Peace Province: Strengthening Diplomatic Ties and Economic Cooperation to Attract Investment

Focusing on Developing Various Industries to Attract Investors

In recent years, Hoa Binh Province has been developing various sectors such as high-tech agriculture, industry, and tourism. The province also focuses on applying advanced and environmentally friendly technologies to enhance product quality and added value.

To attract large enterprises and corporations to invest in the province, Hoa Binh has been actively engaging in diplomatic relations and economic cooperation since the beginning of 2024. From the start of the year until now, the province has hosted numerous international delegations participating in local promotion programs in various countries and territories. This demonstrates the province’s proactive and diverse approach in foreign affairs, achieving high effectiveness.

On March 5, 2024, the People’s Committee of Hoa Binh Province issued Decision No. 323/QD-UBND on the approval of the Investment Promotion Program for Hoa Binh Province in 2024.

The orientation of this program is aligned with the year 2024 being a pivotal year for implementing the socio-economic development plan for the 2021-2025 period. This takes place amid a complex and unpredictable international economic landscape and the lingering negative impacts of the COVID-19 pandemic on global economies.

The investment promotion program of Hoa Binh Province for 2024 focuses on key orientations for socio-economic development during the 2021-2025 period. It actively contributes to the successful implementation of the resolutions of the 13th National Party Congress and the 17th Provincial Party Congress. The program also aligns with Resolution No. 50-NQ/TW dated August 20, 2019, of the Politburo on perfecting the institutions and policies, improving the quality and effectiveness of foreign investment cooperation until 2030. Additionally, it follows Resolution No. 58/NQ-CP dated April 27, 2020, of the Government on issuing an action program to implement Resolution No. 50-NQ/TW. The program ensures consistency with the provincial planning until 2030, with a vision towards 2050, and the socio-economic development goals of the province in 2023 and the 2020-2025 period.

The program aims to attract domestic and foreign investors with strong capabilities, reputation, and experience to invest in key projects in high-tech agriculture, the National Tourism Area of Hoa Binh Lake, industrial parks, and dynamic regions of the province.

Priority is given to projects with modern technology, high intellectual content, and environmental friendliness that efficiently utilize resources and offer competitive products. The province continues to orient investment attraction towards digital economy sectors and industries based on the 4.0 technology platform, including ICT, digital technology, nanotechnology, biotechnology, new materials, high-tech agriculture, environmental technology, and clean energy. Efforts are also made to attract investment capital for research, application, innovation, startup activities, and technology transfer.

The province strengthens and proactively engages in investment cooperation, diversifying partners and investment forms. Priority is given to foreign investment projects linked with the domestic economy, in line with economic restructuring for sustainable development, environmental protection, and ensuring national defense, security, and social order and safety in the province. It also aims to enhance the independence and self-reliance of the economy.

Proactive Investment Cooperation on the International Stage

In April 2024, a delegation from Hoa Binh Province participated in a local promotion program in the United States and Canada. In June 2024, the delegation joined a similar program in the Netherlands and Germany, organized by the Department of Foreign Affairs under the Ministry of Foreign Affairs. The delegation visited and worked with the Permanent Mission of Vietnam to the United Nations, the Consulate General/Embassy of Vietnam, and local authorities. They also took part in networking sessions connecting localities and businesses.

In late July 2024, a delegation from the Embassy of Thailand, led by Ms. Urawadee Sriphiromya, the Thai Ambassador to Vietnam, visited and worked with the People’s Committee of Hoa Binh Province. The Thai Ambassador shared information about the project “Improving the Quality of Life for Children and Adolescents in the Asia-Pacific Region,” implemented at Cao Son Primary and Secondary School (Hoa Binh) with funding from Princess Maha Chakri Sirindhorn of the Thai Royal Family.

On November 16, 2024, the People’s Committee of Hoa Binh Province organized the “Meet India in 2024” conference to promote the province’s potential and advantages to Indian businesses.

