Hoa Binh achieved all 19 socio-economic development targets last year, surpassing plans and marking a record high in state budget revenue. The province exceeded the Prime Minister's revenue target by 87%, ranking among the top localities that surpass budget revenue projections.
In 2024, private enterprises reported strong revenues, contributing to the significant annual increase in state budget collections. Photo: The Da Hop joint Stock Company invests in the infrastructure of the Tien Tien industrial cluster in Quang Tien commune, Hoa Binh city, making a substantial contribution to the state budget.
Big challenges, great determination
The year 2024 presented significant challenges to local socio-economic management. Extreme weather conditions, including heavy damages from Typhoon Yagi, and policy changes impacted production and business activities. Many investment projects faced delays, and revenue sources declined due to tax, fee, and charge exemptions and reductions.
Internally, although the local investment environment and administrative reforms improved, the provincial competitiveness index remained low. Many unresolved obstacles in investment projects led to weak capital absorption, while the real estate market stagnated, and some sectors continued to face business and production difficulties.
The Government and National Assembly supported citizens and businesses by reducing VAT by 2% through the end of the year, extending tax deadlines, and cutting land and water surface rents. These measures reduced provincial tax revenue by approximately 628 billion VND (24.78 million USD).
Despite these challenges, the entire political system showed determination and significant efforts to meet state budget collection goals.
Exceptional achievements in state budget revenue for 2024
The provincial Tax Department implemented comprehensive measures from the beginning of last year.
The province recovered approximately 1.85 trillion VND in overdue taxes, equivalent to 73% of collectible tax arrears as of December 31, 2023. This included 250 billion VND collected through tax management measures and 1.6 trillion VND recovered via enforcement actions.
According to Vu Hong Long, Director of the provincial Tax Department, the agency prioritised supporting taxpayers, addressing challenges, and ensuring the effective implementation of resolutions aimed at facilitating business recovery and growth.
Also in 2024, the province’s state budget revenue was above 7.55 trillion VND, surpassing the central government’s target by 87% and the provincial People’s Council resolution target by 31%.
Among 17 revenue categories, 14 exceeded projections, with remarkable surpluses in areas such as land use fees (340.1%), dividends (350%), other budget revenue collection categories (328%), land and water lease fees (294.3%), and fees and charges (216.9%).
In addition, local budget revenue collection revenue amounted to over 26.96 trillion VND, up 13% year-on-year and exceeding the Government’s target for the year by 87% and the province’s by 67%. Districts such as Luong Son, Mai Chau, Lac Son, and Kim Boi achieved tax and fee collection rates significantly above their assigned targets, ranging from 145% to 158%. These outcomes reflect a positive recovery across economic sectors and set a strong foundation for further growth in 2025.
Quach Tat Liem, Vice Chairman of the provincial People’s Committee, stressed that the exceptional results played a vital role in the province's socio-economic development. As Hoa Binh approaches the final year of implementing the 17th provincial Party Congress Resolution for the 2020–2025 term, it is committed to fulfilling and exceeding state budget revenue targets.
An Viet Hoa Binh JSC, the infrastructure investor of Yen Quang Industrial Park (IP), has held a ceremony to present investment registration licenses to four enterprises. The event was attended by Vice Chairman of the Hoa Binh provincial People’s Committee Quach Tat Liem, along with leaders from various departments, agencies, and local units.
In a bold move to enhance its Provincial Competitiveness Index (PCI), Hoa Binh province has carried out various measures to create a more dynamic and business-friendly environment across all economic sectors.
The People's Committee of Hoa Binh, in collaboration with the Thai Binh Duong Group, held a ceremony in Phu Nghia commune, Lac Thuy district on January 17 to inaugurate the Huong Binh cable car line and launch the Huong Binh Valley project.
The infrastructure development and construction project for Nhuan Trach Industrial Park (IP), spanning a total area of 213.68 hectares across Nhuan Trach and Cu Yen communes in Luong Son district, officially broke ground on January 10.
In Thanh Cao Commune, Hanh Dat Company Limited has just held the Inaugurating Ceremony of Long Hung Manufactuaring, Trading and Service Wood Factory. There was the attendance of Mr. Quach Tat Liem, the Vice Chairman of the Provincial People's Committee.
Being located more than 10 km from the center of Hoa Binh city, Sen Vang Organic Farm is in Dong Chua hamlet, Thong Nhat ward. This is an ideal destination for those who want to immerse themselves in the nature and find the peace after the hustle and bustle of life. With an area of over 60 hectares, the farm is systematically planned, harmoniously combining the wild natural landscape and diverse experience areas. Sen Vang chrysanthemum tea is produced from organic, completely natural ingredients.
