HCMC – Hanoi City expects to attract US$3.13 billion in foreign direct investment (FDI) by the end of 2024, the capital city’s leader said.
The announcement was made during a meeting between Prime Minister Pham Minh Chinh and the Hanoi City Party Committee today, August 17, reported the Government news site (chinhphu.vn).
Hanoi’s Chairman, Tran Sy Thanh, attributed the expected FDI inflows to the city’s regulatory reforms and investment incentives, which have fueled its economic growth and led to various positive socio-economic indicators compared to last year.
Thanh also noted a significant positive shift in the city’s economic structure, highlighting stable industrial production and a 6.2% increase in industrial production index.
To meet the targets for 2024 and beyond, Hanoi plans to further improve its business environment, focusing on developing specific policies on urban governance, decentralization, talent management, and high-quality human resource development.
Moreover, Hanoi is set to upgrade its urban and digital infrastructure as part of its smart city ambitions. The city plans to complete several key transportation infrastructure projects, including urban rail systems, Ring Road No.4, new river bridges, and key gateway intersections.
In the first half of 2024, Hanoi’s Gross Regional Domestic Product (GRDP) grew by 6%, while the average growth rate from 2021 to 2023 was 6.04%, approximately 1.16 times the national average.
Total state budget revenue in the first seven months of 2024 reached nearly VND324 trillion, reaching 79.2% of the annual target.
Public investment disbursement reached over VND23 trillion by late July 2024, equivalent to 28.7% of the plan, surpassing those for the same period in 2023.
