As of October 31, total capital disbursed in Hoa Binh reached over 1.65 trillion VND (around 68 million USD), equivalent to 16% of the plan assigned by the Prime Minister. The figure is estimated to reach only 34% of the plan in 2023.
On the construction site of a road project connecting Tran Hung Dao street to Dan Chu ward in Hoa Binh city. The disbursement of public investment capital for the project is expected to be implemented on schedule.
Speeding up the disbursement of public investment, especially capital from the State budget, is important for promoting economic growth of the country in general, and Hoa Binh province in particular.
Public investment will create a solid momentum for socio-economic recovery and development after the severe and unprecedented impacts caused by the COVID-19 pandemic.
The provincial Party Committee, People's Council, and People's Committee have paid attention to directing the implementation of tasks and solutions to accelerate the disbursement of public investment in 2023.
The Chairman of the provincial People's Committee periodically holds meetings with representatives of relevant departments, sectors and localities to promptly remove difficulties and obstacles related to
investment preparation and land clearance.
However, the disbursement rate in the locality remains low, especially for the socio-economic recovery and development programme, as well as three national target programmes and official development assistance projects.
The low rate of public investment disbursement is one of the reasons behind the slowdown of GRDP growth in the locality in 2023.
The disbursement of public investment is considered a lever to promote economic growth in 2023 and the following years. The work requires a drastic action, responsibility, and close coordination among all sectors and localities, focusing on closely monitoring he implementation of each project, prioritising capital allocation for projects with rapid disbursement speed, and accelerating the progress of projects, and timely solving problems in the clearance work, and speeding up the administrative reform.
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.
