(HBO) – Developing the private economy sector into an important motivation of Vietnam’s socialist-oriented market economy is a focus of Resolution No.10-NQ/TW dated June 3, 2017 adopted by the 5th plenum of the 12th Central Committee of the Communist Party of Vietnam.
To implement policies
of the Party, State and Government on the development of the private economy,
Hoa Binh province has taken various measures to facilitate the sector to thrive
and become an engine for the entire economy.
A
household in Nhuan Trach commune, Luong Son district, develops
milk cow farming.
Since 2017, the
province has attracted 211 investment products, including 17 FDI projects. So
far, 580 projects have landed in the province, of which 540 are domestic
projects worth close to 84.74 trillion VND while the remainders are FDI
projects with a combined registered capital of 575.4 million USD.
Local industrial parks
are home to 95 licensed projects, including 24 FDI projects worth nearly 500
million USD and 71 domestic investment ones with total registered capital of
close to 7.27 trillion VND. Some 55 projects have become operational, creating
jobs for about 20,000 workers.
Also during the
period, over 1,300 new enterprises have been established with total registered
capital of roughly 6.98 trillion VND and 428 firms set up representative
offices and branches in the province.
To date, Hoa Binh has
3,800 companies registering total capital of more than 40 trillion VND, 387
cooperatives, one cooperative union and over 34,000 household businesses.
However, the growth rates
of local firms are slow and most of them are small- and medium-sized. To fuel the
development of the private economy, the province will institutionalise the
government’s policies on developing the private economy in a way that suits
local context, and develop its own incentives and policies to boost the growth
of private companies.
The province also
plans to support the growth of agricultural cooperatives and adopt special
incentives to attract investors. It will accelerate public administrative
reforms and provide the best conditions for enterprises to expand production. It will also promote
dialogue with enterprises and promptly help them solve difficulties./.
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.