Hanoi Ready to Implement Capital Law 2026, Unlocking New Development Momentum

Hanoi is preparing to implement the Capital Law from 2026, aiming to unlock new development momentum for the capital city. A key breakthrough of the new resolutions is the shift from a traditional management-oriented approach to a development-enabling model. Under the law, the municipal People’s Council will be empowered to decide policies and criteria for urban renovation, upgrading, and redevelopment to address issues such as population density, environmental protection, and urban development. It may also approve special mechanisms for major and important projects, subject to higher-level approval and consultation with relevant ministries and sectors. Party General Secretary and State President To Lam emphasized that the revision of the Capital Law represents a substantive opportunity and a strategic step to establish a new development model for the capital, which holds a very special position. This aligns with Vietnam's evolving approach, moving from prioritizing international resource attraction to enhancing the effectiveness of these resources in synergy with domestic capacities to strengthen development capabilities, economic resilience, and national competitiveness. The law aims to improve the quality of urban governance, optimize resource utilization, and translate institutional changes into substantive development momentum. A call has been made for the entire political system, the business community, and both domestic and foreign investors to work together to effectively implement the law, translating its policies into high-quality projects, stronger enterprises, new value chains, quality jobs, and enhanced national capabilities. Vietnam has expressed its readiness to support foreign investors, including those from Australia, in their long-term business operations. This reflects Vietnam's proactive stance in attracting and enhancing the quality of both domestic and foreign investment as it accelerates economic growth.