Maintaining Growth Momentum, Accelerating to the Finish Line

In the first 8 months of 2026, the province’s socio-economic situation maintained positive growth momentum. Industry, trade and services, investment attraction, and socio-cultural sectors achieved noteworthy results, laying an important foundation for the final months of the year. However, signs of a slowdown in industrial production require more decisive action to remove bottlenecks, unlock resources, and generate new drivers to fulfill 2026 targets at the highest possible level.

Sustaining Pace from Core Drivers

Industry continues to serve as one of the key growth engines. The industrial production index (IIP) in the first 8 months increased by 21.8% year-on-year, with processing and manufacturing rising by 22.3%. Several sectors posted impressive growth, such as electronic products, computers, and optical product manufacturing (up 30.17%); metal manufacturing (up 11.99%); and non-metallic mineral product manufacturing (up 10.67%).

Toyota Motor Vietnam plays an important role in driving industrial growth in the province.

Along with industry, trade and services continued to flourish. Total retail sales of goods and consumer service revenue in the first 8 months exceeded 109,000 billion VND, an increase of 16.8%; transport revenue reached over 15,500 billion VND, up 19.6%. Improved purchasing power, travel demand, and service activities provide a solid basis for this sector to keep contributing to growth through the end of the year. Agricultural production essentially stayed on seasonal schedule; livestock and aquaculture remained stable, ensuring livelihoods and balancing the local commodity supply. Public investment capital disbursement also achieved notable results. As of late August 2026, the province disbursed nearly 10,000 billion VND, reaching 36.1% of the total assigned capital plan and 42.1% of the target assigned by the Prime Minister.

Another standout highlight is investment attraction, particularly Foreign Direct Investment (FDI) flows. To date, the province has attracted 89 FDI projects with total registered capital of 1,707 million USD, up 97.8% in capital volume compared to the same period last year. Notably, FDI flows continued to center on processing and manufacturing with 87 projects totaling 1,706 million USD in registered capital. Investment attraction across industrial parks showed positive developments. Comrade Hoang Long Bien — Head of the Provincial Industrial Parks Management Board — stated: In the coming time, the unit will focus on improving the investment environment, accompanying and removing difficulties for businesses, and accelerating project implementation—especially large-scale, high-tech, high-value-added FDI projects—thereby rapidly converting registered capital into actual production capacity, creating jobs, and contributing to provincial growth.

Accelerating to Complete Goals

Alongside positive achievements, pressure on growth is becoming clearer. The August IIP fell 2.82% month-on-month and rose 9.23% year-on-year—the lowest growth rate recorded since the beginning of the year; processing and manufacturing declined across 15 out of 22 sub-sectors compared to the previous month. Coupled with consumer market constraints, inventory pressure, and demand fluctuations, the province must remain focused on supporting businesses to maintain and expand production, especially within manufacturing. Accompanying businesses should target substantive issues such as consumer markets, order volumes, raw materials, labor, production costs, and capital access; simultaneously creating conditions for businesses to innovate technology, enhance productivity, quality, and competitiveness.

Advantages from FDI flows must continue to be leveraged selectively, prioritizing projects with advanced technology, high value-added, and strong linkage potential with local businesses. This is the time to further refine the investment environment, speed up procedural processing, and prepare land plots and infrastructure well, thereby turning registered capital into tangible production capacity.

A central task for the remaining months of the year is accelerating public investment disbursement. The Provincial People’s Committee requires departments, boards, sectors, and localities to monitor each project and milestone closely; review and classify them to devise appropriate solutions; and expedite investment procedures under the “green channel” policy—reducing processing times by at least 50% and clearly defining responsibility for each project. For delayed projects, site clearance, compensation, construction material, and disposal site bottlenecks must be thoroughly resolved. Field inspections should be stepped up to address emerging issues promptly, with a firm stance on replacing weak or non-compliant contractors.

Project management boards overseeing large capital sources in the Hoa Binh and Vinh Phuc areas must continue reviewing disbursement capacity, proactively reallocating capital from slow-moving projects to those with high capital absorption capabilities to ensure effective and timely resource utilization.

In agricultural production, efforts should focus on increasing value per cultivation area, developing biosecure livestock farming, strengthening production-consumption linkages, and maximizing forestry and aquaculture advantages. Socio-cultural sectors remain a priority, particularly education, healthcare, disease control, traffic safety, fire prevention, environmental protection, and disaster preparedness.

The final 4 months of the year mark a home-stretch sprint to achieve 2026 socio-economic development targets. Therefore, it is imperative to maintain existing growth engines while rapidly resolving obstacles—channeling real resources into production and investment to sustain momentum and ensure the fullest possible achievement of set goals.

Le Oanh