(HBO) - Industrial parks (IPs) in northern Hoa Binh province are accommodating 95 investment projects, including 24 foreign direct investment (FDI) projects with a combined registered capital of 499.85 million USD and 71 domestic projects worth about 7.27 trillion VND (314.43 million USD).
Luong Son Industrial
Park-based Vietnam Fragrances Ltd. Co., specialising in producing toothpicks for
export to the Indian market, creates jobs for over 100 local workers.
In the first half of 2020, the impact of COVID-19 has dealt
a blow to investment attraction in Hoa Binh. As a result, there were only two
new projects licensed in the province’s IPs in the period, hitting 25 percent
of the plan.
Businesses have overcome challenges to stabilise production,
raking in 7.96 trillion VND in the first half of 2020, a year-on-year surge of
21.75 percent and reaching 53.07 percent of the yearly plan.
The firms earned 330 million USD in the reviewed period, up
31 percent compared to the same period last year and equivalent to 56.9 percent
of the plan.
State budget collection saw a decrease of 15.8 percent to 88
billion VND in the first half, hitting 44 percent of the yearly plan.
At present, 55 projects have been put into operation and
generated stable jobs for nearly 20,000 local labourers./.
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.
