On January 14, Nguyen Xuan Luu, member of the Standing Board of the Hanoi Party Committee and Vice Chairman of the Hanoi People's Committee, reported on Hanoi's socio-economic development model based on science, technology, innovation and digital transformation, aligned with strategic solutions to drive double-digit growth.

At the 4th Meeting of the 18th Hanoi Municipal Party Executive Committee, Luu said that Hanoi shifted from administrative management to facilitative governance in 2025, fully leveraging special institutional advantages under the 2024 Capital Law and National Assembly Resolution 258/2025/QH15.

Key results included GRDP growth of 8.16%, exceeding the 8.0% target and higher than the 6.52% recorded in 2024, an economic scale of about US$63.5 billion and per capita income of $7,200.

Total social investment reached VND595 trillion ($22.6 billion). The city attracted $4.3 billion in FDI, with $1.44 billion disbursed. More than 32,000 new enterprises registered, up 12% year on year, with total registered capital of VND420 trillion ($16 billion), up 45% year on year.

Total import-export turnover reached $68 billion, up 11.6% year on year, including exports of $20.8 billion, up 8.4% and imports of $47.3 billion, up 13%.

Notably, state budget revenue totaled VND711 trillion ($27 billion), equal to 138.4% of estimates and up 38.4%, with domestic revenue accounting for 94%.

Public investment disbursement reached nearly VND90 trillion ($3.4 billion), or 107% of the plan, while total mobilized credit capital approached VND6.9 quadrillion ($262.6 billion), up 13%.

Hanoi also launched a series of strategic infrastructure projects, including the Red River landscape boulevard, the Olympic Urban Area, seven bridges across the Red River, urban railway lines and roads connecting Gia Binh Airport with the capital.

In the last four months of 2025, Hanoi waived tuition fees for preschool and general education, totaling VND1.24 trillion ($47.3 million) and provided nearly VND1.1 trillion ($41.8 million) to support semi-boarding meals.

In the final three months of 2025, the political system showed strong determination. The city accelerated site clearance, implemented special mechanisms under Resolution 258/2025/QH15 and announced an innovation ecosystem and full-process online public services, expected to reach 80% by June 2026.

Decentralization and delegation, coupled with digital transformation, have delivered clear results. The city has transferred 79 tasks from the municipal level to communes, raising the total number of commune-level state management tasks to 841 as of December 31, 2025, with plans to expand this to 938 in 2026.

Vice Chairman Luu said that under the 18th Hanoi Party Congress Resolution, targets for 2026 and the 2026–2030 period include annual GRDP growth above 11% and a 60% contribution of total factor productivity to growth.

The cultural industry is expected to account for 6% of GRDP in 2026 and 8% in 2030, while the digital economy is projected to reach 35% in 2026 and 40% in 2030. Total social investment will reach VND730 trillion ($27.8 billion) in 2026 and VND5 quadrillion ($190.3 billion) during 2026–2030.

GRDP is projected at $70.7 billion in 2026 and $113 billion in 2030, with per capita GRDP rising to $7,900 in 2026 and $12,000 in 2030.

To achieve these goals, Hanoi will implement 43 indicators and 92 key tasks, detailed by quarter, sector and locality.

For 2026, total social investment will reach VND730 trillion ($27.8 billion), including VND220 trillion ($8.4 billion) from the state, with VND126 trillion ($4.8 billion) for public investment, VND470 trillion ($17.9 billion) from private enterprises and residents and VND40 trillion ($1.5 billion) from foreign investment.

The city will also decisively implement special policies approved by the National Assembly under Resolution 258, remove bottlenecks and accelerate delayed land-use projects. If 50% of these projects resume, they could add about VND100 trillion ($3.8 billion) to the economy.

Hanoi has committed to expediting five major projects, including the Olympic Urban Area, the Red River landscape axis, Tran Hung Dao Bridge, the Gia Binh Airport connection road and Ring Road 4. These projects could contribute about VND243 trillion ($9.25 billion) in 2026.

In addition, the city will resolve public investment obstacles, apply new site clearance mechanisms for ring roads and radial corridors, fully implement decentralization and delegation in investment procedures to speed up progress and disbursement and establish three special financial mechanisms covering human resources, innovation and flexible capital use.

Vice Chairman Luu said Hanoi's development model targets double-digit growth while synchronizing economic, environmental and social pillars.

The model relies on knowledge, science and technology, AI integration, innovation, digital transformation and high-quality human resources.

Growth will focus on depth, with labor productivity and total factor productivity as core pillars, linked to institutional reform, investment climate improvement, innovation ecosystem development, growth poles and creative spaces.

Hanoi will develop a socialist-oriented market economy while ensuring social security, environmental protection and improved living standards. The city will tap new economic models, including green, digital, sharing, circular, night-time and silver economies.

Growth drivers for 2026–2030 include the innovation ecosystem, removal of institutional and policy bottlenecks, drafting a new resolution on capital development, amending the Capital Law, realizing the master plan with a 100-year vision and developing urban space under a multi-polar, multi-center cluster model.

The city will also improve the business and investment environment, attract FDI, develop the private sector, support small and medium enterprises and startups, strengthen the leading role of the state sector and form a financial center on the right bank of the Red River, a free trade zone and central business districts.

At the same time, Hanoi will train high-quality human resources by building university urban areas in Hoa Lac, Xuan Mai and Soc Son, promote smart healthcare, develop medical tourism and specialized hospitals, accelerate site clearance, remove delayed projects, study social housing mechanisms and develop multi-functional urban areas in eight directions.

Each commune and ward will develop its own economic development plan, leverage local strengths and join supply chains.

Hanoi is shaping a "high-speed, high-quality, smart and sustainable" growth model, with science and technology, innovation and cultural values as core drivers toward a modern, civilized and happy capital.

Vice Chairman Luu added that Hanoi has proposed continued central support to amend the Capital Law to strengthen decentralization and delegation.

The city needs outstanding special mechanisms for public finance management, land institutions and procedures for extremely large-scale investment projects.

It has proposed piloting a free trade zone linked with airports and international railways to attract global technology corporations and form an international financial center associated with the Red River space.

He also called for agreement on establishing a Capital Region Development Steering Committee and a Capital Region Development Fund, funded equally by the central government and Hanoi and neighboring provinces, to implement inter-regional investment projects such as environmental pollution treatment and connectivity infrastructure.