An estimated US$866.8 million in foreign direct investment (FDI) was channeled into Ha Noi in January.

That comprises US$859.4 million registered for 10 new projects, US$5.1 million added to six existing ones, and US$2.3 million spent on seven transactions to contribute capital to or buy shares of local businesses.

During the month, 2,529 new companies with combined capital of VND35.4 trillion (US$1.4 billion) were established in Ha Noi, respectively rising 54 percent and 2.4-fold year on year. As many as 3,660 firms resumed operations, up 50 percent.

While 12,300 businesses registered suspension of operations, 457 others were dissolved, increasing 56 percent and 52 percent, respectively, data shows.

The office said consumption demand has continued growing compared to the final months of 2023 as the Lunar New Year (Tet) festival is nearing. Retail sales of goods and consumer service revenue totalled VND 68.8 trillion in January, up 3.2 percent month on month and 9.3 percent year on year.

Nguyen Manh Quyen, Vice Chairman of the Ha Noi People's Committee, said that this year, the city will push forward with administrative reforms to create favorable procedures to attract domestic and foreign investors.

It will organize more trade promotion events both in Viet Nam and abroad to seek potential investors. More high-quality agricultural products and items under the "One Commune, One Product" (OCOP) programs, and those of craft villages will also be developed to serve domestic consumers and tourists, he added.