Removing bottlenecks and boosting growth drivers.
In the first quarter of 2026, Hanoi achieved a GRDP growth rate of 7.87%, higher than the national average but still lower than the projected scenario. Entering the second quarter, the city requires departments, agencies, and localities to avoid complacency, focus on removing bottlenecks, promoting public investment, services, exports, and consumption, and developing new growth drivers.
In the traditional economic sectors, the city is boosting consumer demand and services. It is leveraging the potential of the night-time economy , cultural tourism, and international financial and commercial centers. The city plans to pilot a controlled night-time economy in central districts such as Hoan Kiem and Tay Ho, while expanding operating hours and diversifying products and services.
Amidst the volatile international market, the city is proactively addressing risks to export activities and input costs, closely monitoring fuel prices, and updating construction material prices to mitigate risks for businesses. The Department of Industry and Trade is advising on the implementation of a project to integrate data and optimize import-export logistics costs to reduce the cost of products from the capital city, and expanding trade promotion in major markets such as the United States, CPTPP, UKVFTA, the Middle East, India, Africa, and the Americas…
Public investment continues to be identified as the "driving force" for growth. The 2026 public investment plan aims for greater flexibility and efficiency. Ms. Do Thu Hang, Deputy Director of the Hanoi Department of Finance, stated that funds will be reallocated from slow and inefficient projects to key, urgent projects with good disbursement potential. The city will also apply a mechanism of assigning monthly disbursement targets to each investor and locality, while requiring weekly progress reports to promptly address bottlenecks.
In addition, Hanoi continues to promote the role of task forces in resolving difficulties in disbursement and land clearance. Many major infrastructure projects have been identified as key projects, such as bridges across the Red River, the Ring Roads 2.5 and 3.5, and radial traffic arteries. The city requires clear assignment of responsibilities to each unit and individual; a specific list of outstanding cases must be compiled and addressed according to daily and weekly progress. The results of land clearance will be a direct criterion for evaluating the performance of the heads of departments.
Alongside traditional drivers, Hanoi is also promoting new growth opportunities. The capital's new growth model project is based on a knowledge-based economy, high technology, and digital economy with three pillars: innovation and digital economy; green growth and circular economy; and regional linkages associated with modern infrastructure and multi-center urban development.
Hanoi aims to achieve a GRDP of US$200 billion by 2035, with the digital economy accounting for 50%. Hanoi is oriented towards building an innovation ecosystem where the capital city itself "creates, designs, and masters technology," with the Hoa Lac High-Tech Park as the core of development. The Hoa Lac High-Tech Park is positioned as a center for R&D, a pilot site for new mechanisms, policies, and technologies, and plays a crucial role in human resource training and entrepreneurship.
Hanoi is building a new generation smart city model. The city will develop a 3D urban platform, applying AI, Big Data, IoT, and "digital twin" technology to monitor and manage all urban activities in real time. It will optimize land use and attract green industries and clean technologies in line with global development trends.
In its economic development strategy, Hanoi prioritizes attracting selective investment in high-tech, high-value-added industries such as electronics, semiconductor chips, artificial intelligence, supporting industries, logistics, and digital technology .
Institutional breakthroughs unlock development potential.
According to the revised growth scenario, to achieve the full-year target, Hanoi must achieve a GRDP growth rate of 10.47% in the second quarter of 2026, 10.16% in the first nine months, and 13.19% in the fourth quarter. Specifically, the industrial and construction sectors are expected to grow by 11.16%; the service sector by 11.55%; total social investment in the area to reach approximately VND 730 trillion; and registered FDI capital to strive for USD 4.5 billion.
Dr. Vo Tri Thanh, Director of the Institute for Strategic Brand and Competition Research, believes that while Hanoi's growth target of over 11% is high, there are still certain foundations to expect it to be achieved.
Firstly, the most striking bright spot for Hanoi's economy is its high growth rate in the first quarter, the highest in many years. Following the cycle, the remaining months of the year will likely see continued high growth. Secondly, there has been a strong recovery in the service and tourism sectors. Alongside this, public investment has been significantly boosted since the beginning of the year, showing clear progress in implementation. Public investment is becoming the main driver of economic growth amidst difficulties in many other sectors. Many key projects in Hanoi are being accelerated. However, further acceleration is needed between now and the end of the year to achieve the expected growth.
Dr. Nguyen Minh Phong also assessed that Hanoi's growth remains positive. "From now until the end of the year, Hanoi still has room for economic growth, particularly in the digital economy. Strong investment in this area is something to look forward to," Dr. Nguyen Minh Phong stated.
Dr. Le Duy Binh, Director of Economica Vietnam, believes that consumer demand and tourism will grow strongly from now until the end of the year, contributing to Hanoi's growth. Hanoi's strengths in services such as science and technology, healthcare, and education all need more investment compared to other sectors.
Furthermore, another important resource that will contribute positively to Hanoi's GRDP growth is private investment. "When private investment grows strongly in 2026, we can achieve double-digit growth targets. Therefore, we must remove institutional obstacles to stimulate the development of this sector," Mr. Binh said.
Experts believe that the city has great potential and advantages, along with an increasingly完善 legal framework, creating ample room for development.
In April and early May, Hanoi witnessed several important events, laying the legal foundation and setting long-term development directions. Notably, the 15th National Assembly passed the master plan for the capital city with a 100-year vision and the amended Law on the Capital City, reflecting the high expectations of the Central Government, the National Assembly, and the Government for Hanoi, while also opening up many new mechanisms and policies for development.
Chairman of the Hanoi People's Committee, Vu Dai Thang, requested a reform of work methods towards streamlining and efficiency. In particular, units need to boldly reform processes and minimize procedures.
Chairman Vu Dai Thang called for a revolution in working methods to improve implementation efficiency, maximize decentralization and delegation of power so that localities can proactively handle work within their jurisdiction.
The city is urgently completing the drafting and issuance of relevant documents; actively coordinating with central ministries and agencies to promptly issue decrees guiding the implementation of the Law on the Capital City.
The city already has all the necessary mechanisms and policies in place. The remaining issue is implementation. If all levels and sectors demonstrate strong determination and decisive action, the set growth targets can be fully achieved.
Source: https://hanoimoi.vn/ha-noi-tang-toc-de-can-dich-grdp-11-750567.html
Comment (0)