Business

With second-fastest GRDP pace, Hai Phong continues to lead regional growth

Backed by the concerted efforts by the political system, businesses and residents, the city recorded strong results in economic expansion, budget revenue, production and services, investment attraction and social security.

Producing steel coils for export at the JFE Shoji Hai Phong Steel Co. Ltd, a Japanese-invested enterprise at the VSIP Hai Phong Industrial – Urban Complex. (Photo: VNA)
Producing steel coils for export at the JFE Shoji Hai Phong Steel Co. Ltd, a Japanese-invested enterprise at the VSIP Hai Phong Industrial – Urban Complex. (Photo: VNA)

Hai Phong (VNA) – Posting the second highest GRDP growth nationwide in 2025, Hai Phong city continued to show strong economic momentum, reinforcing its role as a growth powerhouse in northern Vietnam and a key driver of regional development.

2025 marked a turning point in administrative reform, with the merger of Hai Phong city and Hai Duong province into a new administrative unit. The move expanded development space, optimised resources and combined the strengths of both localities, positioning the area as a major growth hub with spillover effects for the North and nationwide.

Despite intertwinned opportunities and challenges, Hai Phong maintained a fast growth pace while ensuring stable operations of the administrative apparatus. Backed by the concerted efforts by the political system, businesses and residents, the city recorded strong results in economic expansion, budget revenue, production and services, investment attraction and social security.

According to the municipal statistics office, Hai Phong’s GRDP in 2025 rose about 11.81% year on year. While still below the target of 12.35%, this result placed the city first among centrally governed cities, second nationwide, and second in the Red River Delta (after Quang Ninh province with 11.89%), reflecting sustained double-digit growth over many years and continued improvements in the investment and business environment.

Following the merger, Hai Phong has become the largest industrial hub in northern Vietnam. The industrial production index increased 15.11% in 2025 compared to 2024, driven by key sectors such as electronics (17.12%), electrical equipment (14.55%) and motorised vehicles (28.94%).

Trade and services also expanded strongly. Total retail sales of goods and services grew by an estimated 15.17%, transport and logistics revenue increased 15.12%, while tourism stood out with visitor numbers rising about 25.08% from a year earlier.

Foreign direct investment remained robust, up 13.22% year on year. By December 31, 2025, the city had attracted over 2.88 billion USD in new and additional FDI, bringing the cumulative total to 51.1 billion USD of 1,794 valid projects.

Secretary of the Hai Phong Party Committee Le Tien Chau said the 2025 results reflected renewed leadership thinking, decisive action and broad social consensus, providing a solid foundation for the city to enter a new development phase.

For 2026, Hai Phong has set a GRDP growth target of around 13%. The city will prioritise science, technology and innovation, strategic infrastructure, port and logistics development, clean energy, and high-quality tourism services, while deepening administrative reform, digitalisation and regional connectivity to strengthen its position as a modern, sustainable port city and a leading economic centre./.

VNA
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