Ha Noi seeks to attract more foreign, high-tech investment

The manufacturing and processing industry ranked first among industries that have attracted more FDI at more than 40 per cent of the city's total while trade attracted 20 per cent and science and technology, 14 per cent.— Photo vietpress

HA NOI (Biz Hub) — The capital city is exerting great efforts to diversify investment promotions to attract more capital, especially foreign direct investment (FDI), according to the municipal Department of Planning and Investment.

This city is aiming at potential investors from Japan, South Korea, Eastern Asia, the United States and the European Union and is prioritising large-scale projects using high technology, the department director, Ngo Van Quy told the investment news website baodautu.vn.

It is also aiming at further improving the investment climate and creating the best conditions for investors to implement their licensed projects, he said.

The Ministry of Planning and Investment's Foreign Investment Agency reported that in the first half of this year, Ha Noi had attracted US$583 million in FDI. This represents an increase of 30 per cent over that of the same period last year but accounts for only 45 per cent of the city's total 2014 FDI target.

The department attributed the result to the current difficult context, when businesses had to face numerous challenges and the global market had become increasingly competitive.

During the period under review, the city had licensed 145 new foreign-invested projects worth $116 million and allowed 50 licensed projects to increase their capital by $467 million.

South Korea ranked first among foreign investors, accounting for 35.8 percent of total investments, followed by Japan at 35.7 per cent and Hong Kong and China at 12.3 per cent. — VNS