Hanoi projected to attract US$1.3 billion in first six months
Hanoi is estimated to attract around US$1.3 billion in foreign direct investment (FDI) in the first half of 2018, up 18.6% year-on-year, according to the municipal Department of Planning and Investment.
In the first five months, Hanoi attracted US$891.91 million in FDI, of which US$530.83 million was invested in 229 new projects, over US$131.3 million was added to existing projects, and US$229.78 million was poured into purchases of stakes at local companies.
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Nidec's first project is Vietnam Nidec Shimpo with total investment capital of US$200 million. It was aimed to develop and manufacture small speed reducers with high accuracy. Another Nidec project is Vietnam Nidec Techno Motor worth US$200 million, meant to develop and manufacture electric brushless motors.
By the end of 2017, Hanoi had attracted accumulated FDI of US$27.94 billion for 4,330 ongoing projects, in which US$15.4 billion, or 55% of total FDI has been disbursed.
The highest proportion of FDI (31%) has gone to real estate, followed by processing and manufacturing with 28% and information and communication of 8.7%.
Japan ranks first among investors having valid investment projects in Hanoi with a total registered capital of US$5.8 billion, followed by Singapore with US$5.6 billion and South Korea wtih US$5.4 billion.
Recently, Hanoi has made priority in attracting quality projects, focusing on high-tech and environmentally friendly projects which manufacture high added value and competitive export products, said Nguyen Manh Quyen, Director of Hanoi Department of Investment and Planning.
Hanoi has also stepped up efforts in training high qualified human resources and developing the financial and banking system, with the aim of mobilizing efficiently investment capital for sustainable socio-economic development, Quyen added.
Hanoi currently ranks third among cities and provinces in Vietnam in term of FDI attraction, behind Ho Chi Minh City and Hai Phong.
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