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.
During the two days of November 14th – 15th, at the Provincial Cultural Palace, the Department of Industry and Trade organized a conference to connect the product consumption of the ethnic minorities and the mountainous areas in 2024. There was the attendance of the representatives of leaders of a number of departments, branches, businesses, manufacturers and distributors inside and outside the province.
The One Commune One Product (OCOP) programme is reshaping the rural economy of Lac Son district, helping improve living standards, particularly among the ethnic minority communities in remote areas of Lac Son district.
The Van Mai dam xanh (Bangana lemassoni) fish has long been famous for its unique and delicious flavour, earning a spot on the menus of many restaurants and attracting food connoisseurs. In recent years, residents in Van Mai commune, Mai Chau district, have expanded their fish farming areas and striven to build a strong reputation for their product. They are also working to establish it as an OCOP (One Commune, One Product) item to increase their income.
Outstanding rural industrial products of Hoa Binh province in 2024 were recently honoured and granted certificates, becoming a source of pride for producers and also a boost for local economic development. The honourees are all deeply imbued with the local cultural identity and boast considerable commercial potential, helping popularise the image of Hoa Binh to domestic and international consumers. This is also a solid stepping stone for rural industrial establishments to develop.
In the first 10 months of 2024, Hoa Binh city made significant progress in job creation and labour exports, sending 112 workers abroad through partnerships with authorised recruitment firms.
An award ceremony to announce the official certification for Mai Chau district’s Bangana lemassoni fish, a specialty of the locality because of its unique flavour, was held recently in the district.
