(HBO) – Over the past three decades since it was re-established, Hoa Binh province has taken major steps in the "Doi Moi” (Renewal) period, with imprints in foreign affairs that aimed to strengthen relations with foreign countries, organisations and localities and foster people-to-people diplomacy. The move was expected to take advantages of external resources for development.


 

Japan-invested R Vietnam Technical Research Ltd. Co., located at Da River Left-bank Industrial Park, is among the largest contributors to Hoa Binh’s total exports.

The province has diversified ways of communications and promotion to better introduce its potential, strengths and orientations among local and foreign people.

Hoa Binh plays an active role in international economic integration as it has issued a number of programmes and plans for the implementation of free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam FTA (EVFTA).

The province has been on the right track to fulfill commitments and agreements signed with a number of international organisations, such as World Vision, ChildFund and Germany’s reconstruction bank KfW. The commitments and agreements have been strictly enforced as part of the province’s efforts to lure more investment and funding.

Hoa Binh has also been focusing on improving the local business climate and accelerating public administrative reforms. The province has given priority to develop infrastructure and human resources in order to meet needs for growth and international integration.

The province is currently home to 49 exporting and importing businesses, 26 of which are foreign-invested, accounting for 53 percent of the total. The foreign-invested firms are the main driver of the province’s foreign trade, contributing more 80 percent of the total exports.

Its open policy to welcome foreign investment has provided a momentum for the local economy. From 2016-2020, Hoa Binh’s foreign trade grew 28.5 percent on average annually, with the United States, the United Kingdom, the Republic of Korea, Japan and China being its largest importers.

 


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