(HBO) - The process of extensive international economic integration has created favourable conditions for foreign businesses to invest in projects in the northwestern mountainous province of Hoa Binh, helping to promote the locality’s economic growth.
Production and business
activities of the R Technical Research Co., Ltd in the Da River left-bank industrial park in Hoa Binh
city have contributed to promoting Hoa Binh province’s export value.
Since 2017, the province has attracted 17 foreign direct investment (FDI)
projects with total capital of about 275.7 million USD.
The locality is now home to 40 FDI projects with total registered capital of 580.2
million USD, of which 33 projects have been put into operation.
Foreign enterprises are mainly from the Republic of Korea, Japan, and China,
operating in the field of electronic component assembly and garment.
The attraction of official
development assistance (ODA) in Hoa Binh has
been promoted. In the last three years, the province has had 26 programmes and projects using ODA capital and preferential loans
from foreign donors.
The provinceis calling for a number of ODA projects, including a green urban development project to adapt to climate change in Ky Son ward of Hoa Binh city; a project to connect the
province’s transport networks to the national transport system.
Local authorities have also paid attention to attracting and mobilising foreign
non-governmental aid. Non-governmental organisations (NGOs) have so far
operated at all of the province’s districts and Hoa Binh city, mainly in areas
with disadvantaged socio-economic conditions and in the fields of rural
development, health care, education, clean water and environmental sanitation,
and in solving social problems.
Hoa Binh authorities have been implementing well commitments and
international agreements signed with organisations, agencies and foreign
localities such as World Vision, ChildFund, Habitat for Humanity International, AOP, AEA, German bank for reconstruction (KfW), KuwaitFundforArab Economic Development, KV Consulting Co., Ldt, Hanbaek Construction Co., Ltd, Luang Prabang and Huophane
provinces of Laos, TUV province of Mongolia, Jeollabuk and Ulsan city’s Ulju district of the
Republic of Korea. These help create good relations with partners.
The province
is now home to 49 programmes and projects funded by 21 NGOs, development
cooperation agencies and donors with total committed aid value of 15.8 million
USD.
The committed value of new programmes and projects in the first six months of
this year was over 2.2 million USD. There are 22 international agreements being
carried out in the province./.
Being located more than 10 km from the center of Hoa Binh city, Sen Vang Organic Farm is in Dong Chua hamlet, Thong Nhat ward. This is an ideal destination for those who want to immerse themselves in the nature and find the peace after the hustle and bustle of life. With an area of over 60 hectares, the farm is systematically planned, harmoniously combining the wild natural landscape and diverse experience areas. Sen Vang chrysanthemum tea is produced from organic, completely natural ingredients.
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 25th Party congress of the Lac Thuy district for the 2020-2025 term identified the development of industry, trade, and services as its top priorities to drive the shift of the economic structure towards increasing the proportion of industry and services while reducing the that of agriculture, thus contributing to creating a motivation for socio-economic development in the locality.
Hoa Binh HKK Knitting Co. Ltd., located in the Hoa Binh Left Bank Industrial Zone, employs nearly 500 local workers with an average monthly salary of 8 million VND (3,150 USD).
Maximizing local potential and advantages, Yen Tri commune in Yen Thuy district is actively promoting the cultivation of medicinal herbs and turning medicinal herbs into One Commune - One Product (OCOP) products.
Situated at the gateway to the Northwest, Hoa Binh province has a population of over 900,000, including about 540,000 of working age. It is home to 6,000 businesses and production facilities, providing employment for over 100,000 workers. The remaining workforce is engaged in informal jobs, works in enterprises outside the province, or contributes to agro-forestry-fisheries. Additionally, around 3,000 workers are employed abroad.
