The State budget collection in Hoa Binh province has received constant attention and directions from the provincial Party Committee, People’s Council and People’s Committee, the Ministry of Finance and the General Department of Taxation, along with effective coordination from all-level administrations and sectors.
By the end of May 2024, the state budget revenue was estimated at 2.88
trillion VND (nearly 113.23 million USD), equivalent to 71% of this year’s
target set by the Prime Minister, 50% of the target set by the provincial
People’s Council, and 196% of the figure in the same period last year.
Hoa Binh has
recorded relatively good budget collection from many sources such as the
foreign invested sector, the industry, trade and non-state sectors, personal
income tax, environmental protection tax, charges, fees, and land use fees.
The state budget collection so far this year has
posted breakthroughs compared to the same period last year. However, it is a
fact that revenue sources remain unsustainable and still depend much on land
use fees and the Hoa Binh Hydropower Company. Meanwhile, tax arrears remain
very high. Two-thirds of the 2020 - 2025 tenure has passed, but Hoa Binh failed
to achieve the budget collection targets for some years. Therefore, it is hard
to reach the revenue target of 10 trillion VND for 2025.
At many forums and meetings, the provincial
Party Committee, People’s Council, and People’s Committee discussed causes of
the poor performance in budget collection. One of the main causes is that the
nurturing of revenue resources remains limited. Changes in the collection
policy in recent years also form one of the causes. Others include the slow
implementation of industrial park and cluster projects, ineffective investment
attraction, some investors’ weak capacity, and businesses’ small and medium
sizes, limited financial capacity, and slow recovery from impacts of the
COVID-19 pandemic.
The state budget collection plays a highly
important role in ensuring resources for local socio-economic development.
Increasing the revenue aims to improve the quality of people’s life, build
modern and comprehensive infrastructure, guarantee local budget efficiency, and
gradually reduce the dependence on support from the government. Therefore, it
is considered a task of leading importance.
To speed up the state budget collection to
fulfill this year’s task and secure collection sustainability, the Hoa Binh
steering board for promoting the state budget collection and contribution said
firstly, it is necessary to complete zoning plans to serve as the basis for
implementing projects. It is important to accelerate land auctions, land use
fee collection, and the re-organisation of state agencies’ properties;
implement comprehensive measures to strictly manage local revenue sources; and enhance
inspection and examination to prevent tax losses and evasion so as to bring tax
arrears to less than 8% of the total state budget collection.
Another measure is to step up communications and
tax management over online business, e-commerce, telecommunication and internet
services, and especially the use of e-invoices.
The province’s viewpoint is to diversify revenue
sources to promote economic sectors’ contributions to the state budget and
ensure collection sustainability.
As enterprises, cooperatives, and investment
projects are the main and long-term source of budget collection, authorities
also need to create favourable conditions for those taxpayers to operate
profitably to nurture revenue sources.
Once a mountainous province facing many challenges, Hoa Binh has, after more than a decade of implementing the national target programme on new-style rural area development, emerged as a bright spot in Vietnam’s northern midland and mountainous region. In the first quarter of 2025, the province recorded positive results, paving the way for Hoa Binh to enter a phase of accelerated growth with a proactive and confident mindset.
Hoa Binh province is steadily advancing its agricultural sector through the adoption of high-tech solutions, seen as a sustainable path for long-term development.
The steering committee for key projects of Hoa Binh province convened on May 14 to assess the progress of major ongoing developments
A delegation of Hoa Binh province has attended the "Meet Korea 2025" event, recently held by the Ministry of Foreign Affairs, the Embassy of the Republic of Korea (RoK) in Vietnam, the Korea Trade-Investment Promotion Agency, and the People's Committee of Hung Yen province.
Hoa Binh province joined Vietnam’s national "One Commune, One Product” (OCOP) programme in 2019, not simply as a mountainous region following central policy, but with a clear vision to revive the cultural and agricultural values in its villages and crops.
From just 16 certified products in its inaugural year to 158 by early 2025, the One Commune One Product (OCOP) programme in Hoa Binh province has followed a steady and strategic path. But beyond the numbers, it has reawakened local heritage, turning oranges, bamboo shoots, brocade, and herbal remedies into branded, market-ready goods - and, more profoundly, transformed how local communities value and present their own cultural identity.
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