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Industry is considered the pillar and "backbone" of the economy that can lead to economic growth, according to the Politburo's Resolution No. 23-NQ/TW dated March 22, 2018 on orientations to building national industrial development policy until 2030, with a vision to 2045.
To make the industry truly the
pillar and driving force of the economy, Hoa Binh province has taken numerous
solutions over the past five years, including the issuance of supporting
policies that are relevant to the new period.
Based on an action programme developed by the Standing Board of the provincial
Party Committee, the provincial People's Committee has directed local
departments and sectors to issue plans and documents relating to six groups of
tasks and solutions such as restructuring and developing priority industries;
creating a favourable business and investment environment for industrial
development; issuing mechanisms and policies for expanding industrial
enterprises and industrial resources; policies for exploiting natural resources
and minerals and protecting the environment and adapting to climate change in
industrial development.
Thanks to the active and drastic direction of the provincial Party Committee
and People's Committee, progress has been made in terms of investment
attraction and its industrial sector, contributing to the locality’s economic
growth.
The industrial production value increased by 2.81% per year in the 2018 - 2022
period. The proportion of workers in the industry and service sectors rose from
33.85% in 2019 to 40% this year.
Attention has been paid to the planning and construction of industrial
infrastructure, creating favourable conditions for attracting industrial
projects. Currently, there are 16 planned industrial parks with a total area of
over 4,000ha.
No facilities that cause serious environmental pollution have so far been
reported in the locality.The rate of hazardous waste treated has reached
over 95%. A number of key industrial sectors have been formed, creating
motivation for development. Administrative and institutional reform and policy
mechanisms building have met the requirements of industrial development.
In order for the industry to develop properly and play a vital role in leading
other economic sectors, the province aims to lure investment in the industrial
sector towards improving productivity and quality, using less resources and
energy and becoming friendly to the environment.
Priority will be given to attract industrial projects producing key products to
effectively and competitively participate in the global value chain such as
projects involved in producing and manufacturing electronic components and
equipment; those with high intellectual content, creating great added value and
consuming less resources and energy or causing environmental pollution.
The province strives to achieve the goal that by 2025, the proportion of
industry-construction accounts for 54% of the economic structure and the
occupancy at industrial parks reached over 80%.
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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