Speaking at a conference on the afternoon of January 6 to review the finance sector’s 2025 performance and outline tasks for 2026, Nguyen Xuan Luu, a member of the Standing Committee of the Hanoi Party Committee and Vice Chairman of the Hanoi People’s Committee, said Hanoi is facing a major opportunity to translate central policies into concrete projects and generate substantive, sustainable and long-term development value.

Overview of the meeting. 

Strong socio-economic recovery builds new momentum

Luu said that in 2025, under the guiding principle of "discipline, responsibility, action, creativity and development," Hanoi's socio-economic performance achieved comprehensive and notable results across most sectors.

Hanoi's GRDP growth reached 8.16%, exceeding targets and significantly higher than in 2024. Growth remained stable throughout the year, reflecting a solid economic recovery. The capital's GRDP scale was estimated at about US$63.5 billion, reaffirming Hanoi's role as a key economic engine of the country.

Foreign investment was a major bright spot, with Hanoi attracting US$4.4 billion in FDI, up 169% year on year. The city proactively researched and developed flexible mechanisms and policies to improve the quality and effectiveness of high-quality investment inflows.

Vice Chairman of the Hanoi People's Committee Nguyen Xuan Luu. 

The business community continued to expand strongly, with more than 32,400 newly established enterprises and total registered capital of VND420 trillion (US$17.0 billion). More than 11,200 enterprises resumed operations. The maintenance of 100% online business registration helped streamline administrative procedures and improve services for citizens and businesses.

Trade, services and tourism recorded positive growth. Total retail sales of goods and consumer service revenue reached VND963 trillion (US$39.0 billion), while the consumer price index (CPI) was kept under control at 3.63%. Hanoi welcomed more than 33.7 million visitors, including 7.8 million international arrivals, generating total tourism revenue of VND134.5 trillion (US$5.45 billion).

Despite global economic volatility, Hanoi’s total import-export turnover reached US$68 billion, up 11.6%, remaining a key pillar for growth and macroeconomic stability.

Notably, state budget revenue in the capital surpassed VND700 trillion for the first time, reaching VND711.2 trillion (US$28.8 billion), or 138.4% of the annual estimate. Public investment disbursement also recorded positive results, creating momentum for infrastructure development and helping crowd in private investment.

An overview of the meeting. 

At the same time, several strategic infrastructure projects were launched, opening new development directions for Hanoi’s urban space. These include the Red River landscape boulevard axis, the Olympic Sports Urban Area, seven bridges across the Red River, urban railway lines and road connections linking Gia Binh Airport to the capital.

Institutions pave the way for strategic projects

According to Luu, Hanoi has identified institutional development and improvement as a key task and has proactively taken a pioneering role in implementing major orientations and decisions from the central government. The Resolution of the 18th Hanoi Party Congress clearly defines development breakthroughs, placing special institutional and policy mechanisms at the top.

In implementing the 2024 Capital Law, the city issued 44 legal documents to specify implementation and organize enforcement, gradually removing institutional bottlenecks. In particular, National Assembly Resolution No. 258/2025/QH15, which pilots special mechanisms and policies for major and important projects in Hanoi, is regarded as a strategic decision reflecting strong trust and expectations from the central government.

With a spirit of “words matched by action,” Hanoi has synchronously implemented procedures, addressed difficulties in planning and land clearance and shortened timelines for investment preparation. December 19, 2025 marked an important milestone, as the city simultaneously broke ground on several large-scale and symbolic projects.

Among them, the Olympic Sports Urban Area project stands out, covering more than 9,000 hectares with total investment of about VND925 trillion (US$37.5 billion). The project aims to develop a modern sports and urban complex capable of hosting major international events. Alongside it is the Red River landscape boulevard project, spanning about 11,000 hectares with total investment of VND855 trillion (US$34.7 billion), designed to complete infrastructure and create a modern, sustainable urban space along both riverbanks.

In parallel with these flagship projects, Hanoi has focused on removing bottlenecks in science and technology development and site clearance. The city People’s Council issued six resolutions on special mechanisms and policies for science and technology development, innovation and digital transformation and allocated VND9.09 trillion (US$369 million) from the budget for this sector in 2026.

New mechanisms for compensation, support and resettlement, stronger decentralization to the grassroots level and the establishment of special task forces have helped strengthen public consensus and accelerate progress on key projects.

Decisive action toward new breakthroughs

Entering 2026, Hanoi has clearly identified key tasks and solutions to realize the action theme “discipline and professionalism, breakthrough and creativity, efficiency and sustainability.”

The city will focus on breakthroughs in institutions and organizational structure, under the principle of being lean, streamlined and strong, effectively implementing Resolution No. 258/2025/QH15 and studying the development of a new Capital Law and the master plan for Hanoi.

Mobilizing and efficiently using social investment resources remains a top priority, with a target to disburse VND126 trillion (US$5.1 billion) in public investment capital by September 30, 2026, focusing on transport infrastructure, environmental projects and other strategic initiatives.

Hanoi will also promote new growth drivers from science, technology and innovation, create new development space through strategic infrastructure projects and continue to strengthen decentralization and delegation of authority alongside power-control mechanisms.

Alongside economic development, the city will focus on social and cultural development, social security and improvements in education and healthcare, while maintaining national defense and security and expanding external relations and international integration.

To achieve these goals, Hanoi has proposed that central authorities continue to refine guiding decrees, support the development of a new Capital Law, and prioritize resources for strategic infrastructure projects, particularly urban railways and ring road systems.

With strong political determination and the consensus of the entire political system and the public, Hanoi affirmed its commitment to turning special mechanisms and policies into tangible development outcomes and making a worthy contribution to national construction and development in a new era of strong, prosperous and sustainable growth.