Hanoi has become a hotspot in drawing huge flow of investment. The city presented in-principle approval and investment certificates to 71 projects worth over US$17.5 billion including 11 FDI projects valued $5.67 billion at the annual conference "Hanoi 2018 Investment and Development Cooperation" recently held.
In particular, the Smart city project worth $4.12 billion invested by the joint venture between Vietnam’s real estate developer BRG Group and Japanese-based Sumitomo Group was licensed.
Lotte Mall project invested by South Korea’s Lotte Group was granted investment license. This commercial center covering a total investment capital of $585 million is located in Ciputra urban area.
In addition, Nidec Motor Vietnam got approval from the city to invest in a motor and electronic equipment factory with a total investment of $198 million while Heineken raised the investment capital of its brewery to $209 million.
Two environmental projects have been approved in principle, including the Xuan Son waste-to-electricity plant project which has an investment capital of $89.5 million and is jointly invested by T&T Group and Hitachi Zosen Corp (Japan) and the municipal waste-to-energy plant project at the Xuan Son waste treatment Complex invested by Indovin Power Co., Ltd. with the capital of $59.6 million.
These 71 projects are involved in the fields of transportation, environment, industry - commerce - service - tourism - entertainment sports, housing, urban area, education and training.
However, real estate sector leads in attracting investment. According to the preliminary statistics of TheLEADER, real estate sector accounts for up to $15.3 billion, equivalent to 90 per cent of value of these 71 projects.
Apart from Sumitomo Group's project, there are also unprecedented megaprojects. Tay Mo - Dai Mo urban area located in Nam Tu Liem district is invested by West Hanoi Urban Development Investment Joint Stock Company at a cost of $3.5 billion.
Gia Lam Urban Area situated in Gia Lam District is invested by Gia Lam Investment and Urban Development Co., Ltd with the capital of $3.81 billion.
Moreover, major urban projects which run along the Nhat Tan - Noi Bai axis have also started.