Vietnam now has 34 centrally governed provinces and cities following a historic administrative merger approved by the National Assembly on June 12. This restructuring aims to expand development potential and better leverage local strengths across the nation.

According to preliminary 2023 data from the General Statistics Office, Ho Chi Minh City (HCMC) ranks first in economic scale, with a gross regional domestic product (GRDP) exceeding VND 2.5 quadrillion (approx. USD 100 billion), double that of Hanoi and accounting for 24% of national GDP. Hanoi follows with a GRDP of over VND 1.29 quadrillion (approx. USD 51.6 billion).

These two cities are the only localities with GRDPs surpassing VND 1 quadrillion in 2023.

Other top 10 localities in terms of GRDP include:

Hai Phong: VND 582.98 trillion
Dong Nai: VND 548.73 trillion
Bac Ninh: VND 401.51 trillion
Phu Tho: VND 318.2 trillion
Quang Ninh: VND 313.6 trillion
Tay Ninh: VND 279.34 trillion
Lam Dong: VND 276.73 trillion
Thanh Hoa: VND 276.54 trillion

Cao Bang remains the smallest economy nationwide with a GRDP of just VND 22.25 trillion.

Budget revenue and investment attraction

In terms of 2023 domestic budget revenue, HCMC again leads with VND 395.11 trillion, followed by Hanoi with VND 381.45 trillion.

Other top 10 provinces and cities for domestic revenue include:

Hai Phong: VND 63.16 trillion
Dong Nai: VND 51.4 trillion
Da Nang: VND 39.86 trillion
Quang Ninh: VND 39.21 trillion
Hung Yen: approx. VND 38.94 trillion
Phu Tho: VND 38.51 trillion
Bac Ninh: nearly VND 37.81 trillion
Ninh Binh: VND 36.61 trillion

Cao Bang again records the lowest with only VND 1.31 trillion in domestic revenue.

Regarding foreign direct investment (FDI) in 2023, nine provinces and cities attracted over USD 1 billion in registered capital. HCMC tops the list with over USD 8 billion, followed by:

Hai Phong: USD 4.93 billion
Khanh Hoa: approx. USD 4.08 billion
Hung Yen: USD 3.63 billion
Quang Ninh: over USD 3.19 billion
Bac Ninh: USD 2.34 billion
Lam Dong: USD 1.34 billion
Nghe An: USD 1.33 billion
Dong Nai: USD 1.2 billion

Export powerhouses emerge post-merger

According to preliminary 2024 data from the General Department of Customs, Vietnam’s total goods export turnover reached USD 405.53 billion. Following the administrative mergers, several new “super-sized” production hubs have emerged.

HCMC continues to lead with nearly USD 89 billion in exports, accounting for 21.9% of the national total. Bac Ninh follows with over USD 70 billion, and Hai Phong ranks third with USD 40.9 billion.

Other top exporters include:

Dong Nai: USD 29.93 billion
Phu Tho: USD 28.44 billion
Thai Nguyen: USD 27.38 billion
Hanoi: USD 19.2 billion
Tay Ninh: USD 16.2 billion
Ninh Binh: nearly USD 16 billion
Dong Thap: approx. USD 9.1 billion

Data sources: Socioeconomic Data of 63 Provinces and Cities 2019-2023; 2023 Statistical Yearbook from the General Statistics Office; budget data from Hai Duong Province and Hai Phong City; preliminary 2024 import-export statistics from the General Department of Customs.

Data for 34 centrally managed provinces and cities is aggregated according to the latest administrative reorganization.

Tam An