Hanoi: Vibrant and deeply historical city

Hanoi is a wonderful, vibrant, and deeply historical city, that has shown remarkable economic growth and is increasingly attractive to foreign traders and investors as a center of commerce. As Vietnam’s political capital, Hanoi has traditionally been known for culture, history, and political governance, with its economic prowess less well known. However, it was no mistake that Emperor Ly Thai To decided in 1010 to situate Vietnam’s new capital, Thanh Long, on the banks of the Red River. This location provided the city that would later become Hanoi with ample access to trade routes along the Red River and the rich economic basket of the Red River delta. Hanoi is continuing to benefit from its strategic and favorable geographic location and there is growing interest from Australia, and countries around the world, in Vietnam as an economic partner.

Australian Ambassador to Vietnam Andrew Goledzinowski.

Since the boundaries of Hanoi were expanded in 2008, Hanoi has posted economic growth above the national average. This included in 2022 when, following the difficulties of Covid-19, the city rebounded strongly posting stunning economic growth of 8.89%. In addition to favorable geography, Hanoi’s investments in infrastructure and its highly skilled workforce are drawing businesses to the city, and investors are increasingly choosing Hanoi and northern Vietnam as preferred investment destinations. The Red River Delta region is now attracting more investment than any other area in Vietnam and in 2021 northern Vietnam attracted 48% of all investment flows into Vietnam.

Australia warmly values our friendship and deep connection with Hanoi, including as one of the first countries to establish a diplomatic presence here following the Paris Peace Accords in 1973. Since that time we have shared in Hanoi’s economic development and celebrated significant milestones such as when Hanoi became a UNESCO ‘City of Peace’ in 1999. Australian businesses have contributed strongly to Hanoi’s development, and just this May I was pleased to join our Prime Minister, the Hon Anthony Albanese, at the RMIT University’s Hanoi campus for the announcement of RMIT’s new AUD250 million (US$162 million) strategic investment in Vietnam. There are significant opportunities to build on our already strong relationship to increase trade and investment. This includes in important areas such as energy transition, digital transformation, education, and professional services. As Australia and Vietnam mark our 50th Anniversary of Diplomatic Relations this year, we are pleased to also be celebrating with the city of Hanoi and toasting many years of partnership still to come.

Australian Ambassador to Vietnam Andrew Goledzinowski

Hoan Kiem Lake, an iconic lake in Hanoi. Photo: Khanh Huy/The Hanoi Times