Hanoi expects to attract more foreign direct investment in 2015.
The city’s Department of Planning and Investment has set a target of luring $1.3-$1.5 million in foreign direct investment (FDI) this year, including $450 million for projects in industrial parks and the remaining $900 million for other projects.
In 2014 Hanoi saw 418 FDI projects either licensed or increase their investment capital with the total registered investment capital of nearly $1.4 billion, up 26 per cent compared to 2013 and 7.4 per cent higher than the $1.3 billion target.
Of this, 313 projects were newly licensed with the total registered capital of $651.2 million, up 34 per cent on-year.
By sector, property made up the largest share with 51.3 per cent of total registered capital, followed by the processing and manufacturing sector with 21.3 per cent and then others.
The UK’s Gibraltar was the biggest investor in the city with 46 per cent, followed by Japan with 23.7 per cent, and South Korea with 14.2 per cent.
Some 105 projects in 2014 increased their investment capital to a total $746 million, up 20 per cent on-year.
By sector these followed same trend as new projects with property making up the biggest share at 35.8 per cent followed by processing and manufacturing with 30.7 per cent.
In terms of investors, South Korea led the way with 36 per cent, followed by Singapore with 27 per cent and then Japan and Malaysia.
In 2014 Hanoi saw funds totalling $1.017 billion disbursed, up 17 per cent on-year. Notable projects included Tay Ho Tay with $234 million, Lotte Hotel with $54 million, B.Braun Pharmacy with $40 million, Ogino Vietnam with $50 million, Coca-Cola Vietnam with $170 million and Stanley with $20 million.
In 2014 the city’s FDI sector earned $12.22 billion in revenues, up 16 per cent on-year with export turnover of $5.4 billion, up 9.8 per cent on-year.
It largely exported electronic spare parts and computers, accounting for 48.2 per cent of the city’s total export turnover, while the rate was 33.3 per cent for the state sector and 12.8 per cent for the local private sector.
The FDI sector witnessed total import turnover of $5.17 billion, up 12.1 per cent on-year, representing 21.1 per cent of the city’s total.
The sector contributed $834 million to the state budget, up 4 per cent on-year, accounting for 12.6 per cent of the city’s total budget revenue.
By Thanh Tung