Hanoi Targets 30,000 New Business Registrations in 2023

THE HANOI TIMES — Hanoi has set its sights on an ambitious business growth plan, with targets to register 30,000 new enterprises in 2025 and an additional 200,000 by 2030. This was outlined in a directive (Document No. 129/KH-UBND) issued by Chairman of the Hanoi People’s Committee, Tran Sy Thanh, on May 10, 2025, which aims to boost the development of small and medium-sized enterprises (SMEs).

A bustling garment factory in Dong Anh District, Hanoi. Photo: Chien Cong/The Hanoi Times, depicting workers operating machinery and overseeing the garment production process.

The directive emphasizes a citizen-centric and business-friendly approach, calling for local agencies to provide proactive and coordinated support. To enhance the business environment, Hanoi will further simplify administrative processes in 2025, reducing time and compliance costs by at least 30% for procedures under its jurisdiction.

In addition to process streamlining, Hanoi aims to eliminate at least 30% of unnecessary business conditions, improving transparency and monitoring. The city also has its sights set on fostering innovation, targeting over 50% of companies to engage in innovative activities by 2025.

Hanoi’s industrial ambitions are clear, with plans to attract 20-25 enterprises to its key industrial products program. They aim to recognize 30-35 products, including 10-15 new certifications. Total retail sales of goods and services are expected to increase by 9-10%, reflecting the city’s economic growth.

The city’s job creation goals are equally impressive, targeting 167,000 new jobs by 2025, maintaining an urban unemployment rate below 3%, and raising the rate of educated workers to 75%. Of these, 55% are expected to have formal qualifications or certificates.

Hanoi is also focused on efficient public investment, aiming to disburse over 95% of its allocated capital by 2025. As of the end of 2024, Hanoi had over 400,000 registered enterprises, with nearly 220,000 in operation. SMEs dominated the landscape, accounting for 98.2% of all enterprises, 55.1% of employment, and contributing over 40% to the city’s GDP.

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