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(HBO) - After two consecutive years (2019, 2020) of falling short of announced goals in the province’s state budget collection, works for the current year pledge to flourish despite compounded difficulties, thanks to efforts and political determination by all sectors and levels. Accordingly, state budget collection is set to achieve and even out-perform targets.
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This year
witnesses higher import-export tax collection than estimates tasked by Prime
Minister, contributing to bright performing prospects of the province’s state budget
revenues (Photo taken at Hai Hien Bamboo and Wood joint-stock company –
Hoa Binh City).
In 2021, the People’s Council resolution set state budget
collection target in the province at 5.070 billion VND, an increase by 711,6
billion VND from estimates allocated by the Prime Minister (PM), including
domestic revenues of 4.820 billion VND, import-export tax revenues of 250
billion VND. The set target is by all means a hard task given the complex
COVID-19 pandemic creating widespread disruptions. The revenue collection was
also impacted by the implementation of Decree No. 52/2021/ND-CP on tax payment
and land rental deferrals. Moreover, the water levels of Hoa Binh Reservoir
plummeted, leading to drastic drops in power generation, meaning massive
decreases in budget revenues.
Early grasp of challenges as well as clarity in determining
state budget collection as the core political tasks steered the provincial
Party and People’s Committees to promulgate Resolution No. 02-NQ/TU on May 31
2021 to set guidelines for the revenues creation and collection during
2021-2025 period. Departments, sectors, localities are directed to collaborate
closely with tax authorities in state budget collection.
By the end of November, import-export tax revenue alone
reached over 380 billion VND, 190% of assigned estimates by the PM. Domestic
revenues reached 3.570,8 billion, or 86% of estimates by the Government.
Compared to targets set by the provincial authorities, 11 out of 17 categories
of revenues boasted higher than average collection rates, some impressive
increases.
The
Provincial Tax Department is boosting efforts and solutions, including
increased crackdowns trade frauds and smugglings, to outperform the set targets
of state budget collection in the remaining days of the year.
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.
