Hanoi government revenues top VND500 trillion for first time

By Vo Hai December 11, 2024 | 10:32 pm PT

The corner of Trang Tien and Hang Bai streets in downtown Hanoi on Feb. 10, 2024. Photo by VnExpress/Giang Huy

Vietnam's capital city Hanoi has achieved annual revenue collections of VND500 trillion (US$19.68 billion) for the first time after they grew by nearly 20% from last year.

They accounted for 24.6% of the country's total government revenues.

Domestic revenues were worth VND470 trillion, the highest of any province or city in the country, Hanoi chairman Tran Sy Thanh told a city meeting on Wednesday.

Other sources included more than VND3.8 trillion from crude oil and more than VND26.5 trillion from imports and exports.

Despite the damage caused by Typhoon Yagi, the strongest to hit Vietnam in 30 years, in early September, the city economy still achieved positive results, he said.

In the January-September period, its economy grew by 6.12%, and full-year growth is expected to be 6.52%, up from 6.27% last year.

The economy is expected to be worth US$58.6 billion by year-end.

The per capita income is expected to top VND163.5 million.

As of 2023 the city’s population was 8.59 million, the second highest in Vietnam after HCMC, and population density was 2,556 people per square kilometer.

HCMC authorities last week announced that revenue collections for the year are poised to reach VND502 trillion (US$19.76 billion), or 27% of the country’s total government revenues.