Hoa Binh works hard to attract more foreign investment inflows

12/26/2021 - 11:51:51 AM

(HBO) – Authorities of Hoa Binh province have worked hard on economic diplomacy, with the aim of attracting more foreign investment, thus creating a motivation for socio-economic development in the locality.

Sma Vina Viet-Han Garment Import-Export JSC (Hoa Binh city) has maintained stable production and business activities, helping create jobs for local labourers.

The local authorities have determined that cooperation and investment attraction play an important role in creating momentum for economic development. Therefore, they have been striving to introduce the province's potential and strengths to investors, towards attracting more investment in the locality, especially in prioritized projects.

Investment promotion programmes, plans for trade promotion, and solutions to improve business and investment environment and competitiveness of the locality have been implemented annually.

Hoa Binh is now home to 642 investment projects, including 39 foreign-invested projects worth 620 million USD, and 585 domestic ones totaling nearly 119.5 trillion VND.

Foreign investment projects are mainly in industrial production; and service, trade and tourism, accounting for about 78 percent and 19.5 percent of the total number of projects, respectively.

As many as 102 investment projects have been so far licensed to operate in local industrial parks, including 27 foreign direct investment projects with total registered capital of 527.35 million USD, and 75 domestic investment projects worth over 11 trillion VND.

The locality has also worked hard to lure official development assistance (ODA) capital. In the 2010 - 2020 period, 24 programmes and projects using ODA capital, with a total investment of 6.46 trillion VND, focusing on the fields of transport, urban and rural infrastructure development, health care, education, irrigation, and poverty reduction, were implemented in Hoa Binh.

Regarding foreign non-governmental aid, the province implemented 227 programmes and projects, and disbursed 21 non-project grants with a total committed value of 51.7 million USD in the period 2010 - 2020. The locality received an average 2.8 million USD each year.

Investment projects have significantly contributed to the locality’s socio-economic development, helping create more jobs for labourers and increase revenues for the State budget.

With its policy of promoting selective cooperation and investment attraction, the local authorities have resolutely refused projects using outdated technologies and those showing signs of commercial fraud.

The local authorities have created the best possible conditions for investors, and focused on improving its business and investment environment and the provincial competitiveness index, enhancing investment promotion activities, and accelerating administrative reform in order to remove difficulties facing enterprises and investors operating in the locality.

Attention has been also paid to synchronously developing technical infrastructure and improving the quality of human resources to meet the demand of foreign investors.

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Luong Son district is determined to achieve the targets of double-digit growth

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Issuing the certificates of the product safety in the supply chain for the establishments

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Tan Vinh farmers strive to excel in production and business

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