A corner of Hoa Binh city, Hoa Binh province. 

Bringing into full play potential and advantages 

With its high determination and efforts, in 2022, Hoa Binh met or exceeded 19 out of 20 targets set out in the Resolution of the provincial Party Committee for the year. Its economic growth was estimated to hit 9.03%; GRDP per capita was 66.7 million VND (2,840 USD); total state budget revenue was estimated at 6,410 billion VND; and economic structure shifted in the right direction. Especially, since 2021, Hoa Binh's agricultural products such as orange, pomelo, longan and sugarcane have been exported to Japan, the Republic of Korea, the UK, the US, and the European Union (EU). 

Last year, tourism stimulation activities were stepped up, resulting in a year-on-year increase of 98.5% in the number of tourists to over 3.1 million arrivals. The health insurance coverage surpassed 90% and the poverty rate decreased by 2.5% to 12.99%. The political and security and social order and safety situation remained stable, creating favourable conditions for socio-economic development. 

With its specific advantages in terms of climate and geography, the province has been developing agriculture in the safe, efficient and sustainable direction, and paying more attention to hi-tech, organic and smart agriculture to improve the quality of its key products.

 With its goal of turning industry into a driving force of the economy with high, sustainable and effective growth, Hoa Binh has been allowed by the Prime Minister to establish eight industrial parks with a total area of more than 1,500 hectares. 

Nguyen Phi Long, alternate member of the Party Central Committee, Secretary of the provincial Party Committee of Hoa Binh, said that the province is focusing on economic growth in parallel with cultural development, with focus on preserving and promoting cultural identities of the Muong ethnic group and "Hoa Binh culture". 

The province also boasts much potential and advantages to develop eco-tourism, resort tourism, and cultural and spiritual tourism. Hoa Binh is striving to become an attractive destination with typical tourism products, and a major tourist centre of the northern midland and mountainous region. 

"Breaking barriers" in investment attraction

With its potential and prospects, the locality is highly determined to remove obstacles in terms of mechanisms and policies to attract more investors. Chairman of the provincial People's Committee Bui Van Khanh said that, in addition to general preferential policies, Hoa Binh also has its own such as exemption from corporate income tax for the first four years and a reduction of 50% for the next nine years; exemption and reduction of land and water surface rent; and import and export tax exemption and reduction. 

With the desire to development cooperation with businesses, investors and international organisations, Hoa Binh always opens its door to welcome domestic and foreign investors, especially in the fields of hi-tech agriculture, manufacturing, processing, trade, services and tourism. Therefore, investors will be given all the most favourable conditions to successfully implement their projects and ensure sustainable development in the coming years./.

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