Phu Tho becomes a potential partner of many Chinese investment enterprises

With over 40 investment projects in Phu Tho , China is becoming one of the province's potential partners.

In recent years, relations between Phu Tho province and businesses from China have achieved significant results in investment and trade cooperation. Friendly relations with Shanxi province, cooperative relations with Honghe Prefecture, Yunnan province, and Shenzhen city have opened up many opportunities to attract investment to the province. To date, there are over 40 investment projects by Chinese businesses in the province with a total registered investment capital of nearly 1 billion USD, mainly in the following sectors: electronic component manufacturing, garment manufacturing, wood processing, etc. Chinese businesses have made a significant contribution to the provincial budget and created stable jobs for thousands of local workers.

With its favorable location and transportation infrastructure, abundant workforce including a highly skilled workforce, and competitive labor costs, Phu Tho has the potential to attract large-scale projects from China.

Since the beginning of 2023, many Chinese businesses, especially those with the potential to participate deeply in the global supply chain, have intensified their investment exploration in the province. Examples include Wingtech Group, China's largest smartphone assembler, which has committed to continuing its exploration and selection of investment opportunities in Phu Tho province; and BYD Electronics, a subsidiary of Shenzhen-based BYD Group, which has decided to increase its capital for Phase II with a total investment of $411 million. With the potential for economic and investment cooperation, it is predicted that more large investments from China will be made in Phu Tho.

Yi Da Vietnam Company, located in Cam Khe Industrial Park and belonging to Crystal Group (Hong Kong – China), is one of the world's leading garment groups and ranks second in Asia in terms of scale and profitability. Mr. Vincent Chu, the company's CEO, assessed the investment environment in Phu Tho as very transparent, with businesses receiving maximum support and favorable conditions before, during, and after investment. Therefore, after a period of investment and business in the province, the company recognized the potential and advantages in terms of human resources and the province's support policies, and therefore wanted to focus on investing in production and expanding its lines for stable and sustainable development in the province.

Investment promotion efforts have been actively and effectively implemented. In October 2023, a delegation from Phu Tho province, led by Mr. Bui Van Quang, Chairman of the Provincial People's Committee, attended the 12th East Asian Regional Local Government Conference on "Mutually Beneficial Cooperation in East Asia" in Linyi City, Shandong Province, China. The delegation worked with leaders of Chinese localities to discuss future cooperation, exchange experiences in promoting heritage to boost tourism; promote investment and trade, and seek export markets for key products of Phu Tho province such as tea, bananas, pomelos, wood, leather goods, and textiles.

Vice Chairman of the Provincial People's Committee Nguyen Thanh Hai and Vice Mayor of Linyi City Xuan Tan Duong at a working meeting on April 18, 2024.

In mid-April 2024, a delegation from the Linyi City government, Shandong Province, China, led by Mr. Xuan Xinyang, Standing Committee Member and Vice Mayor of Linyi City, visited and worked in Phu Tho province. During the meeting, both sides introduced programs and areas for attracting investment in projects with advanced, high-tech, and clean technologies. Mr. Nguyen Thanh Hai, Vice Chairman of the Phu Tho Provincial People's Committee, requested the Linyi City leadership to support Phu Tho province in attracting investors to projects for the construction and operation of industrial park infrastructure; investment in electronic component manufacturing plants; automobile and agricultural machinery manufacturing and assembly; and the production and processing of agricultural products for export. He also requested that the Linyi City government facilitate access for Phu Tho's export-oriented businesses to the Linyi City market, and the export market in general. With the advantage of being the "Logistics Capital of China," the comrade expressed his hope that the leaders of Linyi City would pay attention to and support the attraction of investment to develop the logistics system of Phu Tho province, contributing to promoting socio-economic development, especially the development of industry and services. The meeting was an opportunity for new cooperation between Linyi City and Phu Tho province in various fields, thereby further strengthening the friendly cooperative relationship and promoting socio-economic development of both localities.

A delegation from the Linyi City Government, Shandong Province, China, visited Langer Fine Arts Materials Co., Ltd. (Vietnam) in Cam Khe Industrial Park.

According to economic experts, given the potential for economic and investment cooperation, it is predicted that more large investments from China will flow into Vietnam. Not only in 2023, but from now until 2025 and beyond, Vietnam will become a destination for Chinese investors. Therefore, in the coming period, to continue welcoming the wave of Chinese businesses, the province will continue to build and improve policies and infrastructure; accelerate administrative reforms, enhance the provincial competitiveness index and the quality of human resources to meet the requirements of businesses and attract investment. In particular, emphasis will be placed on advanced technology projects, large-scale projects with strong financial potential, highly competitive products, and participation in global value chains.

Source: https://baophutho.vn/phu-tho-tro-thanh-doi-tac-tiem-nang-cua-nhieu-doanh-nghiep-dau-tu-trung-quoc-211590.htm