As of October 31, total capital disbursed in Hoa Binh reached over 1.65 trillion VND (around 68 million USD), equivalent to 16% of the plan assigned by the Prime Minister. The figure is estimated to reach only 34% of the plan in 2023.
On the construction site of a road project connecting Tran Hung Dao street to Dan Chu ward in Hoa Binh city. The disbursement of public investment capital for the project is expected to be implemented on schedule.
Speeding up the disbursement of public investment, especially capital from the State budget, is important for promoting economic growth of the country in general, and Hoa Binh province in particular.
Public investment will create a solid momentum for socio-economic recovery and development after the severe and unprecedented impacts caused by the COVID-19 pandemic.
The provincial Party Committee, People's Council, and People's Committee have paid attention to directing the implementation of tasks and solutions to accelerate the disbursement of public investment in 2023.
The Chairman of the provincial People's Committee periodically holds meetings with representatives of relevant departments, sectors and localities to promptly remove difficulties and obstacles related to
investment preparation and land clearance.
However, the disbursement rate in the locality remains low, especially for the socio-economic recovery and development programme, as well as three national target programmes and official development assistance projects.
The low rate of public investment disbursement is one of the reasons behind the slowdown of GRDP growth in the locality in 2023.
The disbursement of public investment is considered a lever to promote economic growth in 2023 and the following years. The work requires a drastic action, responsibility, and close coordination among all sectors and localities, focusing on closely monitoring he implementation of each project, prioritising capital allocation for projects with rapid disbursement speed, and accelerating the progress of projects, and timely solving problems in the clearance work, and speeding up the administrative reform.
Along with cultivation following good agricultural practices, the 3T Cao Phong Agricultural Cooperative (3T Farm), located in Cao Phong town, Cao Phong district, focuses on researching and applying scientific techniques to produce processed products from fresh oranges. This not only helps diversify products but also promotes sustainable consumption while maximising the value of the fresh oranges grown in Cao Phong.
The Xuan Son Cement Plant project, with a total investment exceeding five trillion VND (more than 196 million USD), is under development on a 40-hectare site in Ngoc Luong commune, Yen Thuy district. As one of 14 key projects in Hoa Binh province, the plant is expected to create a breakthrough in the local economy.
The tax sector of Hoa Binh province has proactively implemented key tasks and solutions since early 2025 to complete the state budget revenue target of 5.8 trillion VND (227.71 million USD) assigned by the Government and the Ministry of Finance; and 6.8 trillion VND set by the provincial Party Committee, People's Council, and People's Committee. Land-related revenue remains a crucial source in the locality’s state budget plan in 2025.
With its vast forest land, Da Bac district has focused on reforestation and developing forest economy over the past few years to improve livelihoods and increase income for local residents.
In 2025, Hoa Binh’s banking sector will focus on providing capital to drive production and business activities. Credit institutions in the province are committed to meeting the loan demands of businesses and individuals, fostering economic growth.
According to the Tan Lac District’s Branch of the Vietnam Bank for Social Policies (VBSP), in January 2025, the bank disbursed nearly 18 billion VND to more than 300 poor households and policy beneficiaries. Notably, the employment solution loan program had the highest disbursement, with over 5.1 billion VND, helping 81 employees access the capital to create jobs and develop their economies.
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