HUNG YEN’S REGIONAL GDP BEATS EXPECTATIONS

Hung Yen’s regional GDP grew 11.2 per cent in the first nine months of 2026, exceeding the 11.1 per cent growth scenario, with industry remaining the key growth driver, supported by construction and investment.

Growth continued to accelerate on a quarterly basis. Along with this, the province’s regional GDP increased around 10.6 per cent in Q1, 11 per cent in Q2, and 10.8 per cent in the first six months, before reaching an estimated 12.01 per cent in the third quarter (Q3). With this result, Hung Yen ranked seventh among 34 provinces and centrally-run cities in terms of nine-month regional growth.

The province’s regional GDP at current prices was estimated at $10.36 billion in the first nine months. Industry and construction accounted for around 55.6 per cent of the economic structure, with industry alone accounting for nearly 45.2 per cent. Services represented 26.8 per cent, while agriculture, forestry and fisheries accounted for 11.7 per cent.

Hung Yen GRDP grows 11.2 per cent in the first nine months of 2026. Photo: Quynh Nga

Industrial production continued to record strong growth. The Index of Industrial Production (IIP) increased 15.7 per cent on-year in the first nine months. Manufacturing and processing rose 16.3 per cent; electricity production and distribution increased 8.9 per cent; while water supply, waste and wastewater management and treatment grew 16.08 per cent.

Several industries recorded high IIP growth, including machinery and equipment manufacturing, up 99.36 per cent; repair, maintenance and installation of machinery and equipment, up 75.7 per cent; and pharmaceutical, medicinal chemical and botanical product manufacturing, up 38.9 per cent.

Industries related to electronics, equipment and transport vehicles also maintained growth, including the manufacture of electronic products, computers and optical products, as well as electrical equipment manufacturing.

Alongside industry, construction activity continued to expand. Construction production value at 2020 constant prices was estimated at $3.08 billion in the first nine months, representing an on-year increase of around 14.2 per cent.

The services sector grew 9.14 per cent during the period. Total retail sales of goods and consumer service revenue reached $8.9 billion, up 17.5 per cent, while retail sales of goods reached $4.42 billion, up nearly 18.7 per cent.

Revenue from transportation, warehousing and transportation support services reached $882.6 million, an increase of 17.1 per cent.

Public investment and production investment accelerated

Alongside production, total realised investment capital continued to increase. Total investment realised in the province during the first nine months was estimated at $4.7 billion, up 14.3 per cent on-year.

Industrial production continues to be a key driver of economic growth in Hung Yen. Photo: Phuong Lien

Of this, investment by the state sector reached $1.3 billion, up 17.8 per cent; the non-state sector reached $2.76 billion, up around 17.9 per cent; and realised foreign direct investment (FDI) reached $632 million.

According to the Hung Yen Statistics Office, investment from state budget sources managed by the local authorities reached $1.18 billion in the first nine months, up 17.6 per cent on-year and equivalent to 54.03 per cent of the annual plan. Of this, provincial-level budget capital reached $855.2 million, up 50.3 per cent, while commune-level budget capital reached $327.1 million.

In September, Hung Yen continued to add resources to industrial and infrastructure development with the simultaneous groundbreaking of seven industrial park (IP), industrial cluster (IC) and transport projects.

The list included Lien Ha Thai IP (Green iP-3), Tho Hoang IP, IP No. 10, IP No. 15, Da Loc IC, Lac Dao IC, and the project to build frontage roads and overpasses along the route connecting cultural heritage, tourism and economic development areas along the Red River. The projects will add to the province’s industrial land supply and transport infrastructure, while strengthening connectivity between areas.

Local business community also continued to expand, with more newly established enterprises. From December 22, 2025 to September 21, 2026, the province recorded 4,030 newly registered enterprises, with total registered capital of $1.78 billion. In the manufacturing and processing sector alone, 785 new enterprises were established, with registered capital of $337.4 million.

At the September regular meeting on October 7, Chairman of Hung Yen People’s Committee Nguyen Manh Quyen requested that all levels and sectors focus on implementing tasks for the fourth quarter, striving to achieve the highest possible level of the targets and tasks set for 2026.

The province will focus on maintaining production growth, resolving difficulties for businesses, accelerating public investment disbursement, land clearance, and the progress of key projects.

For projects where multiple tasks can be implemented simultaneously, agencies have been asked to organise parallel implementation in accordance with regulations and shorten processing times.

Hung Yen’s regional GDP growth target for 2026 has been set at 11.5 per cent or higher. With growth reaching 11.2 per cent after nine months, the key task for Q4 is to maintain production momentum, encourage investment, and complete the tasks set for full year.

Source: VIR