On the morning of September 3, Mr. Trương Việt Dũng, Vice Chairman of the Hanoi People’s Committee, received and held talks with a delegation from H&M Group led by Mr. Saed El-Achkar, Executive Director for East Asia and China, who paid a courtesy visit and explored investment and cooperation opportunities in Hanoi.
Welcoming the H&M leadership to Hanoi, Vice Chairman Trương Việt Dũng expressed appreciation for H&M’s products and voiced his expectation that the group will soon expand its presence in the capital city.
Providing an overview of Hanoi’s economic development, Mr. Trương noted that the city currently has an economic scale of USD 61 billion and is projected to reach USD 64 billion in 2025 if it maintains a growth rate of 8.5%. The city’s per capita income stands at USD 7,200. As of now, budget revenue has reached around VND 475 trillion, equivalent to 92% of the annual plan, and is expected to reach about 130% of the target by year-end. These figures demonstrate Hanoi’s strong purchasing power, consumption capacity, and vast development potential for businesses.
With a population of around 10 million, Hanoi’s consumer market is considered highly promising, particularly in retail and fashion. Notably, during the five peak days of the recent celebrations of the 80th anniversary of the August Revolution and National Day (September 2), the city welcomed approximately 2.1 million tourists, generating an estimated VND 4.5 trillion in revenue—clear evidence of the market’s strong buying power.
Vice Chairman Trương highlighted Hanoi’s strategic focus on developing the digital economy, building digital technology parks and zones, and investing in logistics infrastructure—favorable conditions for H&M’s investment ambitions.
Thanking the city leadership, Mr. Saed El-Achkar shared his positive impressions of his first visit to Viet Nam and of witnessing the 80th anniversary celebrations. He noted that H&M, after about 20 years in Viet Nam, now operates 14 stores and related facilities, along with online and production activities.
Affirming Viet Nam as a key strategic market for H&M in the region, Mr. El-Achkar expressed the group’s desire to expand its business in Hanoi, including opening a flagship premium store and further developing its digital business platform. He expressed hope that the city authorities would provide guidance and support for these plans.
Vice Chairman Trương welcomed H&M’s ideas, especially the focus on digital business, which aligns with Hanoi’s current development direction, and proposed that both sides promptly promote cooperation in this area.
Expressing confidence that the partnership between H&M and Hanoi will bring mutual benefits, Mr. Trương affirmed that the city government will accompany and support H&M in its investment and business efforts.
During the meeting, the two sides also exchanged views on several issues of shared interest.