Phu Tho Improves the investment environment and creates conditions for businesses to develop

DNHN - In recent years, Phu Tho province has consistently enhanced its investment climate, allowing a multitude of businesses to produce and operate efficiently, thereby contributing to local socioeconomic development.

Recent trends indicate an increase in the number of foreign direct investment (FDI) companies investing in the province. There are 176 foreign direct investment companies in the province. As of December 31, 2022, there are 191 valid FDI projects in the province, totaling $2,881,000,000 in registered investment capital.

In the past five years, the province of Phu Tho has attracted 90 FDI projects with a total registered capital of over USD 1,315,000,000. The majority of FDI companies investing in the province are based in the following nations: Korea, Japan, China... The company primarily manufactures rubber and plastic products, apparel, and electrical goods. electronic, computer, and optical goods... The product consumption markets consist of both domestic and international exports.

FDI projects have contributed to economic restructuring, increased budget revenues, created more jobs, and enhanced workers' living standards. In 2022, the estimated contribution of FDI enterprises to the provincial budget is 22.7 million USD; the export value is estimated at 11.89 billion USD, import value is estimated at 11.12 billion USD (representing 97.91% of the province's export and import turnover), and 91,000 jobs will be created with an average monthly wage of 6-7 million VND per person.

The Raindrop Vietnam Fashion Co., Ltd., Cam Khe Industrial Park specializes in the exportation of high-end fashion apparel. Mr. YUXIANG-Director of the Company stated, "Before coming to Vietnam, we had visited, researched, and studied in many countries and decided not to invest in building a long-term company in Phu Tho province because this location has abundant human resources, satisfying the Company's labor requirements. In addition, the province of Phu Tho has numerous preferential policies to encourage investment and streamline administrative procedures for foreign-invested businesses.

Director of the Department of Planning and Investment Trinh The Truyen-TUV stated that, in the future, the province will continue to be proactive in investment promotion and investment procedures for large investors and multinational corporations; prioritize resources for investment in external transport infrastructure, the infrastructure of industrial zones and clusters; and prepare human capital to meet investors' needs. At the same time, effectively implementing innovation requirements, significantly enhancing the environment for business investment, reforming administrative procedures, and ensuring openness, transparency, and efficacy.

P.V