(HBO) - The process of extensive international economic integration has created favourable conditions for foreign businesses to invest in projects in the northwestern mountainous province of Hoa Binh, helping to promote the locality’s economic growth.
Production and business
activities of the R Technical Research Co., Ltd in the Da River left-bank industrial park in Hoa Binh
city have contributed to promoting Hoa Binh province’s export value.
Since 2017, the province has attracted 17 foreign direct investment (FDI)
projects with total capital of about 275.7 million USD.
The locality is now home to 40 FDI projects with total registered capital of 580.2
million USD, of which 33 projects have been put into operation.
Foreign enterprises are mainly from the Republic of Korea, Japan, and China,
operating in the field of electronic component assembly and garment.
The attraction of official
development assistance (ODA) in Hoa Binh has
been promoted. In the last three years, the province has had 26 programmes and projects using ODA capital and preferential loans
from foreign donors.
The provinceis calling for a number of ODA projects, including a green urban development project to adapt to climate change in Ky Son ward of Hoa Binh city; a project to connect the
province’s transport networks to the national transport system.
Local authorities have also paid attention to attracting and mobilising foreign
non-governmental aid. Non-governmental organisations (NGOs) have so far
operated at all of the province’s districts and Hoa Binh city, mainly in areas
with disadvantaged socio-economic conditions and in the fields of rural
development, health care, education, clean water and environmental sanitation,
and in solving social problems.
Hoa Binh authorities have been implementing well commitments and
international agreements signed with organisations, agencies and foreign
localities such as World Vision, ChildFund, Habitat for Humanity International, AOP, AEA, German bank for reconstruction (KfW), KuwaitFundforArab Economic Development, KV Consulting Co., Ldt, Hanbaek Construction Co., Ltd, Luang Prabang and Huophane
provinces of Laos, TUV province of Mongolia, Jeollabuk and Ulsan city’s Ulju district of the
Republic of Korea. These help create good relations with partners.
The province
is now home to 49 programmes and projects funded by 21 NGOs, development
cooperation agencies and donors with total committed aid value of 15.8 million
USD.
The committed value of new programmes and projects in the first six months of
this year was over 2.2 million USD. There are 22 international agreements being
carried out in the province./.
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.
