In the past year, a series of tourism promotion activities, domestic tourism stimulus programmes, and large cultural and tourism festivals organised by Hanoi have created a strong ripple effect, attracting visitors to the capital city. The city’s tourism sector not only made a strong recovery but also experienced a spectacular breakthrough, solidifying its position as an attractive destination in the region.
It is estimated that 27.86 million visitors came to Hanoi, including 6.35 million international visitors, accounting for over a third of the total number of international visitors to Vietnam. Revenue from the tourism sector reached 110.52 trillion VND, growing 18.3% compared to 2023.
Nguyen Hong Minh, Deputy Director of Hanoi Municipal Department of Tourism
In addition to the tourism sector, most of Hanoi’s economic fields achieved remarkable results in 2024. The city’s GRDP growth in 2024 is estimated at around 6.52% (compared to 6.27% in 2023). The scale of the economy is approximately 58 billion USD. The balance between revenues, expenditures, and investment funds for development has been secured. Total state budget revenue is expected to exceed 500 trillion VND, an increase of more than 120% compared to 2023. Exports have strongly recovered, reaching 19.4 billion USD, up 16.7%. Foreign direct investment is expected to exceed 2 billion USD.
Economic sectors continue to develop in line with growth model innovation. Industry and construction grew by 6.21%, agriculture by 2.52%, and services by 7.14%. In 2024, the city saw over 27,000 new businesses registered, with total registered capital exceeding 276 trillion VND. Total retail sales of goods and consumer service revenue reached over 881 trillion VND, up 10.5%.
Nguyen Kie Oanh, Deputy Director of Hanoi Municipal Department of Industry and Trade, stated that thanks to measures to ease difficulties for businesses and promote production and business activities, Hanoi’s industrial production, trade, and export sectors continued to recover positively in 2024.
The city has made significant efforts to improve the investment environment, reform administrative procedures linked with digital transformation, and gradually establish industrial cluster connections in priority sectors with competitive advantages, specialisation, and high value in the production chain. These efforts have led to positive changes in business and production activities.
Mac Quoc Anh, Vice President and Secretary-General of the Hanoi Association of Small and Medium Enterprises, emphasised that over 400,000 businesses in the city have made efforts to overcome challenges, contributing to the city’s economic growth. The business community hopes the city will continue to implement synchronised solutions to remove difficulties for enterprises and business households. Additionally, there is a strong desire for breakthroughs in administrative reforms, with a modern public service system and government officials who truly serve businesses and citizens. There is also a call for increased activities in outreach and dialogue.
The successes of 2024 will provide momentum and an important foundation for Hanoi to enter 2025 with new tasks, objectives, and plans. The city has set specific targets for 2025, including a 6.5% or higher growth rate for GRDP, per capita GRDP reaching approximately 172.4 million VND, at least a 10.5% increase in investment capital and 5% or higher growth in export turnover. By the end of 2025, Hanoi aims to eliminate poverty in the city.
Ha Minh Hai, Vice Chairman of Hanoi Municipal People’s Committee, stated that the city’s primary task for 2025 is to focus on economic development, striving to achieve the highest growth targets, control inflation, and ensure the stability of the economy.
Hanoi is determined to accelerate and renew traditional growth drivers such as investment, consumption, and exports, ensuring supply and boosting product consumption. The city will continue reviewing investment projects, resolving difficulties for businesses, promoting consumption, and driving exports. Additionally, Hanoi aims to accelerate digital transformation, develop the digital economy (especially e-commerce), night economy, and urban economy.
The city is committed to concretising the revised Capital Law, adopting innovative solutions, and effectively promoting GRDP growth. Hanoi will focus on developing new economic models to enhance the region's role as a growth driver for the Red River Delta, the Northern Key Economic Region, and the whole country.
Hanoi will expedite the implementation and disbursement of public investment capital and leverage private funding for development investments. The city will prioritise ensuring the quality and progress of major projects and key works with high breakthrough potential and broad impact, creating new production capacity for the economy.
Vice Chairman Ha Minh Hai stressed: “The city will continue to improve the investment and business environment, enhance administrative reforms linked with digital transformation, and improve the quality of online public services to facilitate the development of businesses and production.”
