Most firms in the manufacturing and processing industry were optimistic about their production and business activities for the first quarter of 2019, according to a survey by the General Statistics Office (GSO).
Automobike frame
manufacturing in THACO factory in Chu Lai industrial park, Nui Thanh district,
Quang Nam (Photo: VNA)
More than 47.3 percent of
surveyed firms said that they anticipated better business compared to the last
quarter of 2018, and 37.8 percent expected stable business.
Only 14.9 percent forecast their business and operation would be more difficult.
The inventory of the manufacturing and processing industry sits at 64.4
percent, the lowest rate in the past three years.
Another survey of construction firms showed 59.6 percent predicted improved or
stable business in the first quarter of 2019 while the rest expected more
difficulties.
According to the Vietnam Chamber of Commerce and Industry, Vietnamese firms
were also optimistic about their business prospects in 2019 with 51 percent
saying they had plans to expand.
A recent survey by the Vietnam Supply Chain also found that more than 80
percent of surveyed firms believed 2019 would be a better year than 2018. Only
7.7 percent were worried 2019 would be worse while 9 percent were not sure.
GSO General Director Nguyen Bich Lam said business confidence had improved
significantly thanks to the stable macroeconomic situation and improved
business climate.
The number of new firms also increased for the third consecutive year to set
new records.
More than 131,000 new firms were established in 2018, an increase of 3.5
percent over the record of 127,000 new firms set in 2017.
On average, each new firm had a registered capital of 11.3 billion VND (491,000
USD), up by 10.2 percent over last year.
Firms registered to pump a total of more than 3.88 quadrillion VND into the
economy in 2018.
However, the GSO noted the number of firms temporarily halting operations rose
by a whopping 49.7 percent against 2017. The considerable rise in this number
was partly due to business registration offices nationwide conducting reviews
and eliminating firms which did not report any operations for a long time.
The number of firms which were dissolved in 2018 was more than 16,300; 91
percent of them had registered capital of below 10 billion VND.
Pham Dinh Thuy, Director of the GSO’s Industry Statistics Department, said he
believes the Government’s target of having one million firms by 2020 is within
reach. He said that as of July 1, 2018, there were already 720,000 firms.
Source: VNA
Hoa Binh province’s economy posted an impressive Gross Regional Domestic Product (GRDP) growth rate of 12.67% in the first quarter of 2025, representing a 12.76% year-on-year increase, the highest rate recorded since the beginning of the current tenure, according to the provincial Statistics Office. This robust growth reflects years of strategic groundwork and sets a strong foundation for the province’s annual growth target of over 10%.
With a focus on cash crop farming with science - technology application and brand building, Lac Thuy district is gradually increasing production value, improving people's life quality, and laying the foundation for sustainable socio-economic development.
In recent years, the economic development model "Hoa Binh Earthworm Farm” run by Mr. Bui Van Dang in Co Giua Hamlet, My Thanh Commune (Lac Son district) has not only brought stable economic value but it is also environmentally friendly, helping to protect and reduce pollution, contributing to the construction of a green and sustainable agriculture.
Dao Village’s honey – a product certified with a 3-star OCOP (One Commune One Product) rating by Thong Nhat Agricultural Cooperative in Dao Village (Hoa Binh City) – is highly regarded by consumers for its quality, richness, and variety in packaging. The distinctively sweet taste of Dao Village’s honey leaves a lasting impression on anyone who has tried it.
In alignment with Project No. 07-DA/TU, issued by the Hoa Binh provincial Party Committee on November 1, 2021, Lac Thuy district has actively promoted investment and supported the sustainable development of its industrial and handicraft sectors during the 2021–2025 period. Alongside this, the district has remained committed to preserving and revitalising traditional craft villages.
Located in the northern part of Lac Thuy district, with a temperate climate and fertile soil, Phu Thanh commune has great potential and advantages in growing tea. The long-standing experience, combined with strict adherence to organic farming practices in the tea gardens, ensures that the dried tea products from Phu Thanh and Lac Thuy as a whole are sold out immediately upon production, providing a stable and prosperous life for the local people.
