(HBO) - It is forecast that by 2025, there will be three criteria that are difficult to achieve in line with the Resolution of the 17th provincial Party Congress for the 2020-2025 tenure, namely economic growth, State budget collection and gross regional domestic product per capita. Thus, relevant agencies advise the provincial administration to focus on solutions, aiming to speed up the disbursement of investment capital, support key projects, and create a driving force to obtain 9% growth rate for the remaining time of the tenure.
Photo:Ho Guom Garment Company, Phong Phu
Commune (Tan Lac district) operates effectively, creating jobs for hundreds of
local workers.
Given the difficult context, the gross regional domestic product growth rate
didn’t reach the set target. It stood at 2.86% in 2021, lower than the growth
rate of 3.7% in 2020 and it reached 9.47% last year.
The province's GRDP growth expanded by only 0.73% in the first six months of
2023 and it is expected to be 3.87% for the whole year. The average growth rate
for the three years reaches 5.4% on average.
To achieve the GRDP growth target of 9% per year or more, it is necessary to
have an average growth rate of nearly 15% in 2024 and 2025.
The province’s State budget revenue was not high, reaching 5.6 trillion VND and
5.2 trillion VND in 2021 and 2022, respectively. It stood at 1.8 trillion VND
in the first half of 2023, equivalent to 36% of the year’s estimate and 73%
compared to the same period last year. Total budget revenue for the half tenure
reached 12.7 trillion VND, thus, the target of 10 trillion VND by 2025 is a big
challenge.
As of June 30, the province disbursed a total of 7.8 trillion VND of public
investment, meeting 40.58% of the year’s target while the public investment
plan assigned for the 2021-2023 period is 19.2 trillion VND.
Regarding investment attraction and business development, from 2021 to June
2023, the province decided to approve investment for 138 projects with a total
registered capital of over 85 trillion VND. They include a number of large
projects, notably the Xuan Thien Cement Factory project which churns out 10
million tonnes of products per year and a total investment capital of 29.8
trillion VND.
Hoa Binh decided to terminate the operations of 54 projects, creating
opportunities for other investors to research and survey. By June of this year,
there were 734 investment projects in the locality with a total registered
capital of nearly 202 trillion VND.
Over the past two years, there were 1,152 newly-registered enterprises with a
total registered capital of nearly 28.4 trillion VND and 302 businesses resumed
operation. As of June 2023, there were 4,468 businesses with registered capital
of 73.5 trillion VND.
At a conference that was held to review mid-term operation of the provincial
Party Organisation, the provincial Party Committee proposed 14 groups of
solutions, which detailed special tasks for economic development, attracting
investment and developing businesses.
According to Nguyen Van Phuc, Deputy Director of the provincial Department of
Planning and Investment, in addition to completing the planning with a vision
to 2050 and submitting it to competent authorities for approval, it is
necessary to focus on drastic solutions to accelerate public investment
disbursement and improve business environment.
The province has so far disbursed 7.8 trillion VND, so from now until the end
of 2025, it will have to disburse 22.8 trillion VND, equal to 74% of the
medium-term public investment capital plan for 2021 - 2025.
To this end, it is essential for the province to focus on directing specialised
agencies to speed up and improve the quality of project preparation and
appraisal, he said.
Attention should be paid to solving problems in site clearance and
strengthening inspection as well as speeding up the disbursement of public
investment capital and flexibly adjusting capital plans between projects.
It is a must to select investors who have the capacity to implement projects
with spillover effects, greatly contributing to promoting economic growth and
state budget collection in the locality, Phuc said, adding that projects that
are behind schedule should be revoked.
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.
