Hanoi’s socioeconomic highlights in 2023

Outstanding results

Since the beginning of 2023, Hanoi has concentrated on developing its socioeconomic infrastructure, especially in the fields of transport, education and healthcare, preserving historical relics, promoting institutional improvements and improving the quality of human resources.

Many plans for Hanoi’s development have been approved - photo: Giang Huy

Hanoi People’s Committee Vice Chairman Le Hong Son said that the capital fulfilled 18 out of 23 socioeconomic targets set for 2023. Of those, three targets were exceeded, including poverty reduction, urban wastewater treatment, and the number of public schools meeting national standards. Hanoi’s budget revenue reached more than VND400.4 trillion, exceeding projection by 13.5 percent.

The growth of foreign trade decreased mostly due to global supply chain disruptions and the decline of demand in major markets. In 2023, Hanoi’s export value was estimated to reach US$17.30 billion, up one percent compared with 2022 (in 2022, the export value grew by 10.3 percent); the import value reached US$44.17 billion, up eight percent (in 2022, the growth was 11.6 percent).

Despite difficulties, Hanoi’s 2023 socioeconomic indexes were higher than the country’s average levels. In the first nine months, its GRDP grew by 6.08 percent while that of the whole country grew by 4.24 percent. Hanoi’s 2023 GRDP grew by an estimated 6.27 percent compared with 2022.

While trade and services grew at a double-digit rate, the agricultural sector also maintained its stable growth and continued to be a major pillar of Hanoi’s economy. The consumer price index (CPI) was under control (1.51 percent) and lower than the country’s average (3.2 percent). The investment in development rose by nine percent against the projection of 10.5 percent, while the establishment of new businesses increased. In the first 10 months, Hanoi attracted more than US$2.6 billion of foreign direct investment (FDI). The capital has intensified investment in education, healthcare and the preservation of historical relics.

To promote the recovery and development of companies, cooperatives and household businesses, in 2023 Hanoi applied a policy offering them a 30-percent discount of land and water surface rents.

The capital continued to upgrade its urban infrastructure. The construction of Ring Road No.4 in the Hanoi Capital Region was accelerated. The public transport network was reorganized. Stagnant projects were inspected and dealt with thoroughly.

Tightening discipline, highlighting responsibility

Vice Chairman Le Hong Son also pointed out problems hindering Hanoi’s efforts to achieve its GRDP growth target of seven percent set for 2023. However, the encouraging results it achieved in 2023 are expected to pave the way for the capital to fulfilling its socioeconomic development plan for 2024.

Major socioeconomic development targets for 2024 include the GRDP growth rate of 6.5-7 percent, per-capita GRDP of VND160-162 million, investment in development to increase by 10.5-11.5 percent, total export value to grow by 4-5 percent, and the CPI to be kept under four percent.

To achieve these targets, Hanoi will reorganize administrative units at the district and commune levels while promoting decentralization to give them the authority to deal with appropriate procedures. The capital will accelerate administrative reforms and digital transformation, especially the digitization of data on land.

At the same time, Hanoi will concentrate on implementing the amended Capital Law, the development plan of Hanoi for the 2021-2030 period, with a vision to 2050, and the capital’s general plan to 2045, with a vision to 2065. A series of events will be organized to celebrate the 70th anniversary of Hanoi’s Liberation Day, October 10