Phu Tho Strongly improving the investment and business environment in the area

DNHN - The province of Phu Tho has been increasing its competitive advantage to attract domestic and foreign investment by substantially enhancing the investment and business environment with synchronous and drastic solutions.

Thanks to the assistance of central ministries, branches, international organizations, the Northern Investment Promotion Centre, the Foreign Investment Department, and domestic and foreign business associations, the Provincial People's Committee of Phu Tho has established relationships with consulting organizations and large corporations to promote and invite investment.

The province's investment promotion program is developed, approved, and implemented annually in a systematic manner using a variety of contents and formats. This necessitates mentioning the initiative and activity of provincial leaders and specialized agencies in organizing investment promotion in the United States, Canada, Europe, China, and certain Southeast Asian nations.

In August of 2022, the Provincial Investment Promotion Conference in the United States and Canada was held to invite American businesses to invest in the province in several strong fields, including Industrial production utilizing high technology, energy Clean energy, information technology, electronic equipment, automation, and supporting industries. These are also areas where Phu Tho province hopes to attract investment, thereby creating numerous opportunities for collaboration.

Also to attract large corporations and businesses, the province's investment promotion program in China, which took place at the end of February 2023, yielded many positive results when large corporations such as BYD and Wingtech expressed interest in investing in Phu Tho. With a registered investment capital of 269 million USD, BYD Group is investing in the manufacturing of components, electronics, tablets, etc. in Phu Ha Industrial Park, Phu Tho Town.

In addition to focusing on attracting FDI, the province enhances the implementation of domestic investment promotion by analyzing the market potentials and strengths of localities, businesses, and investors. Last year, agencies in the province conducted numerous investment promotion activities in the provinces of Ho Chi Minh City, Dong Nai, and Binh Duong, and worked directly with Sam Sung Electronic Company, Amata Group (Thailand), and several large corporations and enterprises from Korea and Taiwan (China) to invite investment in the province.

At the beginning of 2023, the Provincial People's Committee issued the Decision approving the investment promotion plan for 2023, with the objectives of attracting investment capital of over 40 trillion VND, of which domestic investment is 25 - 30 trillion VND; investing in FDI 10 - 15 projects with a capital of 300 - 400 million USD; attracting two or more investors with approved investment policies to implement infrastructure construction projects of industrial parks; and stowing away foreign direct investment (FDI).

In the first quarter of 2023, Phu Tho attracted new investment and expanded 19 projects, including 13 domestic projects with a total registered capital of 1,520,4 billion dongs and 6 foreign direct investment projects with a total investment capital of 31,6 million USD. There are 1,348 projects in the province as of 31 March 2023, including 1,153 domestic projects with a total registered capital of 170,320.4 billion VND and 195 FDI projects with a total registered capital of 2,919.6 million USD.

With the initiative, adaptability, and an increasingly open and transparent investment climate, Phu Tho has been seizing opportunities, thereby facilitating cooperation with numerous domestic and foreign investors.

P.V