Hanoi Moïi newspaper, citing the Hanoi Capital Master Plan, reports that Hanoi is poised to become a regional and international hub for modern trade and services.
Trade, logistics, finance, urban services, public services, and a vibrant night-time economy fueled by sustainable tourism development are all part of this vision. Hanoi aims to enhance its competitiveness by leveraging cutting-edge technology.
Furthermore, the master plan emphasizes the importance of connecting the capital’s commercial and service activities with those of other regions across the country through economic corridors and belts.
According to the plan, this involves developing comprehensive and modern financial, banking, and insurance services, as well as establishing domestic and international commodity trading centers. This will be facilitated by a high-speed, secure IT infrastructure, a robust digital ecosystem, multi-modal connectivity, cashless payments, and smart financial services.
One of the specific orientations is to develop a financial and banking center in the Hoan Kiem district. After 2030, an additional complex of international financial, banking, commercial, and service centers will be established along the Nhat Tan – Noi Bai axis.
Hoan Kiem District is located in the north of Ba Dinh District, with Hang Dau Street serving as the boundary. It is bordered on the east by the Red River and the outer dike area from Phuc Tan – Long Bien Market to Van Kiep Street. The district’s southern boundary is defined by Han Thuyen, Le Van Hieu, and Nguyen Du Streets, which separate it from Hai Ba Trung District. To the west, it borders Ba Dinh and Dong Da districts, divided by Ly Nam De Street and the Hanoi Railway Station area.
Despite its modest size of only 5.29 square kilometers (smaller than West Lake’s 5.3 square kilometers), Hoan Kiem is one of the most bustling, developed, and expensive areas in the capital.
It serves as Hanoi’s administrative, economic, and cultural center, with important rail, water, and road transport hubs. It is also the site of significant political and cultural events for the city and the country.
The district is also home to numerous historical sites and intangible and tangible cultural heritage associated with the thousand-year history of Thang Long – Hanoi, attracting both domestic and international tourists.
In recent years, Hoan Kiem District’s economy has grown sustainably and rapidly, with a shift towards increasing the proportion of services, trade, and tourism (in 2019, this sector accounted for more than 98%).
The district has consistently exceeded the city’s annual state budget revenue targets. In 2021, Hoan Kiem ranked second among Hanoi’s districts and counties in state budget revenue, collecting VND 14,008 billion. In 2022, the district’s total state budget revenue reached VND 14,732 billion, representing 131% of the estimate and a 5.2% increase compared to the previous year.
2024: Hoan Kiem District’s State Budget Revenue Reaches Nearly VND 22,000 Billion
In 2023, Hoan Kiem District was considered for merger due to not meeting the area criteria. However, the Hanoi People’s Committee provided several reasons why the district should not be merged, including its status as the administrative, political, economic, and cultural center of Hanoi.
The district has a stable administrative boundary established before 1945 and a rich historical and cultural tradition associated with the formation of the ancient cities of Dai La, Thang Long, and Dong Do.
The planning around Hoan Kiem Lake, which includes the Old Quarter, the Hoan Kiem Lake area and its environs, and the Old Street, has been maintained as a distinct entity since 1990, reflecting its historical, cultural, and architectural heritage.
In recent years, Hoan Kiem District’s economy has consistently achieved high and sustainable growth, with a focus on trade, tourism, and services.
In 2024, the district achieved 17 out of 18 targets set by the District People’s Council, including exceeding 8 targets. State budget revenue collection was particularly successful. The total state budget revenue in the district is estimated at VND 21,845 billion, representing 117.1% of the estimate and a 33.48% increase compared to the previous year. Specifically, the district’s state budget revenue is estimated at VND 2,296.21 billion, which is 151.2% of the city’s estimate and 110.5% of the district’s estimate.
Moving forward, Vu Dang Dinh, Secretary of the District Party Committee and Chairman of the District People’s Council, affirmed that Hoan Kiem District will continue to improve the business and investment environment significantly. The district will implement comprehensive solutions to develop trade and services, promote and develop tourism, and enhance the quality and efficiency of traditional craft streets. Efforts will be made to surpass the state budget revenue target for 2025.
