A view of downtown Hanoi. (Photo: Internet)
Vietnam’s capital city of Hanoi
attracted $1.86 billion in newly-licensed foreign direct investment (FDI
) in the year to May 20, taking over the top position occupied by the neighboring city of Hai Phong a month earlier, according to the General Statistics Office (GSO
Luxembourg, with a committed amount of $1.25 billion, has surpassed Singapore to become the second largest investor in the Southeast Asian country. Mainland China ranked ninth among the top investors, with $222.8 million.
New FDI approvals jumped a whopping 155.9% year-on-year to $7.57 billion in the period while the number of fresh projects increased 53.2% to 907, the government-run office said.
Foreign investors won approval to raise the registered capital by a combined $2.59 billion in 425 projects.