Expectations go beyond high economic growth

Hai Phong’s socio-economic picture in the first eight months of 2026 continued to show many positive signals, with nine out of ten key targets either exceeding the projected scenario or recording encouraging results. These achievements not only point to positive momentum in the city’s economy but also provide a stronger foundation for Hai Phong to pursue its target of annual growth of 13% or higher in 2026.

The city’s socio-economic performance during the first eight months of 2026 is reflected not in a handful of isolated figures, but in relatively broad-based results across multiple sectors. Key industrial production continued to maintain its growth momentum, while trade, services, exports, tourism, and investment attraction in industrial parks and economic zones posted encouraging results. The goods market remained stable, with supplies of essential commodities and electricity for production and daily life adequately secured.

The city’s economy is therefore maintaining both production momentum and market demand. This is particularly important in a context where a high growth target requires contributions from multiple sectors, industries, and sources of resources.

The fact that nine out of ten key socio-economic targets either exceeded the projected scenario or delivered encouraging results further reinforces this assessment. Notably, state budget revenue collected in the city reached nearly VND147 trillion, equivalent to more than 75% of the assigned estimate and 22.5% higher than the eight-month revenue target.

Total export turnover reached US$42.2 billion, representing more than 81% of the annual target. Cargo throughput at the city’s ports exceeded 134 million tonnes, up 11.74% year on year and reaching 56.2% of the annual target. Tourist arrivals reached 12.7 million, surpassing the eight-month scenario target. Foreign investment attraction was estimated at nearly US$3.5 billion, 1.8 times higher than the same period last year. Some 5,400 new enterprises were registered, up 4.43% year on year and equivalent to nearly 72% of the annual target.

At the same time, the number of social housing units completed, the proportion of working-age people participating in social insurance, and the rate of investigation and clearance of criminal cases also recorded notable results.

From a growth perspective, these achievements provide a relatively comprehensive foundation. Industry continues to serve as a key pillar; exports and seaports play a vital role in connecting the city with international markets; tourism and services are expanding the city’s growth space; newly established enterprises are injecting fresh vitality into the economy; and social welfare policies are helping ensure a stable social foundation.

More notably, the city continues to allocate substantial resources to developing infrastructure, industrial parks and economic zones, port terminals, social housing, and key projects. These represent the “foundation” for long-term development, because today’s growth needs to be translated into development capacity for the years ahead.

The city’s conference on July 30 to announce the Prime Minister’s decisions on the Economic Zone and launch the Hai Phong Free Trade Zone marked a notable milestone in the process of expanding the city’s development space.

If implemented in a coordinated manner, the Free Trade Zone could create additional room for trade, logistics, manufacturing, services, and investment attraction. More importantly, it represents a shift toward seeking new growth drivers rather than relying solely on traditional advantages.

However, the target of annual growth of 13% or higher should not be assessed solely on the basis of achievements already recorded. High growth requires not only maintaining momentum but accelerating it. The final four months of the year will be a particularly critical “sprint.” This is the period when investment projects, industrial projects, infrastructure projects, and trade and service initiatives need to be accelerated, allowing mobilized resources to be converted into products, revenue, added value, while enabling businesses to make better use of market opportunities in the final months of the year.

This requires the entire political system and authorities at all levels to continue swiftly removing bottlenecks affecting production, business operations, and investment. In industry, the task is not merely to maintain the production pace of existing enterprises, but also to accelerate new and expansion projects and create additional production capacity. For seaports and logistics, Hai Phong needs to continue leveraging its position as an international gateway—not only to increase cargo throughput but also to raise the share of higher value-added services.

Tourism, trade, and the night-time economy should also be viewed as genuine sources of growth. When consumers spend more, tourists stay longer, and service businesses generate additional revenue, these activities make a direct contribution to economic growth.

In particular, businesses need to remain at the center of the city’s development strategy. The increase in newly established enterprises is encouraging, but more important is creating conditions for businesses to remain healthy, expand, and reinvest in the economy. A more open business environment, lower compliance costs, faster administrative procedures, and substantive government support can therefore generate a much stronger boost than short-term assistance measures.

Alongside economic growth, achievements in social housing, employment, social insurance, education, healthcare, social welfare, and administrative reform need to be maintained, continuously improved, and further enhanced in quality.

When industry maintains its momentum, investment is unlocked, seaports and logistics fully capitalize on their advantages, services and tourism expand, businesses grow, and infrastructure is developed in a coordinated manner—while healthcare, social welfare, and administrative reform continue to improve—these factors will provide an increasingly solid and humane foundation for achieving higher-quality economic growth.

Ha Vy

Ha Vy