$585 million attracted, a 0.3% increase, with disbursement up 2.2%
Foreign direct investment (FDI) licensed in Hanoi in the first six months of 2015 totaled $585 million, a slight increase of 0.3 per cent compared to the same period of 2014, according to the Hanoi People’s Committee.
In achieving the result the city organized meetings with 37 foreign-invested projects to identify difficulties, and then directed relevant departments to specifically address these difficulties.
Some projects are in the process of completing procedures, such as Metropolis Hanoi ($222.4 million), Lotte Coralis Vietnam Co., Ltd (which is increasing its existing capital by $30 million), AEON Mall Long Bien ($15 million), and Lotte supermarkets (which is increasing its existing capital by $14 million). In the first six months disbursed investment capital stood at $460 million, an increase of 2.2 per cent compared with the same period last year.
Hanoi faces competition from neighboring provinces in attracting FDI, such as Vinh Phuc, Bac Ninh, Hung Yen, Hai Phong, and Quang Ninh. The provinces have favorable locations, convenient transport networks, are close to Hanoi, and have ranked highly on the Provincial Competitiveness Index (PCI) in recent years. Moreover, local governments have been active in creating favorable conditions for attracting FDI.