Hanoi consolidates its status as Vietnam's top FDI destination

Hanoi aims to draw US$30 billion-$40 billion of FDI into projects focused on sustainable development, creating value-add opportunities, and having a competitive edge in 2021-2025.

A favorable investment environment, a high socio-economic development rate, and an abundant skilled labor force have reinforced Hanoi's status as one of Vietnam's leading localities in luring foreign direct investment (FDI).

Samsung opens its largest regional R&D center in Hanoi, Vietnam

On December 23, Samsung officially opened its R&D center in Hanoi's western. This center invested capital of US$200 million is the largest of its kind in Southeast Asia. 

The center covered an area of nearly 80,000 square meters, completed after a 2-year construction, and made the South Korean tech giant the first foreign investor in Vietnam to have its R&D center on such a large scale in Vietnam. Around 2,000 engineers will work in the R&D center; it's expected that most human resources will come from Hanoi and Ho Chi Minh City.

In 2008, Samsung established its first smartphone manufacturer in the northern province of Bac Ninh with a total registered investment of around $18.2 billion. It was on track to surpass the $20 billion mark by the end of this year.

Hanoi speeds up the housing project that is under the construction

Contractors incapable of executing the construction will have their investment licenses revoked. Meanwhile, others will be selected through a competitive auction. The solutions were unveiled in a local authority plan to fix the deficiencies causing the stalled progress of housing development and urban residential projects in the city in 2021-2025. Under the program, the city leaders urged districts and wards to manage contractors to commit to the implementation of the project on schedule and their compatibility with the socio-technical infrastructure system in the surrounding areas. 

"Localities are required to submit solutions to eliminate hurdles during the process, particularly those in site clearance," quoted the plan. In line with such efforts, Hanoi expects to give a State budget to construct socio-technical infrastructure in urban residential areas. If contractors could not implement the works, the authorities would withdraw their investment licenses and choose others through bidding. Those who fall to concede with the contract conditions will be blocklisted and prevented from partaking in similar tasks in the city, read the plan.

In 2023, the city said it is committed to allocating sufficient funds for resettlement and social housing projects for low-income groups, especially workers at industrial parks and clusters, students, and poor households.

Tan Long Homes is a proudly Hanoian boutique property developer who was driven to deliver remarkable spaces for discerning clients. Hanoi recently built and opened its head office in the capital. 

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