Hanoi plans financial centres in Hoan Kiem and Nhat Tan

At a meeting with Prime Minister Pham Minh Chinh on March 14, Secretary of Hanoi Party Committee Nguyen Duy Ngoc presented the Hanoi Capital Master Plan with a 100-year vision, which is currently being circulated for public consultation.

Under the strategy, the committee has identified trade and services as one of the three key pillars for economic development, alongside industry-construction and agriculture.

In the financial services sector, Hanoi aims to become a national financial centre, while gradually developing financial services with regional and international reach. Accordingly, the city plans to establish a financial centre composed of two main components.

The first component will be Hoan Kiem Financial Centre, together with a commodity trading ecosystem, to be developed by 2030. Specifically, Hoan Kiem Ward is expected to serve as the core of Hanoi’s financial centre.

Hanoi Party Committee plans to prioritise space and suitable locations in this area to attract major financial institutions to continue placing their headquarters there. Hoan Kiem is already home to the headquarters of the State Bank of Vietnam, along with many leading domestic banks and securities firms.

In parallel, Hanoi intends to develop Hanoi Financial Centre Exchange into a commodity exchange, supported by an information system, regulated transaction registration connections, and an appropriate operational framework.

After 2030, the capital’s financial centre will expand with a second component in the northern area along the Nhat Tan - Noi Bai corridor, alongside an international commodity trading ecosystem. The area is considered advantageous for transport connectivity and has the potential to host the headquarters of global financial institutions and multinational corporations.

The northern financial centre is expected to feature smart operational and management infrastructure, along with a commercial framework providing comprehensive financial services on digital platforms.

During a working session with the Standing Committee of Hanoi Party Committee last year, Party General Secretary To Lam also requested that the capital clearly position Hanoi residents’ income levels relative to the region for the 2035-2045 period, while developing high-tech zones and financial centres in harmony with Hoan Kiem Lake and the Old Quarter.

Under its 100-year master plan, Hanoi targets average annual economic growth of more than 11 per cent by 2030, aiming for regional gross regional product (GRP) to reach $113 billion and GRP per person to exceed $12,000.

The capital expects to maintain double-digit growth through 2045, with GRP projected to hit $200 billion by 2035 and $640 billion by 2045. GRP per person is estimated at $18,800 and $42,000, respectively, over the same periods.

By 2065, Hanoi's GRP per person is projected to reach approximately $92,000.