Hanoi: Determined to create breakthrough momentum to ensure growth targets

Hanoi is focusing on achieving an economic growth target of 8.5% or more by 2025 and double digits in the following years. The top priority is to promote economic growth, considering this a key and urgent political task.

Effective implementation of public investment capital disbursement

In the first 9 months of 2025, the capital's economy continued to grow strongly with many breakthrough indicators. This is an important premise for Hanoi to complete the above target. According to the City Statistics, the total product in the area (GRDP) in the third quarter of 2025 is estimated to increase by 8.2% over the same period last year. Of which, the service sector increased by 8.83%; the industrial and construction sector increased by 7.35%; the agricultural, forestry and fishery sector increased by 3.89%; product tax minus product subsidies increased by 6.62%.

In the first 9 months of 2025, the city's GRDP is estimated to increase by 7.92% over the same period in 2024 (first quarter increased by 7.52%, second quarter increased by 8%, third quarter increased by 8.2%).

The capital's economy continues to grow rapidly in the current period. Photo: PV

In the context of the world , regional and domestic economy still facing many difficulties, market demand has not recovered, industrial production has not accelerated strongly, GRDP growth in the first 9 months of this year is higher than the same period last year (6.33%) with an improving trend over each quarter, which is very important and noteworthy.

The highlight of the economic picture for the first 9 months of 2025 is that the total state budget revenue in the area is 499.9 trillion VND, reaching 97.3% of the annual ordinance estimate and increasing by 32.5% over the same period in 2024. Notably, the total retail sales of goods and consumer service revenue in the third quarter increased by 14% over the same period last year, with the cumulative 9 months reaching 702.2 trillion VND, up 12.9% over the same period last year.

In the third quarter of 2025, Hanoi will be the venue for a military parade to celebrate the 80th anniversary of the August Revolution and National Day on September 2, along with many large-scale cultural and artistic activities. This is an opportunity for people across the country and international tourists to come to Hanoi to join in the festive atmosphere, sightseeing and shopping, thereby contributing positively to the growth of the capital's trade and service sector.

Although the economy is affected by political instability and global trade policies, industrial production activities in the city still maintain positive growth momentum. The industrial production index (IIP) in the third quarter was higher than the previous quarter and higher than the same period in 2024. In the first 9 months, IIP increased by 6.7%, of which the processing and manufacturing industry increased by 6.9%, becoming a bright spot of the industry.

Hanoi is determined to effectively disburse public investment capital, creating a breakthrough momentum to ensure growth targets. Development investment capital in the first 9 months of this year increased by 10.7% compared to the same period last year. Investment capital implemented from the state budget managed by localities was the highest in the country, reaching 59.5 trillion VND, up 31.1%.

Thanks to the active improvement of the investment environment, in the past 9 months, the city attracted 3,897 million USD of FDI capital, 2.9 times higher than the same period in 2024. Hanoi continues to affirm its position as an attractive destination, a safe haven for international capital flows. Hanoi has granted certificates to 3,063 newly established enterprises, an increase of 58.7% over the same period last year; registered capital reached 31.8 trillion VND, an increase of 90.1%.

In the first nine months, the city granted certificates to nearly 25,000 newly established enterprises with registered capital of VND271.7 trillion, an increase of 10.5% in the number of enterprises and 30.8% in registered capital over the same period last year.

In particular, Hanoi's import-export activities have maintained strong growth momentum, affirming its role as one of the pillars of economic growth, contributing to macroeconomic stability. Total import-export turnover in the first 9 months of this year reached 50 billion USD, up 13.7%; of which exports increased by 12.1%, imports increased by 14.5%...

Promoting administrative procedure reform associated with digital transformation

According to economic experts, one of the effective solutions to contribute to promoting double-digit growth is to continue improving transport and energy infrastructure connections.

In order for the economy to continue to grow in the final months of the year, Hanoi needs to focus maximum resources, promote disbursement, and effectively implement public investment capital in 2025, especially important transport infrastructure projects, such as: Ring Road 4, metro line No. 2 (Nam Thang Long - Tran Hung Dao section), metro line No. 5 (Van Cao - Hoa Lac) and bridges across the Red River.

Along with that, it is necessary to continue improving the investment and business environment, promoting administrative procedure reform associated with digital transformation, and improving the quality of online public services. The city also needs to focus on reviewing to promptly remove difficulties and support businesses through preferential policies on credit, tax reduction, land fees, trade promotion, etc.

Regarding support for businesses and business households, Hanoi strives to reduce the dissolution rate to below 30% and the suspension of operations to below 15%. The city has implemented preferential credit support packages, exempted business registration fees for new business households for 2 years, deferred value added tax (VAT) for 6 months for small businesses; supported 10,500 large business households to convert into enterprises according to the Government's Decree, and reduced corporate income tax by 50%.

Support processing and manufacturing enterprises with preferential credit packages with interest rates of 3.9-4%, focusing on key industries such as machinery, equipment, non-metallic mineral products, motor vehicles, striving to increase the IIP index to 7% by the end of the year. Connect enterprises to the global supply chain...

In addition, organize major fairs in the third and fourth quarters of 2025, combining promotion of OCOP products and craft village specialties, striving to increase retail revenue by 10-12% in the fourth quarter of 2025...

In particular, to promote sustainable economic growth, Hanoi is also perfecting mechanisms and policies; improving the effectiveness and efficiency of law enforcement and implementing the "Four Pillars". Developing regulations on decentralization of state management of a number of socio-economic fields in Hanoi for the period 2026-2030; decentralizing revenue sources and expenditure tasks among budget levels; setting the city budget allocation norms and the percentage of revenue sharing among budget levels for the period 2026-2030.

Source: https://daibieunhandan.vn/ha-noi-quyet-tam-tao-dong-luc-but-pha-bao-dam-cac-muc-tieu-tang-truong-10389332.html