Hanoi attracted the most foreign direct investment in the first two months of 2016: US$250 million, 13% of Vietnam’s total. The figure is the result of the city’s efforts to simplify administrative procedures and improve its investment environment.
FDI projects are mainly in real estate (46%) manufacturing and processing in industrial parks, trade, and services. An increasing number of Japanese and Korean businesses are investing in trade and services.
Nguyen Anh Dung of the municipal Department of Planning and Investment said “Hanoi authorities have been focusing on administrative reform and improving the investment environment to facilitate business operations. The results in the first two months of 2016 follow Hanoi’s previous achievements in investment attraction.”
Dung said the city should work hard to maintain its momentum in attracting foreign investment. The People’s Committee, the Department of Planning and Investment, and other agencies have begun to streamline administrative procedures for investors.
“We’ve proposed reducing 10%-30% the time required for administrative procedures and making a list of projects calling for investment. We are reviewing a number of investment areas for licensing,” he added.
Hanoi has consistently been among the localities attracting the most foreign direct investment over the last 10 years. It ranked 3rd in the first 9 months of 2015 after Bac Ninh and HCM city.