(HBO) – Industrial restructuring towards higher productivity, quality, effectiveness, and added value, along with saving natural resources and fuel to boost exports and further contribute to the province’s budget while restructuring right in investment attraction, is Hoa Binh’s orientation for industrial development, hoped to help with economic restructuring in tandem with growth model reform so that the local economy can reach the national average by 2025.
In
2022, the R Vietnam Technical Research Co. Ltd, located in the Da River Left
Bank Industrial Park, plans to manufacture about 380 new products.
By the end of 2021, Hoa Binh province had nearly
450 investment projects in industry - construction, including 133 in industrial
parks and clusters, 77 on mineral mining and processing, and 155 located
outside the industrial parks and clusters.
The industrial production capacity has improved
considerably in electronics, machinery, mechanics, apparel, mineral, animal
feed manufacturing, along with agro-forestry processing. During 2016 - 2020,
industrial production’s added value grew by 10.5 percent annually and total
value, by over 16 percent on average.
Last year, the industrial sector was severely
affected by the complex COVID-19 situation. However, thanks to businesses and
production facilities’ efforts by as well as authorities’ actions to remove
bottlenecks, Hoa Binh recorded encouraging results, including industrial
production value up 2.3 percent year on year to 41.26 trillion VND (1.8 billion
USD).
In particular, processing - manufacturing
accounted for the majority of the industrial sector, more than 68 percent of
production value and nearly 40 percent of the sector’s added value. This
indicated a decline in the mining industry and an increase in processing
activities.
Pham Tien Dung, Director of the provincial
Department of Industry and Trade, said the industrial structure has seen
expanded processing - manufacturing, and contracted electricity - water
production and distribution as well as mineral exploitation. The growth in
processing - manufacturing has given a boost to other industries, helping the
local economy develop at a faster pace and be restructured towards
industrialisation.
To help drive economic growth, the provincial
Party Committee and People’s Committee demanded focus be placed on processing -
manufacturing, supporting, electronics, garment, and agro-forestry processing
industries.
In particular, the steering board for the
projects to carry out the resolution of the 17th provincial Party Congress
recently issued a plan on implementing the provincial Party Committee’s Project
No. 07-DA/TU on industrial development during 2021 - 2025. Accordingly, the
plan implementation will need over 52.97 trillion VND, which will be funded by
the provincial budget and businesses.
