new foreign direct investment (FDI) projects in April, totaling nearly US$104 million, according to the Department of Planning and Investment.

Hanoi government officials visit a Korean-invested manufacturer operating in the city. Photo: VGP

In addition, the agency issued permits for 14 foreign direct investment projects to increase their capital by 57.4 million US dollars. There were 27 deals in which foreign investors injected $15.5 million into the Vietnamese economy.

By the end of April 2024, Hanoi attracted a total FDI capital of $1.13 billion. Of the total, capital licensed 73 new projects with registered capital exceeding $1 billion.

After four months, 47 projects received the green light to raise $79 million in capital, and share purchases totaled $45 million.

Also, in April, more than 2,500 enterprises were established. These enterprises contributed a total of VND25.6 trillion (about $1 billion) to the economy, up a quarter year-on-year.

According to the city government, nearly 760 enterprises were reactivated in April, up 14% year-on-year. Meanwhile, nearly 2,150 others either suspended or closed their operations.

In January-April, Hanoi licensed 9,400 new enterprises, whose registered capital rose 9% year-on-year to VND97.6 trillion ($3.85 billion). In the first four months of the year, the market saw 4,500   businesses reinstated, up 10% year-on-year, and some 15,600 businesses suspended and liquidated.

In May, the municipal government and agencies will host the third meeting with local cooperatives, craft villages, and households to seek solutions that boost the latter’s performance and draw foreign capital inflows.

The Hanoi Municipal Government has held two meetings this year with industrial parks and high-tech companies to discuss ways to remove bottlenecks, improve management, and enable stronger business operations.