(HBO) – Over the past three decades since it was re-established, Hoa Binh province has taken major steps in the "Doi Moi” (Renewal) period, with imprints in foreign affairs that aimed to strengthen relations with foreign countries, organisations and localities and foster people-to-people diplomacy. The move was expected to take advantages of external resources for development.
Japan-invested R
Vietnam Technical Research Ltd. Co., located at Da River Left-bank Industrial
Park, is among the largest contributors to Hoa Binh’s total exports.
The province has diversified ways of communications and promotion to better
introduce its potential, strengths and orientations among local and foreign
people.
Hoa Binh plays an active role in international economic integration as it has
issued a number of programmes and plans for the implementation of free trade
agreements (FTAs), including the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) and the EU-Vietnam FTA (EVFTA).
The province has been on the right track to fulfill commitments and agreements
signed with a number of international organisations, such as World Vision,
ChildFund and Germany’s reconstruction bank KfW. The commitments and agreements
have been strictly enforced as part of the province’s efforts to lure more
investment and funding.
Hoa Binh has also been focusing on improving the local business climate and
accelerating public administrative reforms. The province has given priority to
develop infrastructure and human resources in order to meet needs for growth
and international integration.
The province is currently home to 49 exporting and importing businesses, 26 of
which are foreign-invested, accounting for 53 percent of the total. The
foreign-invested firms are the main driver of the province’s foreign trade,
contributing more 80 percent of the total exports.
Its open policy to welcome foreign investment has provided a momentum for the
local economy. From 2016-2020, Hoa Binh’s foreign trade grew 28.5 percent on
average annually, with the United States, the United Kingdom, the Republic of
Korea, Japan and China being its largest importers.
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.
