As part of its Trade Development Master Plan for 2020, Hanoi is seeking for investment worth VND 161 trillion to transform itself into a giant regional and national trade center. Recently approved by the People’s Council and includes a vision towards 2030, the master plan requires Hanoi to acquire an additional 500 hectares of land for trade projects by 2020, and another 2,260 hectares for the next ten years.

Of the total VND 161 trillion investment needed for trade development, VND 521 trillion of this will be directed to commercial infrastructure targeted for 2030. Total retail sales of goods and services are expected to grow by 18-20% between 2011-2015 and 17-18% from 2016-2020. Processed products are also projected to increase by 65%, while the processed services division is seen to account for 25% of the capital’s export turnover, both by the year 2020.

Based on the master plan, Hanoi will also build the following establishments: two agricultural wholesale markets in Long Bien – Gia Lam Districts, two wholesale centers, financial center, regional level trade center, international trade fair in My Dinh urban area, and two trade complex centers in Thanh Xuan districts. Moreover, three other agricultural wholesale markets will be erected in Phu Xuyen urban area, Quoc Oai district and Son Tay town as well as six trade centers by 2030.

The Trade Development Master Plan primarily aims to “make breakthroughs in trade development in Hanoi by expanding scale, diversifying products, and improving quality to meet social demand.” In order to realize the vision of the plan as soon as possible, the government is offering “favorable conditions” to investors in terms of policy, tax and land. Moreover, the local budget will be set aside in the meantime in order to mobilize sufficient capital for the materialization of the master plan.