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Hanoi economic growth and financial reform

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2026-09-14 01:44 UTC → 2026-09-14 05:16 UTC · added ~~removed~~

Hanoi has established ambitious economic objectives for the 2026-2030 period, initially targeting an average annual GRDP growth rate of at least 11%. To achieve this, experts have advocated for administrative reforms to act as a direct economic policy, specifically by reducing processing times for investment, land, construction, and environmental procedures to create financial resources for businesses. As the period progresses, the focus has expanded to include mobilizing non-budgetary resources to meet heightened growth projections, including a targeted 13.44% increase for the second half of the year. While the city has seen positive socio-economic growth, including significant state budget revenue and high levels of Foreign Direct Investment, officials have identified persistent bottlenecks. These include difficulties for eligible businesses to access credit and a lack of timely connections between suitable capital and investment projects. Consequently, authorities are working with the State Bank of Vietnam to resolve procedural hurdles and ensure capital effectively reaches the production sectors. Recent efforts to mobilize credit have materialized through specific infrastructure financing agreements. National Citizen Bank (NCB) has signed a cooperation agreement with North Hanoi Infrastructure and Urban Investment Co., Ltd. to finance a road connecting Gia Binh Airport to Hanoi. Simultaneously, the Ministry of Finance has sought to bolster international investor confidence by hosting the Vietnam Capital Market Day 2026 in London in collaboration with the London Stock Exchange. Furthering these efforts, a conference organized by the Hanoi People's Committee and the State Bank of Vietnam has resulted in multiple agreements between major banks—including Agribank, Vietcombank, and BIDV—to fund key infrastructure, urban, and green transition projects, such as transport links and electric bus transitions. On a broader scale, the Vietnamese banking sector is seeing increased interest from foreign capital, with institutions like VPBank and HDBank securing significant international loans and social or green bonds.

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