The establishment of Kim Long Motor Joint Stock Company in Hue will contribute to strengthening the local economy of Hue city. Photo: Q. Vien

Growth in the first nine months of the year is the highest in many years.

According to the report from the Director of the Department of Finance, in the first nine months of 2025, the city's GRDP is estimated to increase by 9.06% - the highest growth rate in many years. This is a very positive sign showing that Hue is approaching the double-digit growth target set by the Government. This result was achieved thanks to the fact that all three drivers of the city's growth – investment, consumption, and exports – all increased quite strongly in the first three quarters compared to the previous year.

The city's economic picture for the first nine months of the year highlights several bright spots: Tourism welcomed nearly 5 million visitors, a 67% increase compared to the same period last year, generating revenue of over 9,600 billion VND; industry grew by 17.5%, with many products experiencing dramatic increases such as automobiles (up 5.9 times), medical gloves (up 16 times), and electricity production (up 60%); exports reached a turnover of 1.13 billion USD, a 25.6% increase, the highest ever; public investment disbursement reached 74.3% of the planned capital, far exceeding the national average (46.3%). In addition, the city granted licenses to 40 new investment projects with a total registered capital of over 30,000 billion VND, including 9 FDI projects; budget revenue is estimated at 10,649 billion VND, equivalent to 83.5% of the projected budget, a 22.1% increase compared to the same period last year. Total retail sales of goods and services reached nearly 48,850 billion VND, an increase of 14.7%...

Even more encouragingly, many large and new production and business capacities have been added to the city, further strengthening the internal power of the economy. Kim Long Motor Hue's automobile factory and Kalongda medical glove factory have entered stable production, with rapidly increasing output. The project to increase the capacity of Phu Bai Brewery from 410 million liters/year to 600 million liters/year, with an investment of over 3,400 billion VND, has completed equipment installation and officially commenced operation in September 2025. The first phase of the Eon Industry Vietnam helmet manufacturing plant has been inaugurated, creating jobs for over 800 workers. In the service sector, Hue is hosting the National Tourism Year 2025 with many festivals and extended holidays, attracting many tourists and increasing social consumption. Stable agricultural production with low risk of natural disasters has contributed to the city's economic prosperity.

Hue City has also actively implemented important resolutions of the Politburo, the National Assembly, and the Government; proactively established four working groups to review and resolve difficulties and obstacles for investors and projects of all economic sectors in order to unlock resources for development. However, in the context of the rapidly changing, complex, unpredictable, and difficult-to-forecast global economic and political situation; and complex and unusual weather patterns, achieving and surpassing the minimum GRDP growth target of 10% this year and in the following years still faces many challenges and cannot be taken for granted.

Double-digit growth solution

To achieve the target of GRDP growth of 10% or more this year and in subsequent years, we believe the city needs to focus on and implement the following groups of solutions in a coordinated manner:

Firstly, we need to boost the growth momentum of total social investment. Total social investment includes state capital, non-state capital, and foreign direct investment. This is one of the components of GRDP. To increase GRDP, we must increase total social investment, specifically the investment of these three components.

Regarding state investment capital, it is necessary to review and expedite the progress of land clearance, construction, and disbursement of capital for public investment projects managed by the city, sectors, and communes/wards, ensuring 100% disbursement of the 2025 plan. Project owners are required to immediately complete the procedures to submit to competent authorities for the allocation of capital plans for projects that have received funding but are awaiting procedures. Instructions should be given to accelerate progress to bring key projects with large investment capital, such as Nguyen Hoang Road and the extended To Huu Road connecting to Phu Bai Airport, into operation as soon as possible, in order to quickly complete the infrastructure system.

Regarding non-state capital, including investment from businesses and individuals, it is necessary to strengthen coordination among all levels and sectors to remove obstacles related to administrative procedures, land, planning, land clearance, construction permits, etc., creating conditions for people and businesses that have been granted investment licenses to accelerate construction progress and increase the capital invested in the economy. Support should be provided to investors who are implementing large-scale industrial and service projects in the area, such as the Dat Phuong ultra-white glass factory, quartz sand processing, artificial stone production, ports, logistics zones, duty-free zones, infrastructure for industrial parks and clusters, and tourism projects.

Regarding foreign direct investment (FDI), support will be provided through legal procedures to help businesses expand their production and business scale; and support will be given to new investors to obtain licenses and start construction projects as soon as possible.

Secondly, promote domestic consumption and exploit the domestic market. Domestic consumption includes state consumption (public spending) and non-state consumption, i.e., consumption by individuals, households, and businesses. This is also a component of GRDP.

To boost public spending, it is necessary to accelerate the construction progress and disbursement of public investment projects, and at the same time, to fully utilize the allocated recurrent expenditure and operational funds for budget-executive units, without carrying over funds to the following year.

To increase consumer spending by both individuals and businesses, it is necessary to develop, improve the quality, expand, and diversify the markets for local goods and services, meeting the demands of both domestic and international consumers. Support should be provided to businesses of all economic sectors to develop production and business activities, accelerate project progress; increase social purchasing power by attracting more tourists, students, and people from other areas to Hue for tourism, education, medical treatment, etc. Develop new tourism products linked to heritage, festivals, ecology, and cultural experiences. Strengthen promotion and regional and international linkages to attract high-quality tourists. Continue to support the provision of market information to businesses and individuals to open up the domestic market; promote the "Vietnamese people prioritize using Vietnamese goods" campaign, build a suitable distribution system, and contribute to increasing consumer access to domestic goods.

Thirdly, it is necessary to boost export turnover. Net exports (export turnover minus import turnover) are also a component of GRDP. Therefore, to increase GRDP by more than 10%, it is necessary to promote the export of goods and services by increasing the volume and value of exported goods and diversifying export markets. In addition, it is necessary to support and promptly resolve difficulties and obstacles for businesses producing export goods in the locality.

Fourth, create new growth drivers. Continue to decisively, synchronously, and effectively implement the resolutions of the "four pillars" (Resolutions No. 57-NQ/TW, 59-NQ/TW, 66-NQ/TW, 68-NQ/TW) and newly issued resolutions of the Politburo to create new development drivers. Promote the implementation of solutions to boost the development of the digital economy; green economy; circular economy; new business models; and emerging industries and sectors such as artificial intelligence (AI), big data, cloud computing, cultural industry, entertainment industry, etc., in order to renew the growth drivers of the city's economy.

Achieving double-digit GRDP growth is a major challenge but also a golden opportunity for Hue to assert its new position. With the decisive leadership of the Government, the coordinated efforts of Party committees and authorities at all levels, and the consensus of the people, Hue can absolutely achieve this goal.

Tuan Ha

Source: https://huengaynay.vn/kinh-te/huong-den-muc-tieu-tang-truong-grdp-hai-con-so-158403.html