Hai Phong makes breakthroughs in economic development
Hai Phong’s economic outlook in the first half of 2025 continued to show remarkable highlights, reaffirming its position as one of the country’s leading growth engines.
Impressive figures
The 3rd Meeting of the APEC Business Advisory Council (ABAC III), held in Hai Phong from July 15 to 18, was not only a key diplomatic event but also a milestone showcasing the city’s new stature in the process of regional and global economic integration.
Entrepreneur Dang Thanh Tam, a member of ABAC Vietnam, stated that ABAC III delegates were highly impressed with Hai Phong’s modern and well-synchronized infrastructure, as well as the city’s potential and strengths, especially after its merger with Hai Duong province.
With strong commitments from the city leaders and special mechanisms, Hai Phong will become an attractive destination for leading enterprises seeking investment and business opportunities.
Chairman of the Hai Phong Logistics Association Tran Tien Dung emphasized that in recent years, Hai Phong has asserted its vital role in economic development and trade. As the gateway to the North, Hai Phong is now expanding eastward, creating development space and momentum, opening significant opportunities for attracting investment in the near future.
According to a mid-year report by the city Party Committee, the city’s Gross Regional Domestic Product (GRDP), calculated at 2010 constant prices, was estimated at over 209.668 trillion VND, up 11.2% compared to the same period last year. This impressive figure ranked Hai Phong second nationwide in economic growth rate. Following the merger, Hai Phong proudly becomes the third-largest economy in the country by scale.
All economic sectors recorded positive growth, including agro-forestry-fisheries, valued at about 10.5823 trillion VND, and industry and construction, the main driving force, reaching approximately 116.2031 trillion VND, up 4.28% and 12.84% year on year, respectively.
The city’s Index of Industrial Production was estimated to increase by 14.6%. The service sector also showed a solid recovery and growth, estimated at 69.1668 trillion VND, up 9.89%. Product tax minus product subsidies approximated to 13.716 trillion VND, a rise of 9.95%.
Another standout highlight was the State budget revenue that exceeded 100 trillion VND. Of this, domestic revenue reached over 58.383 trillion VND, up more than 37% against the same period last year. This figure not only surpassed the estimate but also reflected the city’s internal economic vitality post-merger, confirming Hai Phong’s favorable and highly rated business environment.
Domestic investment attraction also surged, estimated at 291.5 trillion VND, in which the former Hai Phong city alone accounted for approximately 276.945 trillion VND, more than 12 times higher than the same period last year.
Industry and infrastructure continued to play a pivotal role in the city’s growth trajectory. In the first six months of the year, the city completed procedures for establishing eight new industrial parks, raising the total to 40 parks with a combined area of about 11,208 hectares. Two new industrial clusters were also established, bringing the total number of clusters in the city to 79, covering more than 3,837 hectares.
Determination to sustain growth momentum
Hai Phong targets a GRDP growth rate of at least 12.35% for the entire year 2025.
In the coming period, the city will focus on finalizing the implementation plan for the National Assembly’s Resolution No. 226 on piloting several special mechanisms and policies for Hai Phong’s development. It will also complete proposals for establishing a new-generation Free Trade Zone and a Specialized Economic Zone for submission to competent authorities for approval.
Hai Phong will review and adjust master plans in accordance with regulations, refine financial and budgetary mechanisms to align with its two-tier local government model, focusing on clearly defining revenue sources and spending responsibilities at each level...
With the unity and determination of the entire Party and authorities, Hai Phong is expected to continue its breakthrough growth and successfully fulfill its tasks to lay a solid foundation for sustainable development in the years ahead.
LAN NGUYEN