Making a breakthrough in attracting investment.

As 2024 draws to a close, the province is actively attracting investment capital, yielding many positive signs. Investors are very enthusiastic about continuing to choose Phu Tho as their destination, promising to create strong economic development for the locality in the near future.

Vice Chairman of the Provincial People's Committee Nguyen Thanh Hai inspected and assessed the progress of investment in the construction of technical infrastructure for the Tam Nong Industrial Cluster in Tam Nong district.

Many positive signs

In 2024, thanks to the vigorous implementation of Resolution No. 61-NQ/TU dated October 13, 2021, of the Provincial Party Committee on improving the investment and business environment for the 2021-2025 period, attracting investment capital to the province continued to show significant progress. The mobilized investment capital for development is estimated at VND 50,482 billion, exceeding the set target (VND 50,000 billion) and increasing by 12.3% compared to the same period last year. Notably, despite numerous difficulties, the province still attracted 32 new FDI projects with registered capital of USD 270.5 million (an increase of 10 projects and USD 31 million compared to 2023).

Comrade Nguyen Ngoc Hanh - Head of the Provincial Industrial Parks Management Board, said: The Provincial Industrial Parks Management Board has proactively contacted and coordinated with investors building and operating industrial park infrastructure to work with domestic and foreign investors; regularly urged industrial park infrastructure investors to accelerate the progress of infrastructure construction and clear land to welcome a new wave of investment. In the first nine months of 2024, the Provincial Industrial Parks Management Board issued new investment certificates for 5 projects, including 4 FDI projects with a total registered investment capital of 42 million USD, and 1 domestic project with a total investment capital of 33 billion VND. It is expected that in 2024, the province's industrial parks alone will attract foreign investment projects with a registered investment capital of 150 million USD and domestic investment projects with a registered capital of 700 billion VND.

Manufacturing electronic components at Innovation Future Vietnam Co., Ltd. (Phu Ha Industrial Park, Phu Tho town).

Of the four foreign-invested projects in the province's industrial parks in 2024, the Boulder project, which develops and manufactures transformers, inductors, and electronic filters with a capacity of 140,000,000 products per year, by the Boulder Group (Hong Kong - China) in Cam Khe Industrial Park, is currently undergoing equipment installation and trial production after five months of intensive factory construction, with the aim of officially commencing production in December 2024.

In addition to new FDI projects, at Phu Ha Industrial Park, three years after choosing Phu Tho as the location for its factory, BYD is rapidly investing in expanding production and building a third factory in Phu Tho. Currently, BYD Vietnam has over 11,000 employees and is expected to achieve revenue of $2.8 billion in 2024, with import and export turnover reaching $4.5 billion. When the third factory becomes operational around mid-2025, production volume will increase from 10 million iPads per year to 15 million iPads per year, while also expanding production to include drones, robots, etc., bringing the total number of employees to over 15,000.

Also one of the major projects contributing over 50% of Phu Tho's export turnover, HangYang Digitech Vina Co., Ltd. - a South Korean enterprise specializing in the production and processing of memory modules for servers and personal computers, and the production and processing of SSDs - has been operating in Phu Ha Industrial Park since 2019 with over 1,700 employees and is currently proceeding with procedures to expand production in Phu Tho. After 5 years since choosing Phu Tho as its factory location, HangYang Digitech Vina has consistently received effective support and attention from Phu Tho province. The increase in import and export turnover from US$1.1 billion in 2019 to US$13.4 billion in 2024 demonstrates the remarkable development of the enterprise and shows that Phu Tho has become a very important locality in the Group's global production chain.

The arrival of investors, especially foreign investors, in the province is bringing about new opportunities and income for the people, creating a strong impetus for the province's economic development in recent times.

A view of the Bai Ba - Dong Thanh Industrial Cluster, Thanh Ba district.

Increase competitive advantages and attract investment.

The positive signs in attracting foreign investment are the result of a transformation in mindset, awareness, and action in investment innovation. Along with the issuance of a thematic resolution on improving the investment and business environment for the period 2021-2025, the province has implemented a plan to accelerate administrative reform and build an e-government towards a digital government, digital economy, and digital society. As a result, the Provincial Competitiveness Index (PCI) increased by 14 ranks, placing it among the top 10 localities with the best governance quality in 2023; the Public Administration Reform Index (PAR INDEX) ranked 9th out of 63 localities, an increase of 9 ranks compared to 2022...

In conjunction with focused leadership and direction to significantly improve the investment and business environment, the province has concentrated on reviewing and resolving difficulties and obstacles related to investment, land, land use targets, agricultural and forestry land; actively directing the rectification of existing problems and obstacles in production and business, investment attraction, land clearance, credit, and key infrastructure projects... The province has also promptly issued plans to implement newly enacted legal regulations within its authority; proposed solutions to the Government and central ministries and agencies regarding related issues; effectively implemented socio-cultural fields; ensured political security and social order, creating a favorable environment for investors in the province.

Investing in upgrading the 110KV substation to serve the development and expansion of production for businesses investing in Thuy Van Industrial Park, Viet Tri City.

Notably, infrastructure development continues to receive significant investment. Many key infrastructure projects, especially those connecting expressways, national highways, and provincial roads to industrial parks and clusters, as well as infrastructure within industrial parks and clusters, are being accelerated and put into operation, adding new capacity and contributing to the development of various sectors. The province actively and proactively works with corporations and businesses to attract investment. During the year, the province organized two investment promotion delegations, guiding 65 domestic and foreign investors through investment procedures to explore investment opportunities; and directed agencies and units to participate in numerous investment promotion events with businesses from the United States, Japan, South Korea, China, and other countries.

A significant achievement, creating an advantage in attracting investment, is the effort by all levels and sectors of the province to complete and implement the Phu Tho Provincial Planning for the period 2021-2030, with a vision to 2050. This is one of the first provincial-level plans in the Northern Midlands and Mountains region to be approved. Based on this provincial plan, with the orientation of perfecting and synchronizing the system of plans that create breakthroughs for development, and prioritizing the implementation of infrastructure projects with a large ripple effect as clearly defined in the plan, Phu Tho has been further leveraging its advantages in attracting investment, especially FDI.

Attracting investment capital for large-scale projects with modern technology, aligned with the province's development trends and advantages, to create new value not only contributes to the province's economic growth but also affirms the correctness of Phu Tho's green and sustainable development orientation.

Dinh Vu

Source: https://baophutho.vn/tao-but-pha-trong-thu-hut-dau-tu-225463.htm