Hanoi's industrial and service sectors set ambitious targets for 2025

Hanoi's Department of Industry and Trade has set ambitious economic growth targets for 2025, with a projected 6.95% increase in industrial value-added, 5% in exports, and 9% in retail sales and service revenue.

A report from the department revealed a robust recovery in industrial production throughout 2024, with consistent quarter-on-quarter improvement.

This positive trend was reflected in year-on-year growth across all four Tier 1 industrial sectors and a substantial increase in key export orders.

The industrial sector's value added is estimated to have grown by 6.2%, contributing 0.82 percentage points to the overall 6.52% GRDP growth and accounting for 12.6% of total GRDP of the capital city.

The Index of Industrial Production (IIP) also saw significant growth, rising an estimated 5.9% compared to 2023. Product consumption further fueled this growth, increasing by 8.2%, with particularly strong performance in machinery and equipment (30%), textiles (29.3%), and pharmaceuticals, chemicals, and medicinal materials (18.7%).

The service sector remained a key driver of the city's economic growth in 2024, contributing 4.72 percentage points to its 6.52% GRDP growth. The sector's value added increased by an estimated 7.14% compared to 2023, representing 72.4% of the total GRDP.