Hoa Binh achieved all 19 socio-economic development targets last year, surpassing plans and marking a record high in state budget revenue. The province exceeded the Prime Minister's revenue target by 87%, ranking among the top localities that surpass budget revenue projections.
In 2024, private enterprises reported strong revenues, contributing to the significant annual increase in state budget collections. Photo: The Da Hop joint Stock Company invests in the infrastructure of the Tien Tien industrial cluster in Quang Tien commune, Hoa Binh city, making a substantial contribution to the state budget.
Big challenges, great determination
The year 2024 presented significant challenges to local socio-economic management. Extreme weather conditions, including heavy damages from Typhoon Yagi, and policy changes impacted production and business activities. Many investment projects faced delays, and revenue sources declined due to tax, fee, and charge exemptions and reductions.
Internally, although the local investment environment and administrative reforms improved, the provincial competitiveness index remained low. Many unresolved obstacles in investment projects led to weak capital absorption, while the real estate market stagnated, and some sectors continued to face business and production difficulties.
The Government and National Assembly supported citizens and businesses by reducing VAT by 2% through the end of the year, extending tax deadlines, and cutting land and water surface rents. These measures reduced provincial tax revenue by approximately 628 billion VND (24.78 million USD).
Despite these challenges, the entire political system showed determination and significant efforts to meet state budget collection goals.
Exceptional achievements in state budget revenue for 2024
The provincial Tax Department implemented comprehensive measures from the beginning of last year.
The province recovered approximately 1.85 trillion VND in overdue taxes, equivalent to 73% of collectible tax arrears as of December 31, 2023. This included 250 billion VND collected through tax management measures and 1.6 trillion VND recovered via enforcement actions.
According to Vu Hong Long, Director of the provincial Tax Department, the agency prioritised supporting taxpayers, addressing challenges, and ensuring the effective implementation of resolutions aimed at facilitating business recovery and growth.
Also in 2024, the province’s state budget revenue was above 7.55 trillion VND, surpassing the central government’s target by 87% and the provincial People’s Council resolution target by 31%.
Among 17 revenue categories, 14 exceeded projections, with remarkable surpluses in areas such as land use fees (340.1%), dividends (350%), other budget revenue collection categories (328%), land and water lease fees (294.3%), and fees and charges (216.9%).
In addition, local budget revenue collection revenue amounted to over 26.96 trillion VND, up 13% year-on-year and exceeding the Government’s target for the year by 87% and the province’s by 67%. Districts such as Luong Son, Mai Chau, Lac Son, and Kim Boi achieved tax and fee collection rates significantly above their assigned targets, ranging from 145% to 158%. These outcomes reflect a positive recovery across economic sectors and set a strong foundation for further growth in 2025.
Quach Tat Liem, Vice Chairman of the provincial People’s Committee, stressed that the exceptional results played a vital role in the province's socio-economic development. As Hoa Binh approaches the final year of implementing the 17th provincial Party Congress Resolution for the 2020–2025 term, it is committed to fulfilling and exceeding state budget revenue targets.
After the Lunar New Year (Tet) holidays, trade union members and workers in Hoa Binh province returned to work with an excited spirit at the beginning of the new spring. Throughout the workshops, factories and enterprises, they were full of enthusiasm, immediately getting to work, striving to excellently complete tasks and production and business targets.
Red grapefruit is a native crop of Tan Lac district, where the fertile soil and favourable climate create ideal conditions for its growth. With over 80% of the area being mountainous, at an altitude of 300-400 metres above sea level, red grapefruits here thrive on well-drained, fertile hillside soil. The region’s large temperature variation between day and night enhances the fruit's nutrient absorption. The local cultivation techniques also contribute to its uniqueness
The provincial business association recently convened a conference to review its 2024 operations and outline plans for 2025. The meeting was attended by Standing Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Committee Bui Duc Hinh along with leaders from various departments and agencies.
Hoa Binh province is prioritising rural transportation infrastructure to improve mobility, facilitate trade, and boost socio-economic development.
The Minister of Agriculture and Rural Development has just issued Decision No. 377/QD-BNN-VPĐP approving the results of the evaluation and classification of the products of the National One Commune One Product Program in 2024 (phase 3).
As the Lunar New Year (Tet) approaches, the market becomes more vibrant than ever. In Hoa Binh province, preparations for Tet have been bustling since the 20th of the last lunar month, with an abundant supply of goods to meet the growing consumer demand.
