The economic landscape of Hoa Binh province continued its impressive upward trajectory through the first four months of 2025, according to a recent report from the provincial Department of Finance. The local authority has directed departments and sectors to keep close tabs on growth scenarios for each quarters and remove bottlenecks, striving to complete the set growth targets.
Xuan Thien Hoa Binh Company Limited begins construction on the Xuan Thien lime and lightweight powder manufacturing plant in Lac Thuy district.
The economic situation in April and the first four months of 2025 has maintained stable and shown acceleration compared to the same period in 2024, stated Vu Duc Dung, Deputy Director of the Department of Finance, adding state budget revenue reached some 2.74 trillion VND (105.56 million USD), representing 38.7% of the target set by the provincial People's Council.
The industrial sector played a pivotal role in the province's overall economic expansion, particularly in electricity production. April's index of industrial production increased by an estimated 15.5% compared to the same period last year. Electricity output for April reached an estimated 502 million kWh, with the four-month projection at 2,045.7 million kWh.
Meanwhile, total retail sales of consumer goods was estimated at over 1.93 trillion VND in April, a 2.45% increase from March and 21.5% growth compared to April 2024. Export performance was impressive, with four-month exports valued at some 745.9 million USD, or 31.59% of the annual plan and a 16.57% increase from the same period last year.
Investment promotion and business climate improvement efforts yielded significant results, with 21 new projects approved and 23 projects receiving adjusted investment approvals since the beginning of the year. These projects represent a total registered capital of 7.1 trillion VND, up 6.8 trillion VNDcompared to the same period in 2024.
The province broke ground on the Xuan Thien Hoa Binh lime and lightweight powder factory in Lac Thuy district, a provincial flagship project with a total investment of over 8 trillion VND in April.
Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Committee Bui Duc Hinh emphasised that maintaining this growth trajectory requires continued focus on harmonious measures, with special attention being given to revenue-increasing measures and resolving difficulties to boost earnings from land use rights auctions. The province is also speeding up public investment disbursement while aggressively clearing sites for the implementation of key projects.
The provincial People’s Committee commits to accompanying enterprises, carrying out solutions to improve the business climate and competitive capacity, he said, stressing the province will actively address challenges and create favourable conditions for businesses to develop their operations in the locality.
Hoa Binh aims to achieve economic growth of at least 10% and a gross regional domestic product of over 104 trillion VND in Quarter 2.
In Lac Thuy district, communes have been succeeded in promoting their One Commune-One Product (OCOP) products while others are still struggling to position their typical farming products in market. Some communes in the district still fail to have their products met OCOP programme’s requirements, while others have seen their certifications expired.
The inspectorate agency of Hoa Binh province has issued Official Dispatch No. 1090/TTr-PCTN to provincial departments, agencies, localities, business associations, enterprises, and investors regarding measures to improve informal component indexes of the Provincial Competitiveness Index (PCI).
Hoa Binh is taking concrete steps to improve its investment environment, with a strong focus on supporting businesses, settling obstacles for strategic investors, and creating opportunities for robust development in the coming years.
Under the blazing early summer sun, the construction site of Nhuan Trach Industrial Park (IP) in Luong Son district is abuzz with activities from dawn to dusk, a testament to the determination of the investor to meet their construction targets on schedule.
