In the first half of 2024, Hoa Binh province granted new business registrations for 210 enterprises with a total registered capital of more than 4.75 trillion VND (187.5 million USD), an increase of 12% year on year, the provincial Department of Planning and Investment has reported.
Accordingly, some of 145 enterprises resumed operations during this period. So far, the province has been home to over 4,600 enterprises with a combined registered charter capital of approximately 92 trillion VND.
Although there are signs of strong recovery and positive governmental support, many businesses have faced challenges with slow recovery in certain sectors, including import-export activities, and real estate.
Economic growth in the reviewed period in the industrial and construction sector reduced 3.34% year on year, driving enterprises into difficulties due to reduced job opportunities and increased cost pressures in production and business operations.
Over the past six months, the province has recorded 180 enterprises temporarily suspending operations and 30 others dissolved, notably in the construction and real estate sectors.
Ha Trung Nguyen, former vice chairman of the provincial Business Association, shared that many enterprises in the province are in the construction sector, but the current management of construction material prices faces several inconsistencies.
Besides common challenges, many enterprises and investors have encountered obstacles related to investment procedures, mechanisms, and policies, particularly in land and construction, leading to extended project timelines and increased costs.
The province has set growth targets of 9% in Gross Regional Domestic Product (GRDP), 4.27% in agro-forestry and fisheries, 9.74% in industry and construction, and 11.62% in services, among others.
To achieve this growth scenario, the province has determined to boost several sectors to become driving forces for growth, such as manufacturing, electricity production and distribution, construction, accommodation and eatery services, wholesale and retail trade, finance, banking, insurance, warehouse transportation, information and communication, and real estate business, and more.
Over the past time, the provincial People’s Committee has developed a transparent, and business-friendly investment environment, fostering new momentum and opportunities for development.
Additionally, provincial authorities are directing departments and localities to harmonise and effectively implement programmes, plans, and policies supporting small- and medium-sized enterprises across the province. Initiatives include promoting technological innovation, digital transformation, enhancing investment promotion activities, facilitating technology transfer brokerage, and supporting enterprise participation in scientific and technical exhibitions.
Significantly, the provincial Party Committee and People's Committee are directing sectors and localities to enhance the role of Party Committees and administrative bodies in disseminating information and garnering public consensus for project implementation, supporting investors in land acquisition, resettlement, and holding local leaders accountable for project execution, thereby optimising investment capital efficiency and fostering community trust in project areas.
With funding from the National Target Programme for socio-economic development in ethnic minority and mountainous areas, localities in of Hoa Binh province have invested in essential infrastructure which helps improve local people's lives.
Hoa Binh city has allocated 654 million VND (nearly 26.200 USD) for supporting the protection and sustainable development of 507ha of natural forest to carry out Project 3 on sustainably developing agricultural and forestry production to tap into the potential and advantages of regions to produce goods in value chains.
With the Mid-Autumn Festival nearly a month away, various kinds of mooncakes from popular brands like Kinh Do, Huu Nghi, and Hai Ha have been put on sale at the local shopping malls and business establishments.
In addition to livestock farming, cultivation, and agricultural production, Dao ethnic minority people in Ba Ra hamlet in Hung Son commune of Kim Boi district have also engaged in forestry-based livelihoods, especially bamboo shoot planting.
The Hoa Binh Steering Committee for State Budget Collection on August 15 held a conference to assess the results of state budget revenue between January and July. The conference was chaired by vice chairman of the provincial People's Committee and head of the Steering Committee Quach Tat Liem.
On August 16th, the Community Development Project in Hoa Binh City, under the Good Neighbors International (GNI) Organization, provided 1,300 soapberry seedlings to the Lemongrass Farming Group in Dong Chua Hamlet, Thong Nhat Ward, Hoa Binh City.
.jpg)
