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.
After more than four years of implementing a project launched by the Hoa Binh Party Committee’s Standing Board on developing agriculture and promoting product consumption linked with building new-style rural areas for the 2021-2025 period, the province’s industry and trade sector has made significant strides, greatly contributing to local socio-economic development.
Luong Son district has identified 2025 as the year for the accelerated breakthrough to successfully implement the socio-economic development plan for the 5-year period from 2021 to 2025. The district has been focusing on executing the plans and trying to achieve a GRDP growth rate of approximately 15%.
Since the beginning of this year, under the direction of the Department of Agriculture and Environment, the Sub-Department of Agricultural, Forestry, and Fishery Product Quality Management has strengthened the integration of the professional activities to promote and guide the organizations and individuals in the production and trading of agricultural, forestry, and fishery products to comply with the legal regulations regarding the use of chemicals, pesticides and veterinary medicines in crop cultivation, livestock farming and aquaculture. They also provide guidance to processing and manufacturing establishments on keeping the records to trace the product origins and using food additives from the approved list according to the regulations.
Hoa Binh province saw a significant rise in state budget revenue in the first two months of 2025, heard a meeting chaired by Vice Chairman of the provincial People’s Committee Quach Tat Liem.
Ha Thi Ha Chi, a 26-year-old graduate in law, has taken an unconventional path by returning to her hometown in Mai Chau district to establish the Tong Dau Cooperative, creating stable jobs for local women and bringing Thai ethnic brocade weaving to the global market.
As the Lunar New Year 2025 approached, pork prices surged, creating a profitable season for farmers in Tan Vinh commune, Luong Son district. Taking advantage of the rising demand, Can Minh Son, a farmer from Coi hamlet, sold over 30 pigs at 69,000 VND/kg, each weighing more than 100 kg. After deducting expenses, his family earned a profit of over 50 million VND.
