Thang Long Industrial Park in Hanoi's outlying district of Dong Anh. — VNA/VNS Photo

An estimated US$866.8 million in foreign direct investment (FDI) was channelled into Hà Nội in January, the municipal Statistics Office reported.

That comprises $859.4 million registered for 10 new projects, $5.1 million added to six existing ones, and $2.3 million spent on seven transactions to contribute capital to or buy shares of local businesses.

During the month, 2,529 new companies with combined capital of VNĐ35.4 trillion ($1.4 billion) were established in Hà Nội, respectively rising 54% and 2.4-fold year on year. As many as 3,660 firms resumed operations, up 50%.

While 12,300 businesses registered suspension of operations, 457 others were dissolved, increasing 56% and 52%, respectively, data shows.

The office said consumption demand has continued growing compared to the final months of 2023 as the Lunar New Year (Tet) festival is nearing. Retail sales of goods and consumer service revenue totalled VNĐ68.8 trillion in January, up 3.2% month on month and 9.3% year on year.

Nguyễn Mạnh Quyền, Vice Chairman of the Hanoi People’s Committee, said that this year, the city will push forward with administrative reforms to create favourable procedures to attract domestic and foreign investors.

It will organise more trade promotion events both in Vietnam and abroad to seek potential investors. More high-quality agricultural products and items under the “One Commune, One Product” (OCOP) programmes, and those of craft villages will also be developed to serve domestic consumers and tourists, he added. — VNS