(HBO)- The Hoa Binh provincial People’s Committee announced its decision to set up a provincial development fund on July 18. Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Committee Nguyen Van Quang chaired the announcement conference. The event was attended by Vice Chairman of the local People’s Committee Bui Van Khanh and representatives from relevant departments, branches and agencies.
Under
the decision, Vice Chairman Bui Van Khanh was elected as chairman of the fund
management council, Vice Director of the Lien Viet Post joint Stock Commercial
Bank’s Hoa Binh branch Pham Van Giau as director of the fund for five years.
The development fund, a state financial organisation in the locality, has legal
status and is allowed to open an account at the State Treasury and other legal
commercial banks. Managed by the provincial People’s Committee, the fund will
be used in financial investment and development investment.

Photo: Chairman of the provincial
People’s Committee Nguyen Van Quang presents the decision on the fund
establishment to Vice Chairman Bui Van Khanh, chairman of the fund management
council.
The fund’s organisation includes a management
council and a supervisory board, running as a non-profit bank for social
policies on the basis of financial independence. With an initial chartered capital
of 100 billion VND (4.4 million USD), the fund is responsible for mobilising
medium and long-term capital from both domestic and foreign organisations and
individuals in line with legal regulations. It can make direct investments in
projects and financial contributions, entrust investment, distribute investment
capital, issue local bonds to mobilise resource for local budget and organise
activities of credit guarantee funds, among others.

Photo: Chairman of the provincial People’s Committee Nguyen Van Quang presents the
decision on the appointment of Pham Van Giau, Vice Director of the Lien Viet
Post joint Stock Commercial Bank’s, as director of the fund.
Speaking at the event, Chairman Nguyen Van Quang asked the fund to fulfill its
functions of managing, mobilising and using the capital in an effective way to
support local infrastructure development, attract investment and address
difficulties in investment in environment protection.
On behalf of the fund management council, Vice Chairman Bui Van Khanh promised
to run the fund smoothly in accordance with current regulations and make good
use of the capital, serving the province’s socio-economic development./.
Le Chung
Dao Village’s honey – a product certified with a 3-star OCOP (One Commune One Product) rating by Thong Nhat Agricultural Cooperative in Dao Village (Hoa Binh City) – is highly regarded by consumers for its quality, richness, and variety in packaging. The distinctively sweet taste of Dao Village’s honey leaves a lasting impression on anyone who has tried it.
In alignment with Project No. 07-DA/TU, issued by the Hoa Binh provincial Party Committee on November 1, 2021, Lac Thuy district has actively promoted investment and supported the sustainable development of its industrial and handicraft sectors during the 2021–2025 period. Alongside this, the district has remained committed to preserving and revitalising traditional craft villages.
Located in the northern part of Lac Thuy district, with a temperate climate and fertile soil, Phu Thanh commune has great potential and advantages in growing tea. The long-standing experience, combined with strict adherence to organic farming practices in the tea gardens, ensures that the dried tea products from Phu Thanh and Lac Thuy as a whole are sold out immediately upon production, providing a stable and prosperous life for the local people.
Amid efforts to streamline the administrative apparatus, Hoa Binh province has intensified measures to address challenges in land clearance, resettlement support, and infrastructure investment, aiming to speed up the progress of key projects.
Hoa Binh province has posted an unprecedented economic growth rate of 12.76% in the first quarter of 2025, marking its highest quarterly performance to date and positioning it as the second fastest-growing locality in the country, trailing only Bac Giang province.
Under current regulations, products in the One Commune – One Product (OCOP) programme that are rated three stars or higher must undergo re-evaluation every three months. However, in reality, some of these products fail to consistently meet the required standards, raising concerns about the sustainability of their OCOP certification. This underscores the urgent need for producers to enhance product quality and gradually develop their OCOP products into strong, marketable brands.