Hanoi approves support policies for private enterprises in five key sectors

Hanoi's recent approval of robust support policies for private businesses in five critical sectors marks a significant step to cement its role as a national economic powerhouse. This move, greenlit by the Hanoi People's Council, aims to unleash private sector potential and drive innovation, positioning the capital for accelerated growth. This initiative arrives as Vietnam's private sector, buoyed by the Politburo's landmark Resolution 68-NQ/TW, is increasingly recognized as the primary engine for achieving high-income status by 2045. Hanoi itself, having posted a healthy 7.87% GRDP growth in Q1 2026, is strategically targeting high-value areas like logistics and high-tech agriculture to diversify beyond traditional manufacturing, even as the nation grapples with challenges like rising input costs and a widening trade deficit. Under the new 2026 Capital Law framework, eligible private enterprises, especially SMEs, can now access preferential loans from the Hanoi Development Investment Fund, along with crucial reductions in land lease fees within industrial parks and technology incubators. Furthermore, the policies provide significant backing for digital transformation, green transition initiatives, and the adoption of ESG standards, aiming to enhance global competitiveness and ensure sustainable development, which could set a precedent for other Vietnamese localities.