In the first half of 2024, Hoa Binh province granted new business registrations for 210 enterprises with a total registered capital of more than 4.75 trillion VND (187.5 million USD), an increase of 12% year on year, the provincial Department of Planning and Investment has reported.
Accordingly, some of 145 enterprises resumed operations during this period. So far, the province has been home to over 4,600 enterprises with a combined registered charter capital of approximately 92 trillion VND.
Although there are signs of strong recovery and positive governmental support, many businesses have faced challenges with slow recovery in certain sectors, including import-export activities, and real estate.
Economic growth in the reviewed period in the industrial and construction sector reduced 3.34% year on year, driving enterprises into difficulties due to reduced job opportunities and increased cost pressures in production and business operations.
Over the past six months, the province has recorded 180 enterprises temporarily suspending operations and 30 others dissolved, notably in the construction and real estate sectors.
Ha Trung Nguyen, former vice chairman of the provincial Business Association, shared that many enterprises in the province are in the construction sector, but the current management of construction material prices faces several inconsistencies.
Besides common challenges, many enterprises and investors have encountered obstacles related to investment procedures, mechanisms, and policies, particularly in land and construction, leading to extended project timelines and increased costs.
The province has set growth targets of 9% in Gross Regional Domestic Product (GRDP), 4.27% in agro-forestry and fisheries, 9.74% in industry and construction, and 11.62% in services, among others.
To achieve this growth scenario, the province has determined to boost several sectors to become driving forces for growth, such as manufacturing, electricity production and distribution, construction, accommodation and eatery services, wholesale and retail trade, finance, banking, insurance, warehouse transportation, information and communication, and real estate business, and more.
Over the past time, the provincial People’s Committee has developed a transparent, and business-friendly investment environment, fostering new momentum and opportunities for development.
Additionally, provincial authorities are directing departments and localities to harmonise and effectively implement programmes, plans, and policies supporting small- and medium-sized enterprises across the province. Initiatives include promoting technological innovation, digital transformation, enhancing investment promotion activities, facilitating technology transfer brokerage, and supporting enterprise participation in scientific and technical exhibitions.
Significantly, the provincial Party Committee and People's Committee are directing sectors and localities to enhance the role of Party Committees and administrative bodies in disseminating information and garnering public consensus for project implementation, supporting investors in land acquisition, resettlement, and holding local leaders accountable for project execution, thereby optimising investment capital efficiency and fostering community trust in project areas.
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.
.jpg)
