On the morning of September 3, Mr. Trương Việt Dũng, Vice Chairman of the Hanoi People’s Committee, received and held a working session with representatives of H&M Group, led by Mr. Saed Al-Echkar, Executive Director for East Asia and China. The visit was a courtesy call and an opportunity to discuss cooperation prospects in Hanoi, taking place on the sidelines of the Vietnam International Sourcing Fair (VIS 2025), attended by Nordic business delegations.
At the meeting, Vice Chairman Trương Việt Dũng warmly welcomed the H&M leadership and expressed appreciation for the brand’s global reputation. He also voiced his hope that the Group would soon expand its presence and investment in Hanoi.
Providing an overview of the capital’s economic landscape, Mr. Dũng noted that Hanoi currently has an economic scale of USD 61 billion, and with an expected 8.5% growth rate in 2025, this figure could reach USD 64 billion. The city’s per capita income stands at USD 7,200, while budget revenue has reached VND 475 trillion, equivalent to 92% of the annual plan, and is projected to reach 130% by year-end. These figures reflect Hanoi’s robust purchasing power and growth potential for enterprises operating in the city.
With a population of around 10 million, Hanoi’s retail and fashion markets are viewed as highly promising. During the five-day national holiday celebrating the 80th anniversary of the August Revolution and Vietnam’s National Day (September 2), Hanoi welcomed 2.1 million visitors and generated approximately VND 4.5 trillion in revenue—demonstrating the city’s strong consumer demand and tourism appeal.
Vice Chairman Dũng emphasized that Hanoi is now focusing on developing its digital economy, smart technology parks, and logistics infrastructure, which align well with H&M’s ambitions for digital retail expansion and sustainable business growth.
In response, Mr. Saed El-Achkar expressed gratitude for the warm welcome, sharing that this was his first visit to Vietnam, coinciding with the country’s major national celebrations—an impressive and memorable experience.
He noted that H&M, the Swedish fashion brand, has been present in Vietnam for nearly 20 years, currently operating 14 stores and related locations, along with a growing online business and production network. Recognizing Vietnam as a strategic market in the region, Mr. El-Achkar stated that the Group plans to expand its operations in Hanoi, including the opening of a flagship premium store and further investments in digital retail platforms. He also expressed the Group’s hope for continued support and guidance from the Hanoi authorities.
Vice Chairman Trương Việt Dũng welcomed H&M’s initiatives, especially its focus on digital transformation, which aligns closely with the city’s development strategy. He proposed that both sides accelerate cooperation in this field to enhance efficiency and mutual growth.
Expressing confidence in the future of cooperation between H&M Group and Hanoi, Mr. Dũng reaffirmed that the city government would continue to support and accompany H&M in its investment and business expansion efforts.
During the meeting, both sides also exchanged views on other topics of mutual interest, aiming to strengthen long-term collaboration.