Hanoi Moïi newspaper, citing the Hanoi Capital Master Plan, reports that Hanoi is poised to become a regional and international hub for trade and modern services.
The city aims to enhance trade, logistics, finance, urban services, public services, and a vibrant night-time economy, all while promoting sustainable tourism and maintaining a competitive edge through the adoption of cutting-edge technology.
Emphasis is placed on strengthening connections between Hanoi’s commercial and service activities and those of other regions across the country via economic corridors and belts.
As outlined in the master plan, this involves developing comprehensive and modern financial, banking, and insurance services, coupled with the establishment of domestic and international commodity trading centers. This development leverages high-speed, secure information technology infrastructure, a robust digital ecosystem, multi-modal connectivity, cashless payments, and intelligent financial services.
A key aspect of this vision is the development of a financial and banking center in the Hoan Kiem district. After 2030, an additional complex for international finance, banking, trade, and services is planned along the Nhat Tan – Noi Bai axis.
Hoan Kiem district is bordered to the north by Ba Dinh district, with Hang Dau street serving as the boundary; to the east by the Red River and the outer dike area from Phuc Tan – Long Bien market to Van Kiep street; to the south by Hai Ba Trung district, delineated by Han Thuyen – Le Van Hieu – Nguyen Du streets; and to the west by Ba Dinh and Dong Da districts, separated by Ly Nam De street and the Hanoi Railway Station area.
Despite its modest size of just 5.29 square kilometers (smaller than West Lake’s 5.3 square kilometers), Hoan Kiem is a bustling, highly developed, and prestigious area in the capital city.
It serves as the administrative, economic, and cultural center of Hanoi, hosting significant transportation hubs for rail, water, and road networks. The district is also a frequent host of important 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’s economy has experienced high and sustainable growth, with a shift in economic structure toward an increased proportion of services, trade, and tourism (accounting for over 98% in 2019).
The district has consistently exceeded Hanoi’s annual state budget revenue plans. In 2021, Hoan Kiem ranked second among the city’s districts and counties in state budget revenue, collecting VND 14,008 billion. This positive trend continued in 2022, with a total state budget revenue of VND 14,732 billion, representing 131% of the estimate and a 5.2% increase from the previous year.
2024: Hoan Kiem District Collects Nearly VND 22,000 Billion in State Budget Revenue
In 2023, Hoan Kiem district was considered for merger due to not meeting the area criteria. However, the Hanoi People’s Committee cited several reasons for keeping the district intact, including its status as the administrative, political, economic, and cultural center of Hanoi.
The district has a stable administrative boundary established before 1945 and boasts a rich historical and cultural heritage, intertwined with the history of the ancient cities of Dai La, Thang Long, and Dong Do.
The planning around Hoan Kiem Lake, a unique and historic area, is divided into three main zones: the Old Quarter, the Ho Guom and its environs, and the Old City. This configuration has remained unchanged since 1990, preserving the area’s distinctive character.
In recent years, Hoan Kiem’s economy has consistently achieved high growth rates, with a predominant focus on trade, tourism, and services.
In 2024, the district achieved 17 out of 18 targets set by the People’s Council, surpassing 8 of them. 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. The district’s budget revenue is estimated at VND 2,296.21 billion, equivalent to 151.2% of the city’s assigned estimate and 110.5% of the district’s assigned estimate.
Looking ahead to 2025, Vu Dang Dinh, Secretary of the District Party Committee and Chairman of the People’s Council of Hoan Kiem, affirmed that the district will continue to improve the business investment environment. Comprehensive measures will be implemented to develop trade and services, promote tourism, and enhance the district’s traditional craft streets. Efforts will be made to exceed the state budget revenue target for 2025.
The Hanoi District with a Nearly VND 22,000 Billion Annual Budget Aspires to Become a Financial Hub
“Embarking on a journey to revolutionize the financial services landscape, we envision a comprehensive and modern approach to banking and insurance. Our mission is to create a dynamic and innovative environment that empowers individuals and businesses to thrive. With a customer-centric focus, we strive to offer tailored solutions that meet the diverse needs of our clients, ensuring their financial aspirations are not just met but exceeded.”
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