(HBO) – Modern trade is on a rise today, attracting many economic sectors and inflows of capital. In Hoa Binh, it has been fuelling the development of local infrastructure with more and more markets being renovated and supermarkets and shopping malls being launched to meet the increasing demand of customers.
Vincom Plaza in Hoa Binh City is increasingly becoming a popular choice of consumers thanks to its modern setting and diverse supply of goods.
Hoa Binh is now home to six supermarkets, three shopping malls and hundreds of convenient stores. There have been 22 markets newly constructed and 13 others renovated, with total investment of 192 billion VND, over the last five years.
According to the provincial Department of Industry and Trade, supermarkets and shopping malls have played an important role in helping the province stablise the market prices, particularly those of essential goods. The modern infrastructure for trade has also helped develop professional and standardised distribution channels, ensuring food safety, origin traceability, fire prevention and environmental sanitation. There is a strong shift from traditional trade to modern trade in Hoa Binh.
Local districts have also seen the emergence of new trade and services clusters with the launches of more convenient stores, those selling electrical appliances and others, to meet needs of consumers and bolster trade of goods.
Data from the Department of Industry and Trade shows that about 30 percent of local residents are regular shoppers on online marketplaces, such as Lazada, Shopee and Sendo. E-commerce sales are growing at around 20 percent annually. The province has been providing support to local enterprises in online trading as e-commerce is deemed as an effective and cost-efficient tool for branding and marketing.
Hoa Binh’s total retail sales of goods and services expanded 19 percent annually. The figure exceeded 28.97 trillion VND in the first eight months of this year, up 15.8 percent from the same period last year and representing about 65 percent of the yearly target./.
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.
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