Positive contributions from FDI firms in Phu Tho

DNHN - The number of foreign-invested firms (FDI) investing in Phu Tho province has recently increased. Many businesses produce and trade efficiently, contributing to the province's socioeconomic growth.

There are now 176 FDI firms in the province, and according to data, the equity of FDI enterprises has expanded dramatically in the previous two years. In 2020, total enterprise capital exceeds 15,760 billion VND; in 2022, it exceeds 17,409 billion VND. The great majority of FDI firms investing in Phu Tho province are from Korea, Japan, China, and other Asian nations.

FDI businesses mostly manufacture rubber and plastic items, clothes, electrical products, computer and optical products, and so on... Domestic products are consumed in Korea, Japan, China, the United States, India, and Iraq, among other nations.

The province has attracted 19 FDI projects totalling over 631 million USD in 2021 and the first nine months of 2022. There are now 184 active FDI projects in the province, with a total registered investment capital of USD 2,667 million.

Despite the obstacles caused by the COVID-19 pandemic and the conflict scenario in Ukraine during the last two years, investors and state management agencies in the province have made significant efforts to ensure that FDI projects are completed on time.

Asentec Vietnam Co., Ltd at Phu Ha Industrial Park is a 100% Korean-owned company that specializes in the manufacture of automobile wheel speed sensors and electric car cables. Since the pandemic was brought under control, businesses have worked hard to overcome challenges, continually enhance product quality, actively seek markets, and sustain production and supply systems.

Mr Kim Woong Lyul, the Company's Director, stated: "We opted to establish a plant in Phu Tho province because it has an abundance of people resources, which would suit the Company's labour demands. Furthermore, Phu Tho province has several favourable policies in place to encourage investment and make administrative procedures easier for foreign-invested businesses. As a result, it has previously assisted the Company in overcoming challenges, maintaining production, ensuring jobs, and ensuring a secure income for 370 people."

FDI firms have helped to stabilize production and business, mitigate the negative effects of the pandemic, actively contribute to economic restructuring, generate budget income, create employment, and enhance people's lives. The income of this company sector is expected to exceed 49,000 billion VND in 2021, and more than 32 trillion VND in the first nine months of 2022. The amount paid to the provincial budget in 2021 is expected to be VND 2,940 billion, with more than VND 1,100 billion expected in the first nine months of 2022. The export value in 2021 was 8.2 billion USD, with the first nine months of the year anticipated at 6.6 billion USD.

Mr Trinh The Truyen, Director of Phu Tho Province's Department of Planning and Investment, stated that 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, industrial cluster infrastructure, and prepare human resources to meet investors' needs in the coming years.

Simultaneously, meet the requirements for innovation, significantly improve the business investment environment, reform administrative procedures, ensure openness, transparency, and efficiency; assign responsibility for performing official duties at all levels and branches; improve inspection and supervision capacity; and promote the roles and responsibilities of heads, officials, and civil servants in accompanying and supporting investors and enterprises.

P.V