Hà Nội sets ambitious economic goals after strong growth breakthroughs

Hà Nội sets ambitious economic goals after strong growth breakthroughs

The city will focus on growth driven by quality, efficiency and sustainability, rather than merely expanding in scale.

A view of Hoàn Kiếm Lake in Hà Nội. The city's average Gross Regional Domestic Product (GRDP) is expected to increase by 6.57 per cent from 2021 to 2025. — VNA/VNS Photo

Hà Nội has experienced a significant transformation in its economic structure, outpacing other provinces and cities in Việt Nam over recent years. 

This shift has been largely attributed to the effective utilisation of the capital's strategic advantages and potential, leading to a more modern and sustainable economic framework.

From 2011 to 2025, Hà Nội’s economic scale is projected to reach approximately US$63 billion. 

The implementation of the Hà Nội Party Committee's Programme No 02-CTr/TU, initiated on March 17, 2021, aims to accelerate the renovation of growth models, restructure the economy and enhance international integration.

After four years, this initiative has yielded remarkable results.

According to the Hà Nội Steering Committee for Programme No 02-CTr/TU, the capital has achieved noteworthy outcomes characterised by three key highlights: rapid growth, high quality and progressive transformation. 

The average Gross Regional Domestic Product (GRDP) is expected to increase by 6.57 per cent from 2021 to 2025, exceeding the national average by 1.1 times. 

By 2025, the economic scale is projected to be 1.42 times that of 2020 and will account for 41.54 per cent of the Red River Delta region and 12.6 per cent of the national economy. The average GRDP per capita is estimated to reach $7,200 per year.

Social investment in the region, a vital driver of growth, is anticipated to reach VNĐ2.48 quadrillion ($94.2 billion), 1.5 times higher than the previous five-year period (2016-20). 

The city has also focused on expediting stalled projects and optimising land use, contributing to economic growth while preventing waste.

Hà Nội has successfully attracted approximately $11.5 billion in foreign direct investment (FDI), showcasing the effectiveness of its economic policies. 

The city's economic structure has positively shifted towards modernity, with the service sector now accounting for 65.6 per cent of the GRDP, industrial construction at 32.4 per cent and agriculture at around 2 per cent.

Significantly, Hà Nội’s budget revenue is projected to exceed VNĐ2.2 quadrillion, 1.8 times greater than the previous five years, representing about 25 per cent of the national total.

At the recent 18th Congress of the Hà Nội Party Committee, General Secretary Tô Lâm emphasised the need for the capital to create a new governance model that can effectively coordinate and address pressing issues while fostering sustainable long-term development.

Additionally, the Politburo's Resolution No 15-NQ/TU, issued on May 5, 2022, outlines the development direction and tasks for Hà Nội up to 2030, with a vision for 2045. This resolution provides a clear legal framework to guide the capital’s growth.

A view of Hoàn Kiếm Lake in Hà Nội. The city's average Gross Regional Domestic Product (GRDP) is expected to increase by 6.57 per cent from 2021 to 2025. — VNA/VNS Photo

Looking ahead, Hà Nội aims for a quality, effective and sustainable growth trajectory. 

During the 18th Congress, Vice Chairman of the Hà Nội People's Committee Trương Việt Dũng announced the city’s goal of achieving a GRDP growth rate of 11 per cent or higher and an average income of $12,000 by 2030.

To achieve these ambitious targets, the city is prioritising several key solutions. Central among them is a breakthrough in institutional reform, which includes establishing pilot mechanisms for new technologies and renewable energy development.

Hà Nội plans to allocate over 4 per cent of its budget for science and technology investments and aims to increase the share of processing and manufacturing industries to 25 per cent of the GRDP. Furthermore, the city aims to achieve comprehensive digital infrastructure coverage.

As 2025 marks the final year of the current five-year plan (2021-25), Hà Nội is striving for the highest possible outcomes, targeting a growth rate of 8.5 per cent or more. This goal presents a significant challenge and the city is committed to relentless efforts to achieve it.

According to Chairman of the Hà Nội People's Committee Trần Sỹ Thanh, the city will focus on growth driven by quality, efficiency and sustainability, rather than merely expanding in scale. 

Traditional growth models will shift towards those based on technology, innovation and deep international integration.

With the advantage of specific policies and new planning approved by the Prime Minister, Hà Nội is poised to lead in modern economic trends, including green, circular, digital and creative economies.

The city is creating a robust system of policies to encourage businesses, organisations and citizens to participate in developing new economic models.

International integration will also be promoted to leverage free trade agreements, expand export markets, and attract foreign investment in high-tech, green industries and high-quality services.

As Hà Nội continues its ambitious journey toward economic transformation, the outcomes of these strategic initiatives will play a crucial role in shaping the future of both the capital and the nation as a whole. 

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