Ha Tay lures $1 bln of foreign investment in five months

Ha Tay Province, set to be merged with Hanoi, attracted more than US$1 billion of foreign direct investment in the first five months of this year, exceeding the $800-million year target, a local official said.

The province to the west of the nation’s capital pulled in 17 new FDI projects, Nguyen Van Tu, deputy director at the local planning and investment department, said over the weekend.

Most projects in the area focus on industry and construction.

“The huge foreign investment into Ha Tay is attributed to the province’s good policy for attracting investment and its great development potential,” he added.

South Korea is the biggest investor in the province to date, with six projects costing as much as $827 million, followed by Malaysia and Singapore, according to Tu.

The National Assembly on May 29 approved a plan to triple the size of Hanoi from August 1, taking in Ha Tay.