Hoa Binh’s investment attraction in 2024 – indicator of economic recovery

1/7/2025 - 6:50:44 PM

In 2024, Hoa Binh province witnessed signs of economic recovery, particularly in investment attraction. Notably, several projects are showing good progress, indicating that the vitality of businesses is positively correlated with the overall economic recovery.

The Binh Thanh ecotourism resort project in Binh Thanh commune, Cao Phong district, is being accelereted with the expectation of becoming a tourist magnet in Hoa Binh province.

One standout project is the Binh Thanh ecotourism resort (also known as Shoshin Binh Thanh), invested by Mora Group. After completing legal procedures and obtaining the construction permit, the project commenced infrastructure development in Binh Thanh commune, Cao Phong district, in April 2024 and is currently progressing well.

According to project developer Archi Group, Shoshin Binh Thanh encompasses 225 luxury villas set on nearly 13ha of hillside, overlooking the stunning blue waters of Hoa Binh Lake. With strategic and professional investment, the project adheres to the high standards of the WorldHotels Spa & Resort brand. Through collaboration between domestic companies and international brands, the investor and its partners aim to improve service quality, creating a "paradise resort" on Hoa Binh Lake to attract a significant influx of domestic and international tourists, thus opening up breakthrough development opportunities for the Hoa Binh tourism area.

The current construction pace suggests that the project is evolving into a modern and comprehensive resort, demonstrating the competent capacity of the business.

The progress of projects serves as an indicator of businesses’ health. This perspective reveals a recovery in the health of investors in industrial park infrastructure, mirroring the overall economic rebound over the past year.

The provincial Industrial Zone Authority reported that 2024 saw noteworthy achievements in the operations of industrial parks. With a commitment to developing comprehensive technical infrastructure to attract secondary investors, infrastructure developers in the province have made significant efforts, mobilising hundreds of billions of VND for various infrastructure facilities.

As a result, 97.1ha of clean land has been readied for investment attraction, marking an 11.6% increase over the assigned target.

In 2024, local industrial parks attracted eight new projects, a 33.3% increase compared to 2023, achieving 100% of the target. This includes three foreign direct investment (FDI) projects with a registered capital of 15.4 million USD, and five domestic projects worth 254 billion VND (10 million USD).

To date, investment projects in the province's industrial parks total 115, which includes 28 FDI projects with a combined capital of 432.37 million USD and 87 domestic projects with a total registered capital of 16.06 trillion VND. Currently, 73 projects are operational.

Alongside positive investment attraction results, 2024 also recorded impressive business performance among many enterprises in local industrial parks. Notably, among FDI companies, COASIA CM Vina achieved revenue of approximately 5 trillion VND last year, while Cap Global around 30 million USD and DoosungTech Vietnam 3.6 trillion VND.

Newly-registered domestic enterprises are diligently completing procedures to commence operations, thus creating jobs for local workers and contributing to the provincial budget.

These signs indicate the recovery of businesses as well as positive investment attraction in 2024.

By the end of 2024, the province had 13 projects receiving investment approval along with investor endorsements, 12 projects granted investment registration certificates, and sevencommercial housing projects had their investors permitted. Additionally, 32 projects saw investment plans adjusted, with total registered capital around 19.137 trillion VND.

Furthermore, three projects on building urban, housing, and residential areas worth over 3 trillion VND in total gained investment approval.

By the end of 2024, Hoa Binh province had 735 investment projects registering over 269.58 trillion VND in capital, consisting of 38 FDI projects and 697 domestic projects. As many as 496 enterprises were set up with total registered capital of around 8.1 trillion VND while 140 others resumed operations.

These are positive signs reflecting the gradual recovery of businesses, promising numerous investment attraction opportunities in 2025 and providing more impetus for economic growth in the final year of implementing the resolution of the provincial Party Congress for the 2020-2025 term.

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