Hanoi attracted nearly $1.7 billion in FDI during 2022, a year-on-year increase of 10.3 per cent, according to the municipal Department of Planning and Investment.

There were 365 newly-registered projects totaling $233 million in investment and 202 projects that adding a combined $834 million. Foreign investors also outlaid $625 million on contributing capital to and purchasing shares.

Hanoi was again ranked among the top localities nationwide in terms of FDI attraction last year.

It has also been among the leading localities in terms of favorable investment environment, according to Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen.

In addition to developing infrastructure at industrial zones, it has also simplified administrative procedures and offered tax and land incentives to attract more investment from major enterprises.

It targets attracting $30-40 billion in FDI during the 2021-2025 period, with disbursement of $20-30 billion, focusing on projects in the fields of smart city, IT, R&D, tourism, banking and finance, and high-tech agriculture.