This information appears in the explanatory report for Hanoi's 100-year master plan, currently gathering public feedback. Hanoi identifies trade and services as one of three key sectors for the capital's economic development, alongside industry - construction and agriculture.
In the financial services sector, Hanoi aims to become a national financial center, developing financial services with regional and international reach. Accordingly, the financial center in Hanoi will comprise two components.
The first component is the Hoan Kiem financial center and its commodity trading ecosystem, planned from now until 2030. Specifically, Hoan Kiem ward will serve as the core of Hanoi's financial center.
The city will prioritize suitable spaces and locations to attract major financial organizations to continue establishing their headquarters in this area. Currently, Hoan Kiem hosts the State Bank of Vietnam and many leading domestic banks and securities companies.
Additionally, Hanoi plans to develop the Hanoi Financial Center Exchange into a commodity exchange, featuring a controlled information system, registered transaction connections, and appropriate operating mechanisms.
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Headquarters of the State Bank of Vietnam in Hoan Kiem ward, Hanoi. *Photo: Giang Huy*
After 2030, the capital's financial center will establish its second component in the north, along the Nhat Tan - Noi Bai axis, complete with an international commodity trading ecosystem. This area offers good transportation links and can attract the headquarters of international financial organizations and corporations. The northern financial center will feature a smart infrastructure system for operational management and commercial agreements to provide comprehensive digital financial services.
During a working session with the Standing Committee of the Hanoi Party Committee mid-last year, General Secretary To Lam requested the capital to benchmark Hanoi residents' income against the region by 2035-2045. He also called for developing high-tech zones and financial centers in harmony with Ho Guom (Sword Lake) and the Old Quarter.
In the 100-year master plan, Hanoi targets an economic growth rate exceeding 11% annually from now until 2030. Consequently, Hanoi's Gross Regional Domestic Product (GRDP) could reach 113 billion USD by 2030, with per capita GRDP exceeding 12,000 USD.
The capital anticipates maintaining this double-digit GRDP growth rate until 2045. GRDP could sequentially reach 200 billion USD and 640 billion USD by 2035 and 2045, respectively. Correspondingly, per capita GRDP could reach 18,800 USD and 42,000 USD. By 2065, Hanoi projects per capita GRDP to be approximately 92,000 USD.
Anh Tu
