Hanoi budget revenues soar nearly 70%
The city is improving the investment climate, promoting the growth of enterprises, particularly the private sector.
THE HANOI TIMES — In the first quarter of 2025, Hanoi’s total state budget revenue reached approximately VND250.1 trillion (US$10 billion), achieving 49.5% of the annual target and rising 69.3% year-on-year.
Locals at the Hanoi Department of Taxation. Photo: Nhat Nam/The Hanoi Times
Director of the Hanoi Department of Finance Nguyen Xuan Luu announced the results during a meeting with the Hanoi National Assembly Delegation on April 25.
Luu added that in line with the government's resolution to achieve a growth rate of 8% or more this year, the Hanoi People's Committee has issued an action program with 25 indicators, 97 key tasks and solutions, and 95 specific tasks.
To accomplish these objectives, Hanoi reorganized and streamlined the structure of specialized agencies, administrative organizations, and public service units within the government. Following the restructuring, the municipal People's Committee issued decisions to adjust the 2025 state budget estimates for relevant agencies and units.
Hanoi's gross regional domestic product (GRDP) grew by 7.35% in the first quarter, with the service sector expanding by 8.34%, 1.35 times higher than the same period last year, the industrial sector growing by 5.36%, and the construction sector by 5.9%, both better than the previous year.
FDI inflows into Hanoi totaled more than US$1.4 billion, up 48.2% year-on-year, reaching 47.2% of the full-year target. The market remained stable, with the Consumer Price Index (CPI) rising by an average of 2.75%, well within the controlled threshold of below 5%. Hanoi also welcomed 1.83 million visitors, up 18.69%; international arrivals reached 1.321 million, up 17.29%.
The city is accelerating the implementation of key infrastructure projects. After more than a year of construction, the Ring Road No. 4 - Capital Region project is gradually taking shape, with 14.9% of the planned investment disbursed. Meanwhile, the disbursement of funds for the Ring Road No. 1 - Hoang Cau - Voi Phuc (Phase 1) project has reached 50.9% of the investment plan.
Investment procedures are being expedited to start the construction of Tu Lien, Tran Hung Dao, and Ngoc Hoi, the three new bridges over the Red River, by 2025. In addition, the Yen Xa Wastewater Treatment Plant will start trial operation in the first half of the year.
In particular, Hanoi is promoting a "green lane" mechanism for administrative procedures, requiring that applications for major infrastructure projects be processed within 24 hours of submission.
The city also supports the piloting of breakthrough and special mechanisms aimed at simplifying and accelerating administrative procedures through "green lane" solutions, Luu said.
In addition, Hanoi plans to start construction of the Tu Lien Bridge on May 19, 2025; the Tran Hung Dao Bridge on October 10, 2025; and the Ngoc Hoi Bridge on the occasion of the 14th National Party Congress. Efforts are also underway to speed up the investment procedures for Metro Line 5 (Van Cao - Hoa Lac).
