(HBO) - The economic structure of Tan Lac district’s Phong Phu is shifting in a positive direction in line with the orientation set by the district People's Committee. In 2020, the trade and service sector accounted for 50.58 percent of the local economy and its production value hit 279.168 billion VND (12.14 million USD). The figures for agro-forestry-fishery were 39.88 percent and 197.658 billion VND, and industry-handicraft 9.54 percent and 22.44 billion VND.
The trade and service
sector has contributed to raising incomes for people in Phong Phu’s Muong Lo
hamlet.
Phong Phu has various advantages for trade and service
development. The Highway 6 runs through its center, making it convenient for
trade and goods transportation. The local Lo market is the trading center of
Trung Hoa, Nhan My, and Quyet Chien communes. Phong Phu also houses a
community-based tourism site in Luy Ai hamlet, which attracts domestic and
international visitors.
Official statistics show that the commune has some 600 – 700
household businesses, mostly selling consumer goods, agricultural supplies, and
construction materials. It also houses three enterprises, one cooperative, and
15 industry-handicraft production facilities. The local trade and services
sector has grown quickly in both scale and quality, helping form civilized and
modern buying and selling habits among rural residents. On a monthly basis, a
household business offering services reels in an average income of 20 – 25
million VND (870-1,087 USD).
Cao Ba Chinh, Chairman of the Phong Phu People’s Committee,
said to boost trade and service, the local authorities have mobilised resources
to invest in improving the commune’s infrastructure, including roads between
Phong Phu and neighbouring localities and the Lo market. Facilitating business
activities, ensuring security and order, encouraging the participation in
campaigns promoting the consumption of made-in-Vietnam products, and actively
expanding distribution markets for local goods are also necessary, he added.
Phong Phu is striving to become a town by 2024, Chinh affirmed,
stressing that turning trade and service into a spearheaded sector of the
commune is key to realising such goal.
Prime Minister Pham Minh Chinh attended a groundbreaking ceremony for an electronic printed circuit board (PCB) factory at Da River Left Bank Industrial Park in Hoa Binh province on April 13. The electronic PCB factory is invested by Japan's Meiko Group at a total cost of 200 million USD.
In the first quarter of 2024, the credit institutions in the province have actively deployed the legal documents of the State and the State Bank relating to currency, credit and interest rates. At the same time, they have promoted the capital mobilization, focusing on the solutions to expand the credit investment along with strengthening the credit quality management, lending to priority programs to promptly meet the capital needs for export - business and consumer demand during Tet in 2024.
Outside the key economic region of Hoa Binh, yet Lac Son district has utilised its potential and strengths regarding labour, land, and transportation connectivity to attract investment to the locality, contributing to promoting socio-economic development.
In a move to expedite the execution and disbursement of the 2024 capital plan for ODA projects, aiming for a disbursement rate of over 90% of the allocated funding, the Hoa Binh People's Committee issued Document No. 483/UBND-KTN on April 3, 2024, regarding such efforts.
Nguyen Van Thap from Kim Duc hamlet, Vinh Tien commune, Kim Boi district, has built the brand of Hoa Qua Son for local fruits. His efforts have brought about income for his family and generated job opportunities for locals, helping hundreds of households escape from poverty.
The Hoa Binh administration was entrusted by the Prime Minister with a budget of 3.43 trillion VND (142.91 million USD) for investment in 2024. The provincial People's Council approved nearly 3.76 trillion VND, which has been meticulously allocated to projects, achieving 100% of the assigned capital plan.