Hanoi: The economy in the first 11 months of 2025 continues to show positive developments, consolidating the foundation for sustainable growth.

Hanoi is developing rapidly. (Photo: nhandan.vn).

The 11-month report shows that total budget revenue in the area reached VND 625,200 billion, an increase of 39.6%; total expenditure reached VND 117,700 billion, an increase of 38.6%; and investment capital from the state budget reached VND 79,700 billion, an increase of 27.6%. These figures demonstrate the strong resilience of the capital's economy amidst numerous external fluctuations.

Revenue collection continues to play a pivotal role in enabling the city to effectively implement its key tasks. The nearly 40% increase is a result of the recovery of production and business activities, growth in the service sector, and efforts to manage revenue transparently and combat revenue loss. However, a clear analysis of the revenue structure remains essential to assess the sustainability of local finances. Temporary revenue sources cannot be a long-term foundation, and the city needs to review and forecast to maintain a stable balance and avoid being caught off guard by market fluctuations.

Conversely, total budget expenditure in the first 11 months increased by nearly 39%, demonstrating proactive management, especially in accelerating the disbursement of public investment capital. The high disbursement rate helps create more jobs, boost supporting industries, reduce congestion in urban infrastructure, and create a more favorable socio-economic foundation for the next growth phase. This is also a suitable step to balance growth targets and ensure social welfare.

Cat Linh - Ha Dong metro line. (Photo: nhandan.vn).

Public investment reaching VND 79,700 billion in the first 11 months is a clear indication that many key projects are being implemented synchronously. However, the challenge lies in ensuring the quality of construction, adherence to schedules, and efficient use of capital. Public investment is only effective when each project is closely monitored and generates ripple effects for the community, businesses, and the production sector.

A highlight of the overall picture is the registered foreign direct investment (FDI) in Hanoi, which reached US$4.13 billion, a 2.3-fold increase. This strong growth reflects Hanoi's attractiveness to international investors. However, along with this growth, the need to improve the quality of FDI is becoming even more urgent. Foreign investment should focus on high-tech industries, modern services, and clean industries, creating breakthroughs in production levels and increasing linkages with domestic businesses. Only with deep connections can the capital truly boost the endogenous capacity of the capital's economy.

In the manufacturing sector, the 7% increase in the industrial production index shows that the processing and manufacturing sector continues to be a crucial pillar. This is a positive sign, but to maintain the growth momentum, Hanoi needs to continue supporting businesses in improving productivity, innovating technology, and increasing competitiveness. In particular, the development of logistics centers, green industrial parks, and high-tech zones is crucial in attracting more high value-added projects.

The average consumer price index (CPI) increased by 3.61%, reflecting relatively stable price management. In the context of a volatile global environment , maintaining the CPI below 4% helps strengthen market confidence, sustain consumer purchasing power, and provide a foundation for businesses to develop their business plans.

Trade activities continued to recover strongly. Total retail sales and consumer service revenue reached VND 877.2 trillion, an increase of 13%. This indicates increased domestic demand, helping to offset fluctuations in the export market. Meanwhile, exports reached USD 18.9 billion (an increase of 8.4%), while imports reached USD 42.8 billion (an increase of 14.9%). The large trade deficit necessitates strengthening production self-reliance and developing supporting industries to reduce dependence on imported raw materials.

Tourism recovered strongly with 7.1 million international visitors, an increase of 25.2%. This figure reflects the effectiveness of diversifying tourism products, restoring large-scale cultural events, and improving service quality. However, to elevate its status, Hanoi needs to focus on in-depth tourism, increase average tourist spending, and clarify the cultural and historical identity of the capital city.

Revenue from transportation and postal services reached VND 233.6 trillion, an increase of 15%. This growth is linked to e-commerce and the growing demand for goods transportation. Hanoi needs to continue investing in transportation infrastructure and logistics centers to reduce costs and shorten goods transit times.

Notably, the first 11 months saw the establishment of 30,600 new businesses, an increase of 12.4%. This is a sign of a dynamic business environment and the confidence of the business community in the economic prospects of the capital city. The remaining challenge is to create conditions for new businesses to quickly become operational and efficient, access markets and technology, and avoid premature dissolution.

From the above results, it can be seen that Hanoi is maintaining a strong recovery momentum. However, to translate these growth figures into a solid foundation for the future, it is necessary to focus on the quality of growth; attract selective investment, prioritizing high technology; stabilize public finances; continue to improve the business environment; enhance the capacity of domestic enterprises; complete transportation and logistics infrastructure; and develop tourism in a sustainable direction. These directions, if implemented systematically, will help Hanoi not only maintain its growth rate in the short term but also create a foundation for strong growth in subsequent periods.

HOANG DUONG

Source: https://nhandan.vn/ha-noi-kinh-te-11-thang-nam-2025-tiep-tuc-chuyen-bien-tich-cuc-cung-co-nen-tang-tang-truong-ben-vung-post929354.html