The “Meet India in 2024” conference served not only as a platform for information exchange but also as an opportunity to strengthen the relationship between Vietnam and India. Moreover, it provided a chance for Indian businesses and investors to explore investment potential and opportunities in Hoa Binh Province and Vietnam.

Mr. Sandeep Arya, the Indian Ambassador to Vietnam, stated that Hoa Binh Province holds potential for investment cooperation, particularly in high-tech agriculture, pharmaceuticals, information technology, and tourism. Additionally, Indian companies and Hoa Binh could consider expanding cooperation in areas such as finance, infrastructure, electrification, thermal power plants, hydropower, and renewable energy technologies.

During the conference, the two sides discussed various topics. The Department of Agriculture and Rural Development of Hoa Binh Province presented the province’s potential in agriculture, forestry, and food processing. The Department of Health shared the potential for cooperation in the healthcare sector in Hoa Binh. Representatives from the RV Group in Vietnam introduced the group’s activities in the country. The Department of Culture, Sports, and Tourism highlighted the potential for tourism cooperation with India, and Mr. SubhashChandar from DMC Travel/Indigo discussed the prospects for collaboration in the tourism sector between India and Hoa Binh.

Creating Favorable Conditions for Investors

According to reports, as of October 31, 2024, Hoa Binh Province had 10 investment projects approved for investment policies and investors and 11 projects granted investment registration certificates. There were also six commercial housing projects approved for investors, with a total investment of approximately VND 11,800 billion.

By the end of 2024, it is estimated that the province will have 729 valid projects with a total registered investment of about VND 270,000 billion (including 40 foreign-invested projects and 689 domestic projects).

Mr. Bui Van Khanh, Chairman of the People’s Committee of Hoa Binh Province, shared that the province is focusing on attracting investment in four main sectors: high-quality and modern industrial auxiliary production; processing and manufacturing of agricultural, forestry, and aquatic products; tourism development; and urban development in harmony with the ecological environment. The province plans to prioritize necessary infrastructure investments, such as road construction, power supply, and master planning in locations with potential and advantages to facilitate investors.

“With the view that the Hoa Binh provincial government always warmly welcomes and highly values enterprises and investors, supporting and accompanying them in their development journey, the province will create the most favorable conditions for businesses to successfully implement their projects and ensure sustainable development,” affirmed Mr. Bui Van Khanh, Chairman of the People’s Committee of Hoa Binh Province.

According to Mr. Khanh, Hoa Binh Province is determined and ambitious in its development journey, always striving to overcome challenges and seize opportunities. The province maximizes its potential, strengthens self-reliance, attracts investment, creates jobs, and improves people’s incomes to achieve the goal of becoming a middle-income province in the 2020-2025 term.

The year 2024 witnessed the strong involvement of the entire political system of Hoa Binh Province in directing key projects. The Steering Committee for Key Projects of the province instructed the secretaries and chairmen of the People’s Committees of districts and cities, along with relevant project investors, to enhance responsibility and coordination in accelerating land clearance and resettlement area construction. They also focused on expediting land conversion procedures, forest land, and rice land, and implementing related regulations. Additionally, they developed detailed plans to address challenges and accelerate disbursement progress for each project.

For the first time, issues related to land, investment, and construction procedures within the province’s authority were addressed with such urgency, reflecting the dynamic nature of the state apparatus and the political system in implementing key tasks and breakthrough solutions for priority projects. Challenges related to investment, construction, land conversion, and rice and forest land conversion have been gradually resolved. The province has commenced construction on key projects, including the Hoa Binh-Moc Chau Expressway, inter-regional connectivity roads, the Huong Binh-Lac Thuy cable car project, and a $200 million project by the Japanese Meiko Group to manufacture various types of electronic circuit boards. These projects will create vast opportunities for socio-economic development, structural transformation, and job creation for the local people, thereby improving their quality of life.

Thuy Chi