(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.
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.
