Hà Nội aims for 25% revenue growth this year

Hà Nội aims for 25% revenue growth this year

The Hà Nội authorities have called on various departments, communes and affiliated units to adopt synchronised measures aimed at fostering economic growth.

A view of the Cát Linh-Hà Đông metro line. — VNA/VNS Photo

The Hà Nội City People's Committee has set ambitious financial goals for the remainder of this year, aiming to increase its budget revenue by at least 25 per cent compared to the original estimates. 

This initiative is part of the implementation of the Prime Minister's directive on managing the state budget for the final months of 2025, as outlined in Document No. 5676/UBND-KT.

In addition to boosting revenue, the city is committed to ensuring that 100 per cent of its public investment capital is disbursed throughout the year. 

This dual focus on revenue growth and investment disbursement is seen as crucial for driving economic development and achieving a Gross Regional Domestic Product (GRDP) growth rate of over 8 per cent for 2025.

To meet these objectives, the Hà Nội authorities have called on various departments, communes and affiliated units to adopt synchronised measures aimed at fostering economic growth. 

Key strategies include administrative reforms, alleviating obstacles for businesses, enhancing the investment environment, increasing competitiveness, and supporting stable production and business operations.

The city’s financial, tax and customs systems are urged to intensify efforts in revenue collection, expand the tax base, and combat tax evasion and commercial fraud. 

There is particular emphasis on tapping into new revenue sources from e-commerce, food services, retail, real estate transactions and digital business activities. 

Furthermore, the city plans to accelerate digital transformation in tax management, promoting the use of electronic invoices to enhance transparency and minimise revenue losses.

In terms of budget expenditures, Hà Nội aims for proactive and stringent financial management, prioritising investment in key national and local projects. 

The authorities have underscored that meeting the 100 per cent disbursement goal for public investment is a political priority directly tied to the accountability of local leaders.

Hà Nội’s commitment to thorough coordination among various sectors will be vital in overcoming bureaucratic hurdles related to land clearance, financial allocation and construction progress to ensure effective capital utilisation.

Additionally, public administrative units are encouraged to review and cut unnecessary expenditures while complying with regulations regarding public asset usage. 

In cases where projected revenue falls short, local authorities are required to formulate balancing plans and report to their respective councils to implement appropriate corrective measures, ensuring budgetary stability.

The city is also authorised to flexibly utilise budget reserves, surpluses and other legal sources to address unexpected expenditures related to disaster prevention, disease control and social welfare. 

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