Attending the conference were Vu Dai Thang, Party Central Committee member, Deputy Secretary of the Hanoi Party Committee, and Chairman of the Hanoi People’s Committee; Deputy Minister of Finance Cao Anh Tuan; Standing Committee member of the Hanoi Party Committee and Vice Chairman of the Hanoi People’s Committee Nguyen Xuan Luu; and Director of the State Treasury Tran Quan, along with leaders of relevant agencies.

Delegates at the event. 

Budget maintains balance to support development

Reporting on behalf of the city’s finance and banking sector, Vu Trung Thanh, Deputy Director of the Hanoi Department of Finance, said that in 2025, Hanoi’s fiscal and budget work recorded many notable results. Total state budget revenue collected in the city reached VND704.579 trillion (US$28.2 billion), equivalent to 137.1 percent of the estimate and up 37.1 percent year on year.

Vice Director of the Hanoi Finance Department Vu Trung Thanh. 

Of this total, domestic revenue amounted to VND662.281 trillion (US$26.5 billion), revenue from imports and exports reached VND38.897 trillion (US$1.56 billion), and crude oil revenue stood at VND2.483 trillion (US$99 million).

Local budget expenditure reached VND155.734 trillion (US$6.23 billion), up 46 percent from the previous year. Development investment spending totaled VND85.038 trillion (US$3.40 billion), equal to 101.6 percent of the target assigned by the Government, while recurrent expenditure reached VND70.544 trillion (US$2.82 billion).

With these results, the city’s budget basically ensured balanced resources for socio-economic development, social security, and the operations of all levels and sectors.

To achieve these outcomes, financial agencies closely followed directions from the central government and the city's leadership and implemented coordinated measures in budget revenue and expenditure management. 

Revenue administration was strengthened through administrative reform, information technology application, inspections to prevent revenue losses and tax fraud, customs modernization to facilitate imports and exports, and the removal of bottlenecks related to land auctions, land use rights, and financial obligations. 

Regional State Treasury I accelerated revenue modernization, expanded dedicated collection accounts, and ensured timely consolidation and accounting of revenues.

Deputy Minister of Finance Cao Anh Tuan. 

In expenditure management, the budget was administered strictly and efficiently, in line with financial discipline and order. Public investment disbursement was accelerated, with many major projects launched and completed. Spending control and budget accounting ensured absolute safety of state funds and assets, with 100 percent of budget-using units conducting transactions through the public service portal.

Banking activities in the city grew safely and effectively. Total mobilized capital and outstanding credit both increased, while non-performing loans remained at 1.6 percent. The city’s Social Policy Bank disbursed more than VND5 trillion (US$200 million) to support job creation, while the Hanoi Development Investment Fund disbursed VND241.53 billion (US$9.66 million), contributing to development investment.

Looking ahead to 2026, Thanh said Hanoi has been assigned a state budget revenue target of VND650.111 trillion (US$26.0 billion) and local budget expenditure of VND236.0915 trillion (US$9.44 billion). 

Financial agencies will continue to implement fiscal and budget tasks decisively from the start of the year, striving to meet and exceed assigned targets, and ensure resources for the capital’s development.

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

Hanoi targets double-digit growth in 2026

Speaking at the conference, Deputy Minister of Finance Cao Anh Tuan congratulated Hanoi on its outstanding performance in 2025, and thanked the city leadership and departments for their close coordination with the finance sector in implementing comprehensive measures from revenue collection to disbursement.

He noted that Hanoi’s budget revenue has now exceeded VND700 trillion (US$28.0 billion), the highest in the country, reflecting significant effort. Hanoi continues to affirm its role as a growth engine for the Red River Delta, and an increasingly important contributor to the national budget.

Vice Chairman of the Hanoi People’s Committee Nguyen Xuan Luu also praised the achievements of the city’s finance sector in 2025, saying these results made an important contribution to the capital’s socio-economic development.

Delegates at the event. 

He said that despite organizational restructuring, financial agencies remained unified and determined in carrying out revenue and expenditure tasks in support of development. Hanoi initially set a growth target of 6.5 percent for 2025, which was later adjusted to 8 percent following government guidance. The city has now recorded growth of over 8 percent.

As Hanoi enters 2026 with a target of double-digit economic growth, the tasks ahead will be demanding. Luu said the Hanoi finance sector will fully absorb guidance from the Ministry of Finance, the city Party Committee, and the People’s Committee, and strive to successfully fulfill all socio-economic development targets.

On this occasion, Chairman of the Hanoi People’s Committee Vu Dai Thang presented certificates of merit from the Hanoi People’s Committee to six collectives from the city’s finance sector in recognition of their outstanding performance.