(HBO) - Hoa Binh province is currently home to more than 900 enterprises and 30,000 households doing business in trade, services and tourism. Among them, nearly 3,000 companies have applied IT to transactions.
The Son Thuy JSC, based in Mong Hoa commune of Hoa Binh city, produces
film-coated plywood for export to the Republic of Korea, which has contributed
to the province’s export revenue.
Investors are always welcomed to the province to explore
business opportunities. So far, Hoa Binh has accommodated 565 projects,
including 40 foreign direct invested projects worth a combined 573.3 million
USD, and 525 domestic ones with a total registered capital of almost 71.40
trillion VND (3 billion USD).
Active international economic integration has
greatly helped to promote local industrial production since 2015. Some key
industries and the sectors Hoa Binh has strength in have sustained their
development. The industrial production value grows by 16.71 percent annually
while the index of industrial production rises by about 10.5 percent. Industry
has become the main export driving force, accounting for over 91 percent of the
province’s total overseas shipments.
Besides, the implementation of the agricultural
restructuring plan, which is meant to improve added value and achieve
sustainable development, has proved fruitful. The provincial People’s Committee
has ordered the agricultural sector to review and build development plans for
each of the key plants and animals so as to boost products’ competitiveness in
the integration period.
The enhanced economic restructuring has fueled
trading activities, thus raising export-import turnover and expanding markets.
Hoa Binh estimates its trade turnover at nearly 6.83 billion USD for the 2016 –
2020 period, including 3.28 billion USD in exports and 2.74 billion USD in
imports, respectively rising 30 percent and 27 percent.
Goods have been traded in various forms such as
direct export, entrusted export and export to non-tariff zones. Aside from
shipments to traditional markets like Southeast Asia, the Republic of Korea and
China, local businesses have also accessed demanding markets like Australia,
Canada, Japan and the EU.
Economic, cultural and social exchanges with
other countries have also become a focus of attention. Hoa Binh has signed 11
agreements and memoranda of understanding with foreign partners such as
Habitat, World Vision, Action on Poverty and AEA organisations; Marvin group,
KV Consulting Co. Ltd, Hanbaek Construction Co. Ltd; and Gimje city of
Jeollabuk province and Ulji district of Ulsan city (the Republic of Korea). The
province has also been effectively realising its commitments and agreements
signed with organisations, agencies and localities of Laos and Mongolia.
Over the past years, international economic
integration has strongly influenced local socio-economic development, helping
Hoa Binh increase per capita income and maintain GRDP growth which stood at
about 9.05 percent in 2019./.
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.
