The number of new firms set up in Hanoi in the period from January-April dropped 13.1 percent from the same period in 2019 to 7,468, but the combined registered capital of new enterprises shot up 46.5 percent to over 118 trillion VND (nearly 5.1 billion USD).
The capital city of Hanoi granted licences to 235 foreign-invested projects with total registered capital of 324 million USD in the first four months of this year.
Nearly 37,600 new firms were formed in Vietnam with a total registered capital of 445.2 trillion VND (19.1 billion USD) in the first four months of this year, down 13.2 percent in number and 18 percent in capital year-on-year due to the COVID-19 pandemic.
Despite the COVID-19 pandemic, the number of newly registered enterprises in the Mekong Delta province of Tra Vinh has risen this year compared to the same period last year.
Vietnam attracted 12.33 billion USD in foreign direct investment (FDI) in the first four months of 2020, a year-on-year decrease of 15.5 percent due to the impact of the COVID-19 pandemic, according the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).
The COVID-19 pandemic has had a serious impact on Vietnam’s economy but it’s also believed to create the conditions to attract more foreign direct investment (FDI) as there have been signs of a switch in capital flows away from China and to ASEAN member countries.
The central province of Quang Nam expects to welcome more FDI projects promoting green growth, according to Chairman of the provincial People’s Committee Le Tri Thanh.
More measures and policies should be introduced to support enterprises, especially small and medium-sized enterprises (SMEs), in the context of a growing number of businesses temporarily ceasing operations due to the COVID-19 pandemic, economists have said.
HCM City had lured over 1 billion USD in foreign direct investment (FDI) this year as at March 20, down 33 percent compared to the same period last year, according to the city’s bureau of statistics.
Hanoi posted an increase of 3.27 percent in Gross Regional Domestic Product (GRDP) in the first quarter of 2020 – the lowest in recent years, according to the municipal Statistics Office.
Up to 18,600 businesses were forced to suspend operations in the first quarter of 2020 due to the COVID-19 pandemic, up 26 percent year on year, reported the General Statistics Office (GSO).
Vietnam granted investment licenses to 758 new projects worth 5.5 billion USD in the first quarter of 2020, up nearly 45 percent from the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
The northern province of Bac Giang is striving to attract 1 billion USD of new and additional investment capital to both FDI and domestically invested projects in 2020, said Director of the provincial Department of Planning and Investment Trinh Huu Thang.
The central province of Thua Thien - Hue aims to attract 8-10 domestic and foreign investment projects with total registered capital of 6-8 trillion VND (257.4 -343 million USD) to its economic zones (EZs) and industrial zones (IZs) in 2020.
Chairman of the People’s Committee of northern Bac Giang province Duong Van Thai has pledged to adopt measures easing difficulties faced by local businesses amid the complicated development of COVID-19 outbreak.
The northern province of Bac Giang set a target of attracting 1 billion USD in both newly-registered and additional investment in 2020, Director of the provincial Department of Planning and Investment Trinh Huu Thang has said.
The Ministry of Finance has submitted to the Government solutions to remove difficulties for production and business activities and support the market amidst the complicated developments of the COVID-19 outbreak.
Ho Chi Minh City attracted 480.6 million USD in foreign direct investment, including new and additional capital and share purchase by foreign investors, in the first two months of this year.
The recent ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) by the European Parliament is expected to create a change in the flow of foreign direct investment (FDI) from the EU into Vietnam.
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