Vice Chairman of the Hanoi People's Committee Truong Viet Dung on September 3 received a delegation from H&M Group led by Saed El-Achkar, Regional Managing Director for East Asia and China.

The visit was a courtesy call to discuss potential cooperation opportunities in Hanoi.

Welcoming the delegation, Vice Chairman Dung praised H&M's products and expressed hope that the group would soon expand its presence in Hanoi.

Sharing an overview of Hanoi's economy, he said the city's GDP currently stands at US$61 billion, and if it achieves a growth rate of 8.5% in 2025, the figure will reach $64 billion. Average per capita income is $7,200.

City budget revenue so far this year has reached around VND475 trillion ($18 billion), equivalent to 92% of the annual plan, and is expected to surpass 130% by year's end.

These figures, he stressed, highlight the city's strong purchasing power and the growth potential for businesses.

He also noted that with a population of about 10 million, Hanoi has a particularly promising retail and fashion market.

During the five peak days marking the 80th anniversary of the August Revolution and National Day, the city welcomed about 2.1 million visitors, generating around VND4.5 trillion ($170.5 million) in revenue – clear evidence of robust consumer demand.

The Vice Chairman added that Hanoi is focusing on developing its digital economy, building digital technology parks and zones, and investing in logistics infrastructure.

He said these initiatives would create favorable conditions for H&M's investment plans.

Thanking Hanoi's leadership for the information, Saed El-Achkar said this was his first visit to Vietnam, and he was impressed to witness the anniversary celebrations, calling it a wonderful event.

He shared that after nearly 20 years in Vietnam, H&M currently operates 14 stores and related facilities, alongside online business and production activities.

Confirming Vietnam as a key strategic market in the region, he said the group aims to expand in Hanoi, including opening a flagship store and broadening its digital business system.

He hoped for guidance and support from city authorities to realize this goal.

Vice Chairman Dung welcomed these ideas and gave several recommendations, particularly regarding H&M's plan to develop digital business platforms.

He emphasized that this aligns with Hanoi's development direction and called for early cooperation in this field.

Expressing confidence in fruitful cooperation between H&M and Hanoi, Dung affirmed that the city government will support and accompany the group in its investment and business expansion.

The two sides also discussed several issues of mutual interest during the meeting.