(HBO) – In compliance with the Party and State’s policies in recent years, the northern mountainous province of Hoa Binh has issued a number of mechanisms and policies to fuel the private economy.
They included procedures on investing in commercial housing, public-private partnership projects, incentives for cultivation and fish farming on Hoa Binh lake, agricultural and rural development, and many others that help improve the business climate.
Photo caption: the provincial public administrative centre was officially put into operation on August 1, 2017
The province has so far recorded nearly 2,800 businesses with a total registered capital of 29,382,092 billion VND, 82.5 percent of them are operating stably. Among 277 cooperatives, 155 are still working. There are 449 investment projects in the locality, including 29 foreign-invested ones worth 468 million USD and 420 domestic ones valued at 62,257 billion VND.
The domestic and foreign capital accounted for 67 percent of the total social investment. In 2016, the private economy with foreign direct investment (FDI) made up 48.8 percent of the gross regional domestic product and 63.24 percent of the local manufacturing value, attracting roughly 90.6 percent of the workforce.
However, the growth of the private economy tends to falter, especially those with FDI. Most of private firms have small and medium size, limited technological, governance and financial capacity, and weak competitiveness.
Based on the Party and State’s orientations, the province has directed concerned agencies to devise specific measures to develop the private sector into an important driving force of the local economy. The locality strives to have more than 4,000 firms and cooperatives by 2020 whose operation efficiency doubles that of 2015. Their contributions are expected to account for nearly 50 percent, 60 percent, 70 percent of the provincial gross regional development product by 2020, 2025, and 2030, respectively.
For the 2016-2020 period, corporate investment is expected to be equivalent to more than half of the total social investment while the labour output will increase nearly 8 percent annually on average.
In order to improve the business climate, the provincial authorities have directed specific measures to improve the efficiency of administrative reform, hold dialogues with firms and investors to clear their difficulties and provide them with all possible support, and encourage all economic sectors to engage in production and trade.
The provincial Department of Agriculture and Rural Development on November 20 coordinated with Hai Dang Group Hoa Binh Seafood Company Limited to release 1.5 tonnes of fries into Hoa Binh Lake to regenerate aquatic resources, with a total value of 266 million VND (10,460 USD).
On the afternoon of November 16, Nguyen Phi Long, alternate member of the Party Central Committee and Secretary of the provincial Party Committee, held a reception for a delegation from the Indian Embassy led by Ambassador Sandeep Arya. The delegation included the chairperson of the Indian Chamber of Commerce in Vietnam, embassy personnel, and Indian businesses operating in Vietnam. Accompanying Long at the meeting were leaders of the provincial People's Committee and representatives from various departments and sectors.
Hoa Binh province hosted the "Meet India 2024" conference on November 16, marking a significant step in strengthening bilateral economic ties between Vietnam and India.
In recent times, with its core role in building and fostering great national unity, Cao Phong district's Vietnam Fatherland Front Committee has actively carried out its responsibilities and front work, and closely collaborated with member organisations to encourage locals to implement the Party’s guidelines, and the State’s policies and laws. At the same time, it has worked to promote the dynamism, creativity, and contributions of officials, Party members, and local people to help the district develop further.
From a type of bulb used as a seasoning for daily meals, thanks to the efforts of local authorities and farmers, shallots have become a commercial crop in Yen Thuy district, contributing to promoting the transformation of crop structure in agricultural production, bringing higher incomes to locals.
