To implement policies of the Party, State and Government on the development of the private economy, Hoa Binh province has taken various measures to facilitate the sector to thrive and become an engine for the entire economy. 

A household in Nhuan Trach commune, Luong Son district, develops milk cow farming.

 Since 2017, the province has attracted 211 investment products, including 17 FDI projects. So far, 580 projects have landed in the province, of which 540 are domestic projects worth close to 84.74 trillion VND while the remainders are FDI projects with a combined registered capital of 575.4 million USD.

 Local industrial parks are home to 95 licensed projects, including 24 FDI projects worth nearly 500 million USD and 71 domestic investment ones with total registered capital of close to 7.27 trillion VND. Some 55 projects have become operational, creating jobs for about 20,000 workers.

Also during the period, over 1,300 new enterprises have been established with total registered capital of roughly 6.98 trillion VND and 428 firms set up representative offices and branches in the province.

To date, Hoa Binh has 3,800 companies registering total capital of more than 40 trillion VND, 387 cooperatives, one cooperative union and over 34,000 household businesses.

However, the growth rates of local firms are slow and most of them are small- and medium-sized. To fuel the development of the private economy, the province will institutionalise the government’s policies on developing the private economy in a way that suits local context, and develop its own incentives and policies to boost the growth of private companies.

The province also plans to support the growth of agricultural cooperatives and adopt special incentives to attract investors. It will accelerate public administrative reforms and provide the best conditions for enterprises to expand production. It will also promote dialogue with enterprises and promptly help them solve difficulties./.

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