According to the Provincial Tax Department, by the end of May 2024, the province's total state budget revenue was about 2,758.5 billion VND, reaching 72.9% of the ordinance estimate, reaching 50.2% of the Provincial People's Council estimate, equal to 202.3% of that at the same period. Of which, the land use fee collection was about 1,330.9 billion VND, reaching 161.7% of the ordinance estimate, reaching 66.5% of the Provincial People's Council estimate; Tax and fee collection (except the land use fees) was 1,427.7 billion VND, reaching 48.3% of the ordinance estimate, reaching 40.8% of the Provincial People's Council estimate.

Mr. Vu Hong Long, the Secretary of the Party Committee –
the Director of the Provincial Tax Department is deploying the tasks and
solutions for the state budget collection in June 2024.
Some revenues that increased compared to those of the
same period are the foreign investment increased by 100.2%; The environmental
protection tax increased by 61.6%; Non-state industrial and commercial revenues
increased by 44.4%; Fees and charges increased by 51.2%. The land use fees
alone increased 16.1 times due to Trung Minh New Urban Area Co., Ltd. paying
1,002 billion VND; Dream Lands Group joint Stock Company paid 90.4 billion VND;
Hoa Binh Housing Development joint Stock Company paid about 65.2 billion VND.
To ensure the completion of the domestic revenue estimate
in June of about 340 billion VND, the cumulatively of the expected revenue
until June 30, 2024, is about 3,098.5 billion VND, reaching 81.9% of the
Government's estimate, reaching 56.3 billion VND. % of the Provincial People's
Council's estimate. The Tax Department recommends that the units continue to
strengthen the review of revenues, and taxes, and exploit the potential revenue
sources; Strengthening the inspection and examination to promptly detect and
handle the tax law violations by taxpayers. Doing a good job of coordinating
with the relevant departments and branches of the province, district and city
to develop the plans and implement the work of preventing tax loss according to
each field and industry with high tax risks.
It is suggested to promote the collection of the
outstanding tax debt, including fully implementing measures to urge and enforce
the tax debt and increase the application of immigration suspension measures
for the individuals and the individuals who are the representatives of the
legal representation of taxpayers who are the businesses that are being forced
to implement the administrative decisions on tax management, however, they have
not fulfilled their tax payment obligations, especially in cases that are no
longer operating in their locality they have just registered. At the same time,
they continue to closely coordinate with the agencies in providing information
to promptly and effectively deploy tax debt enforcement measures according to
the provisions of the Law on Tax Administration to recover tax debts,
especially for debts of land use fees, land rents, mineral exploitation rights
fees… It is recommended to complete the targets of the assigned debt
collection, contributing to completing the task of the state budget collection
as well as tax management in the locality.
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.