Speaking at a meeting with leading businesses in Hanoi on the morning of January 15, Vu Dai Thang, Central Party Committee member, Deputy Secretary of the Hanoi Party Committee and Chairman of the Hanoi People's Committee, said the private sector has affirmed its role as a key driver of the capital's development.
He thanked the city's business leaders for attending and for offering practical insights, on-the-ground experience and specific proposals to help remove bottlenecks and accelerate Hanoi's socio-economic growth.
Chairman of the Hanoi People's Committee Vu Dai Thang at the meeting.
"The sincere contributions of businesses are an important resource for building a cultured, civilized, modern and happy Hanoi, worthy of Thang Long, Dong Do and Hanoi's thousand-year legacy," he said.
Reviewing 2025 results, Thang said Hanoi's business community showed resilience amid major headwinds. Many firms not only sustained operations but also supported the city's social welfare efforts, including contributions to the "For the Poor" fund and assistance for vulnerable residents.
He said those efforts helped lift the capital's GRDP by 8.16% in 2025, beating the 8% target and well above the 6.52% recorded in 2024. Hanoi's economic scale reached about US$63.5 billion, the second largest nationwide, while budget revenue topped VND711 trillion (US$28.44 billion), a new record. The city had more than 424,000 active businesses, with tens of thousands of firms newly established or returning to operation.
He said the private sector has become the most important growth engine, making a major contribution to non-state industrial, trade and service revenue. The results, he added, reflect the strength of Hanoi's entrepreneurs as pioneers in innovation, agile adaptation and global ambition.
Looking ahead to 2026, Thang said it is the first year of implementing the 18th Hanoi Party Congress resolution for the 2025–2030 term and also the year of the 14th National Party Congress, which he described as opening a new era for the nation. Hanoi has set a GRDP growth target of at least 11% to build momentum for sustained double-digit average growth in 2026–2030.
Delegates at the meeting.
Under the plan, the city expects GRDP to reach about US$70.7 billion, GRDP per capita to hit US$7,900 and total social investment to exceed VND700 trillion (US$28.00 billion).
He acknowledged the targets are ambitious but said they are achievable if Hanoi maintains the spirit of "say it and do it, do it fast, do it right, do it effectively and follow through," alongside the city's 2026 action theme of "Discipline and professionalism, breakthrough and creativity, efficiency and sustainability."
To deliver the targets, Thang said the city government will work closely with businesses through concrete and decisive measures. Priorities include administrative reform, with a goal of cutting at least 30% of administrative procedures and shortening processing times compared with current rules.
He also pledged to build a transparent and level playing field and to maximize support for access to preferential credit, clean land for strategic projects and advanced technology transfer through public-private cooperation. Hanoi will also invest in high-quality workforce training through vocational centers linked with businesses.
The city will expand opportunities to reach international markets through trade fairs and partner-matching forums, he said.
"Hanoi will address obstacles promptly, share risks where appropriate and protect businesses' legitimate rights, with a service mindset that puts enterprises at the center in practice, not just in words," he added.
Thang called on businesses to push harder on innovation and become an even stronger engine for both Hanoi and the national economy. He urged firms to invest in high technology and digital transformation, with the aim of the digital economy accounting for 35% of Hanoi's GRDP in 2026 and 40% in 2030. He also encouraged green growth and a circular economy and said total factor productivity should contribute 60% of growth.
He said businesses should scale up production and integrate more deeply into global supply chains under ESG standards. He also highlighted cultural and creative industries, targeting 6% of GRDP in 2026 and 8% in 2030 and urged stronger innovation-driven entrepreneurship to create thousands of high-quality jobs and raise incomes.
Delegates at the meeting.
He said meeting these goals would support double-digit growth in 2026 and through 2030, lifting Hanoi's economic scale to US$120 billion by 2030 and GRDP per capita to US$12,000, strengthening the capital's position as a leading national socio-economic hub.
Quoting a familiar saying, Thang said, "If you want to go fast, go alone. If you want to go far, go together." He pledged that Hanoi's government will remain a reliable partner for businesses as the capital aims to expand its regional and global standing.
He closed by wishing businesses and entrepreneurs a new year of "breakthrough, success and sustainable development" and urged the business community to continue working with the city to build a cultured, civilized and modern Hanoi.