(HBO) - While COVID-19 was raging, production and business activities at many enterprises in Hoa Binh province were disrupted due to falling market demand or rising raw material prices and input costs. The introduction of pandemic prevention and control measures affected the production and distribution of goods, resulting in job insecurity and lower incomes for many workers. Businesses and cooperatives also found it difficult to access bank capital and rent production land.
To help businesses recover and develop production quickly,
the Provincial People’s Committee directed reductions of and payment extensions
to corporate income taxes. Photo taken at the Hai Hien Bamboo and Wood joint
Stock Company in the Mong Hoa Industrial Park, Hoa Binh City.
Chairman of the
Provincial Business Association Nguyen Cao Son said businesses operating in Hoa
Binh are mainly of small or micro-size, so were heavily affected by COVID-19,
especially by difficulties in investment capital and bank interest rates. Many were
unable to operate for long periods but still had to repay bank loans. They
therefore hope to receive direct support regarding interest rates to ease the financial
burden.
Replying to business
wishes, the Provincial People’s Committee has focused on resolving difficulties
facing enterprises and cooperatives and accelerating the recovery and
development of production and business activities. A number of solutions have
been determined, including the reduction of tax for businesses. In addition,
the Provincial People’s Committee has directed the implementation of 2 percent
per annum interest rate support for 2022 and 2023 for commercial loans for businesses,
cooperatives, and business households.
Along with
practical tasks and solutions being urgently deployed in the field of social
security and employment, Hoa Binh province has also mobilised and effectively
used resources and investment in infrastructure development, promoted
administrative reform, and improved the business investment environment,
boosting growth drivers and striving to reach targets set for the 2021-2025 period,
in which average annual gross regional domestic product (GRDP) growth is to be 9
percent./.
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.
Amid efforts to streamline the administrative apparatus, Hoa Binh province has intensified measures to address challenges in land clearance, resettlement support, and infrastructure investment, aiming to speed up the progress of key projects.
Hoa Binh province has posted an unprecedented economic growth rate of 12.76% in the first quarter of 2025, marking its highest quarterly performance to date and positioning it as the second fastest-growing locality in the country, trailing only Bac Giang province.
Under current regulations, products in the One Commune – One Product (OCOP) programme that are rated three stars or higher must undergo re-evaluation every three months. However, in reality, some of these products fail to consistently meet the required standards, raising concerns about the sustainability of their OCOP certification. This underscores the urgent need for producers to enhance product quality and gradually develop their OCOP products into strong, marketable brands.
In 2019, the "One Commune, One Product" (OCOP) programme took root in Yen Thuy district. At the time, local products lacked branding, packaging, and labels, mostly sold in raw form through small-scale distribution. However, amid these challenges was a crucial advantage: farmers' willingness to change, experiment with standardised processes, and learn to package and price products based on value, not just weight.
Once barely visible on the northern region’s tourism map, Hoa Binh province welcomed 4.3 million visitors last year, generating a tourism revenue of nearly 4.74 trillion VND (USD), according for 31% of its GDRP. Beyond mere statistics, the milestone demonstrates that tourism and services have become new growth engines for the locality.
