Hanoi Draws US$2.85 Billion in FDI, Shaping the Future with Multi-Sectoral Promotion Strategy

DNHN - The capital city has drawn US$2.85 billion in foreign direct investment (FDI) capital as of December 6, up 61% over the previous year, according to a study from the Hanoi Centre for Investment, Trade, and Tourism Promotion.

Of this, there were 378 new projects with a total investment capital of US$371.4 million; 168 projects increased capital with a total registered capital increase of US$293.7 million. The total retail value of goods and consumer service revenue increased by 10.4%. The total number of tourists to Hanoi is estimated to reach 24 million, an increase of 27% compared to 2022; total tourism revenue is estimated to reach VND87.65 trillion, an increase of 45.5%.

Nguyen Anh Duong, former Director of the Hanoi Centre for Investment, Trade and Tourism Promotion, said that 2023 took place in the context of complex global developments, with factors such as the prolonged Russia-Ukraine conflict and the tight monetary policies of many countries impacting the global economy. In the domestic market, the economy was significantly affected, especially by the decline in exports and difficulties in production and business. Under the direction of the city’s leaders, the Centre and departments and sectors have closely coordinated, focusing on implementing flexible and creative promotion activities, making an important contribution to Hanoi’s socio-economic development.

In 2023, the Centre and departments and sectors have implemented 189 promotion activities and programmes both domestically and internationally, with many activities being innovated and implementation methods to support businesses and investors at home and abroad.

Vu Ba Phu, Director of the Trade Promotion Agency (Ministry of Industry and Trade), stated that the Centre has contributed to connecting Hanoi’s trade promotion with both the region and the whole country, acting as the focal point for implementing the city’s promotion activities in all three areas of investment, trade and tourism.

The Centre’s promotion programmes have created a brand, contributing to connecting localities, not only supporting businesses in Hanoi but also supporting businesses nationwide in promoting products, enhancing competitiveness, and expanding domestic and export markets.

To continue promoting the connecting role, Nguyen Manh Quyen, Vice Chairman of the Hanoi People’s Committee, requested that the Centre coordinate more closely with the Department of Planning and Investment and the Department of Tourism to improve the quality and effectiveness of promotion work in 2024 and subsequent years.

The Centre also clearly identifies key markets and synchronises all three promotion contents of investment, trade and tourism in events to use financial resources effectively. At the same time, they will organise high-quality and large-scale city-level promotion events. Departments and sectors are also called upon to increase their responsibility in advising on development scenarios and attracting promotion in 2024.

Lan Nha