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.
The provincial Department of Agriculture and Rural Development on November 20 coordinated with Hai Dang Group Hoa Binh Seafood Company Limited to release 1.5 tonnes of fries into Hoa Binh Lake to regenerate aquatic resources, with a total value of 266 million VND (10,460 USD).
On the afternoon of November 16, Nguyen Phi Long, alternate member of the Party Central Committee and Secretary of the provincial Party Committee, held a reception for a delegation from the Indian Embassy led by Ambassador Sandeep Arya. The delegation included the chairperson of the Indian Chamber of Commerce in Vietnam, embassy personnel, and Indian businesses operating in Vietnam. Accompanying Long at the meeting were leaders of the provincial People's Committee and representatives from various departments and sectors.
Hoa Binh province hosted the "Meet India 2024" conference on November 16, marking a significant step in strengthening bilateral economic ties between Vietnam and India.
In recent times, with its core role in building and fostering great national unity, Cao Phong district's Vietnam Fatherland Front Committee has actively carried out its responsibilities and front work, and closely collaborated with member organisations to encourage locals to implement the Party’s guidelines, and the State’s policies and laws. At the same time, it has worked to promote the dynamism, creativity, and contributions of officials, Party members, and local people to help the district develop further.
From a type of bulb used as a seasoning for daily meals, thanks to the efforts of local authorities and farmers, shallots have become a commercial crop in Yen Thuy district, contributing to promoting the transformation of crop structure in agricultural production, bringing higher incomes to locals.
