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August FDI in Hanoi at $1.74bn

Released at: 12:00, 02/09/2017

August FDI in Hanoi at $1.74bn

Illustrative image (Source: baochinhphu.vn)

Year-to-date figure at $3.2 billion from 114 projects.

by Ngoc Lan

Total foreign direct investment (FDI) into Hanoi stood at $1.74 billion in August, according to the Hanoi Department of Planning and Investment.

The city has welcomed 114 projects with total registered capital of VND70.6 trillion ($3.2 billion) this year and 22 public-private partnership (PPP) projects with total investment of VND60 trillion ($2.7 billion).

The city's industrial production index increased 5.7 per cent in August compared to August 2016 and was up 6.5 per cent in the first eight months of this year.

Goods and services revenue increased 12 per cent year-on-year and 8.8 per cent in the first eight months.

International arrivals in Hanoi reached 313,000 during the month, up 9.9 per cent compared to July and 53.8 per cent year-on-year. Total international arrivals reached over 2.3 million in the first eight months, an increase of 22.7 per cent year-on-year.

Revenue from hotels and tourism stood at VND5.1 trillion ($233.6 million) in August, up 13 per cent year-on-year, and was VND39.9 trillion ($1.8 billion) in the first eight months, up 9 per cent year-on-year.

There were 16,714 newly-established enterprises with total registered capital of VND129.2 trillion ($5.8 billion) during the month, while 177 enterprises were dissolved and 2,497 resumed operations after being temporarily suspended.

Figures from the Ministry of Planning and Investment (MPI) reveal that more than 23,000 FDI companies are operating in Vietnam, contributing 22-25 per cent of capital and up to 15 per cent of State budget contributions. They now employ about 7 per cent of the country’s workforce and account for more than 70 per cent of total export turnover.

Data from the World Bank shows that as at the end of 2016, the FDI sector had contributed around 19 per cent of Vietnam’s GDP; almost double the rate recorded in 2000.

The ministry is also drawing up a report evaluating the impact of FDI in Vietnam during the 30 years since the Law on Foreign Direct Investment opened the country’s doors to multinational companies.

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