Workers at R Technical Research Vietnam Co. Ltd. in Hoa Binh city operates production line of high quality optical lens for export.

Regarding opportunities for the province on the path of reaching the target, Pham Tien Dung, Director of the provincial Department of Industry and Trade, said that expanded markets thanks to new generation free trade agreements have helped improve the local investment and business environment.

Particularly, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which took effect in 2019, have encouraged the inflows of foreign direct investment and helped businesses improve production capacity, he said.

Local firms in Hoa Binh have grasped the chances by investing more in enhancing their products’ quality, paving the way for sustainable growth in export.

Major imported products of Hoa Binh include materials, machines and equipment for production. The supporting industry of the province has also enjoyed expansion, said Dung.

Currently, Hoa Binh has 49 businesses engaging in import-export activities, 26 of which are foreign-invested companies and the remainders are joint ventures and domestic enterprises.

Asian countries, including China, Japan, the Republic of Korea, Singapore and Malaysia, are major export markets of the province, accounting for35.15 percent of its total export revenue, followed by the EU market with 15.47 percent, North America with 15 percent, Eastern Europe, 1.53 percent.

The province’s average export growth is 31 percent, pushing Hoa Binh to the fifth position among northern midland and mountainous provinces in export revenue and sixth in per capita export turnover, said Dung.

He said that in order to realize the goals set in the 16^th provincial Party Congress’s Resolution, the province will continue applying measures to promote export activities, including attracting moreinvestment; building, developing and protecting national brands and major products, and implementing international integration commitments of the country effectively.

At the same time, the province will work to connect local agro-aquatic production firms with exporters, while popularising the CPTPP and optimising signed free trade agreements.

Hoa Binh will also review production projects for export and remove obstacles facing them, thus ensuring goods for export, while developing the supporting industry to increase the localisation ratio in export products, added Dung./.

Related Topics

Starting business from hometown specialty

Huge potential to boost chilli export to RoK

Hoa Binh improves effectiveness of collective economy

PM attends groundbreaking ceremony for electronic PCB factory in Hoa Binh

---

In the first quarter, the total capital of the credit institutions was estimated at 40,128 billion VND

In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.

Lac Son - attractive destination for investors

Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.

Hoa Binh accelerating disbursement of ODA, foreign concessional loans

In a move to expedite the execution and disbursement of the 2024 capital plan for ODA projects, aiming for a disbursement rate of over 90% of the allocated funding, the Hoa Binh People's Committee issued Document No. 483/UBND-KTN on April 3, 2024, regarding such efforts.

The man who promotes Kim Boi district’s fruit brand

Nguyen Van Thap from Kim Duc hamlet, Vinh Tien commune, Kim Boi district, has built the brand of Hoa Qua Son for local fruits. His efforts have brought about income for his family and generated job opportunities for locals, helping hundreds of households escape from poverty.

Q1 disbursement of public investment funds reach 15% of yearly plan

The Hoa Binh administration was entrusted by the Prime Minister with a budget of 3.43 trillion VND (142.91 million USD) for investment in 2024. The provincial People's Council approved nearly 3.76 trillion VND, which has been meticulously allocated to projects, achieving 100% of the assigned capital plan.

Hoa Binh works hard to boost farm exports

Hoa Binh province has mobilised all resources to propel local agricultural products to make inroads into foreign markets, towards lifting the export turnover of key agricultural products to 137.8 million USD by 2030, accounting for 3.4% of the locality’s total export value of goods. The locality aims to export farm produce to the US, the European Union, the UK, China, Japan, and the Republic of Korea.