In the first seven months of 2024, Hanoi surged ahead with $1.3 billion in foreign direct investment (FDI), marking a remarkable 65% increase compared to the same period in 2023, according to the Hanoi Department of Planning and Investment.

Electronics production at Katolec Vietnam in Quang Minh Industrial Park, Hanoi. Photo: Pham Hung/ The Hanoi Times

The total investment includes $1.1 billion in registered capital for 143 new projects, an additional $138 million in increased investment from 102 existing projects, and $77 million in capital contributions and equity purchases from 118 foreign investors.

In July alone, Hanoi attracted nearly $125 million in FDI, including 23 newly licensed projects with a total registered capital of $38.9 million, 24 projects that increased their investment by an additional $83.2 million, and 12 instances of foreign investors contributing capital and purchasing shares worth $2.8 million.

The Ministry of Planning and Investment reported that Hanoi ranked 5th out of 48 provinces and cities nationwide in attracting foreign investment in the first seven months of 2024. 

The northern province of Bac Ninh led the way with nearly $3.2 billion in registered FDI, accounting for nearly 18% of the national total and more than three times the amount from the same period last year. The northern province of Quang Ninh came in second with over $1.56 billion, more than 2.2 times the previous year's figure. Ho Chi Minh City rounded out the top three with nearly $1.55 billion.

As of July 20, more than 1,800 new investment projects with a total registered capital of more than $10.7 billion have received investment licenses. This represents an increase of 11.6% in the number of projects and 35.6% in registered capital compared with the same period last year.

In 2024, the city aims to attract about $3.1 billion in FDI, including over $2.1 billion in land use projects and $1 billion in trade and service projects, according to the Hanoi People's Committee.

In 2025, the target is approximately $2.7 billion in FDI, with over $1.5 billion in land use projects and $1.2 billion in commercial and service projects.

Hanoi aims to attract $30-40 billion in foreign investment and spend $20-30 billion in 2021-2025. The city has been actively expanding its international cooperation and external relations, promoting cultural exchanges and trade promotion, which has contributed to its success in attracting foreign investment.