Hanoi's economy grows 7.92% in 9 months, eyes double-digit expansion

THE HANOI TIMES — Hanoi’s economy grew 7.92% in the first nine months, setting the stage to surpass 8% this year and aim for double-digit growth ahead, according to the Hanoi statistics office.

The city’s Gross Regional Domestic Product (GRDP) in the third quarter of 2025 was estimated to grow by 8.2% compared to the same period last year.

By sector, services expanded 8.83%, industry and construction rose 7.35%, agriculture, forestry and fisheries increased 3.89%, while product taxes less subsidies grew 6.62%.

“Despite ongoing challenges in the global, regional and domestic economy, including weak market demand and sluggish industrial recovery, Hanoi’s GRDP growth in the first nine months outpaced last year’s 6.33%,” stated the report.

Growth showed steady quarterly improvement, with increases of 7.52% in Q1, 8% in Q2, and 8.2% in Q3, marking an encouraging upward trend, it added.

A highlight in the nine-month performance was state budget revenue, which reached VND500 trillion (US$19.7 billion), equivalent to 97.3% of the annual target and up 32.5% year on year.

Retail sales and consumer service revenues in Q3 rose 14% from a year earlier, bringing the nine-month total to VND702.2 trillion (US$27.7 billion), up 12.9%.

In Q3, Hanoi hosted the military parade and celebrations marking the 80th anniversary of the August Revolution and National Day, along with large-scale cultural and artistic events. These festivities drew domestic and international visitors, boosting tourism, retail and services.

Industrial production also maintained positive momentum despite global uncertainties. The Industrial Production Index (IIP) in Q3 rose both quarter-on-quarter and year-on-year. For the first nine months, the IIP grew 6.7%, with manufacturing and processing up 6.9%, making it the standout segment in industry.

Comprehensive economic performance

At the National Conference on Public Investment Promotion on September 17, Hanoi Chairman Tran Sy Thanh reaffirmed the city’s commitment to effective disbursement of public investment to sustain growth.

Public development investment rose 10.7% year on year in the first nine months, with locally managed state budget investment reaching VND59.5 trillion (US$2.35 billion), the highest nationwide, up 31.1%.

Thanks to ongoing improvements in the investment climate, Hanoi attracted US$3.9 billion in FDI during the nine-month period, nearly triple last year’s figure. The city also licensed 3,063 new businesses, up 58.7%, with registered capital of VND31.8 trillion (US$1.25 billion), up 90.1%.

Overall, nearly 25,000 new businesses were licensed with total registered capital of VND271.7 trillion (US$10.7 billion), representing year-on-year increases of 10.5% in number and 30.8% in capital.

Despite complex geopolitical tensions, rising trade frictions and stricter environmental standards, Hanoi’s trade continued to expand.

The city’s total trade turnover reached US$50 billion in the first nine months, up 13.7%, with exports up 12.1% and imports up 14.5%. Tourism also rebounded strongly, with 5.5 million visitors in the same period, a 22.1% increase.

Head of the Banking – Finance Department at Nguyen Trai University Nguyen Quang Huy highlighted Hanoi’s comprehensive and sustainable performance.

According to Huy, GRDP grew 7.92% with consistent quarterly improvement, budget revenues exceeded expectations, FDI nearly tripled, and retail and services expanded strongly.

“Together, these trends provide a stable macroeconomic foundation and long-term growth potential. Hanoi’s economy is not only expanding in scale but also transforming in quality,” said Huy.

Strong fiscal revenues, selective FDI, effective public investment, and dynamic domestic consumption are shaping a balanced and resilient growth ecosystem.

Looking ahead, the expert stressed the need for Hanoi to concentrate resources on accelerating public investment disbursement, particularly for major infrastructure projects such as the Ring Road 4, Metro Line 2 (Nam Thang Long–Tran Hung Dao), Metro Line 5 (Van Cao–Hoa Lac) and new Red River bridges.

The city is also advised to improve the business environment, advance administrative reforms linked to digital transformation and upgrade online public services.

In parallel, timely policy support through credit incentives, tax and land fee reductions, and trade promotion will be key to sustaining growth momentum, he noted.