Resolutely implementing the 2025 growth target

Immediately after the merger and stabilization of the apparatus, the Provincial Party Committee, People's Council and People's Committee focused on leading and directing with a spirit of urgency and determination the solutions for socio-economic development. Decision No. 554/QD-UBND, issued on August 7, 2025, set out specific goals and tasks for each department, branch and sector to strive for a growth of 10.3% in 2025, higher than the target assigned by the Government to the province (+10%) in Resolution No. 226/NQ-CP.

Foreign direct investment enterprises operate effectively, contributing to increasing export value and creating jobs for local workers.

To realize this goal, the province has been urgently and seriously implementing a series of strategic resolutions of the Politburo . These are Resolution 57 on scientific and technological breakthroughs and digital transformation; Resolution 59 on international integration; Resolution 68 on private economic development; and especially Resolution 66 on innovation in law making and enforcement.

These are the “four pillars” that guide development in the new context. Especially after the merger, removing institutional “bottlenecks” and ensuring a synchronous legal basis for the two-level local government model (in the spirit of Resolution 66) is identified as a breakthrough and urgent task, “paving the way” for economic drivers to operate effectively.

Resolutely implementing the 2025 growth target

The Hoa Son bridge project, part of the Hoa Binh - Moc Chau expressway project, is being accelerated.

The economic picture in the first 10 months of 2025 is a direct result of the drastic direction and efforts of the business community and the people. The first and most obvious pillar is industrial production. The index of industrial production (IIP) in 10 months soared 26.94% over the same period - reflecting the recovery and outstanding growth in the context of the uncertain global economy. Notably, this growth has depth and spread across many key industries. Laptops increased by 80.53%; iron and steel increased by 40.65%; cement increased by 34.19%; electronic component manufacturing services increased by 28.88%.

The second pillar is the movement of the domestic market and investment attraction. Total retail sales of goods and consumer services revenue in 10 months reached 161.7 trillion VND, up 14.38%, reflecting the stable purchasing power of the people and also showing the effectiveness of trade promotion programs and OCOP product development (with 609 products achieving 3 stars or more). Tourism activities also recovered well, reaching 12.8 trillion VND in revenue, equal to 86.7% of the year's target.

Investors' confidence in the province's new environment has been strongly reinforced. FDI capital attraction in the first 10 months reached 1,219.11 million USD, up 84% over the same period and exceeding the yearly plan by 15.1%. Domestic DDI capital also reached 61.3 trillion VND, 3 times higher than the same period. Along with that, more than 4,000 newly registered enterprises (up 58.2%), showing that Phu Tho is truly attracting capital flows and entrepreneurial spirit.

In the first 10 months of the year, total state budget revenue exceeded 47.5 trillion VND, equal to 117.6% of the estimate assigned by the Central Government. Solid revenue sources, especially domestic revenue (reaching 121.5% of the estimate), create important fiscal space for the province to implement social security tasks and development investment.

In the credit sector, total outstanding loans reached VND340.4 trillion (up 15.21%), completing 100% of the annual plan. Credit quality is strictly controlled. The bad debt ratio is only 0.46% of total outstanding loans, a sharp decrease compared to 0.79% at the end of 2024.

Along with that, the province pays attention to ensuring social security. The province has completed 100% of the plan to eliminate temporary and dilapidated houses, with 10,801 houses supported, ensuring "no one is left behind" in the development journey. The work of paying subsidies to 143,582 social protection beneficiaries (with a budget of 516.9 billion VND) and policies for the elderly and children have been fully and promptly implemented.

The fields of culture, health, and education also recorded many advances. The education sector focused on career orientation, developing high-quality human resources, and preparing for future industries such as artificial intelligence and semiconductor chips. The health sector promoted digital transformation, with 5,343 new techniques deployed, and electronic medical records were applied at 28 facilities, bringing practical benefits to the people.

Even in the context of administrative restructuring, administrative procedure reform is still being promoted. The province has reviewed and reduced at least 30% of procedure processing time, 100% of administrative procedures are carried out regardless of provincial administrative boundaries, creating maximum convenience for people and businesses, putting people at the center of service.

Besides the positive aspects, there are also difficulties, the disbursement rate has only reached 56% of the total capital plan assigned. Although this rate is quite high compared to the plan assigned by the Prime Minister (82.5%), but compared to the development requirements and total allocated resources, this speed still needs to be accelerated...

The agricultural sector also faces many difficulties. Complex weather affects the harvest progress. In particular, the complicated developments of African swine fever have reduced the total pig herd by 12.6%, causing significant damage to farmers...

The last two months of 2025 are the final stretch to strive to complete socio-economic development targets. The key tasks have been clearly identified by the Provincial People's Committee, focusing on 5 groups of breakthrough solutions.

Accordingly, promote the disbursement of public investment capital, thoroughly remove obstacles in procedures, land, materials, especially key projects, regional linkage projects, activate social resources, create a driving force for double growth. Continue to perfect institutions and improve the investment environment.

The focus is on completing the Provincial Planning for the 2021-2030 period, with a vision to 2050, mobilizing investment resources, and preparing industrial park infrastructure conditions to welcome a new wave of investment. Effectively implementing tax and credit policies to support purchasing power. Promoting tourism on digital platforms, turning heritage into an economic driving force.

Develop high-quality human resources, seize opportunities from the 4.0 Industrial Revolution, especially in high-tech industries. Maintain national defense and security, ensure stable socio-economic development.

Le Chung

Source: https://baophutho.vn/quyet-liet-thuc-hien-muc-tieu-tang-truong-2025-242038.htm