Aiming for Double-Digit Growth

Right from the early months of 2026, the economic landscape of the province has shown a distinct flourish with GRDP growth exceeding expectations, creating a solid foundation for the double-digit growth target. Beyond the impressive figures, these results reflect a robust recovery of traditional growth engines and demonstrate the effectiveness of the province’s decisive and flexible governance.

JNTC Vina Co., Ltd. (Thuy Van Industrial Park) specializes in manufacturing tempered glass and mobile components, providing jobs for thousands of workers.

Creating Breakthrough Momentum from Q1

According to data from the Statistics Office, the province’s Q1/2026 GRDP is estimated to have increased by over 10.5%, surpassing the target assigned by the Government. Notably, the industry-construction sector continued its leading role, contributing over 73% to the overall growth. The Index of Industrial Production (IIP) surged by 25.56% year-on-year, a rate that signifies a powerful recovery, particularly in processing and manufacturing. This growth trajectory stems not only from the internal strength of enterprises but also from improvements in the investment environment, the resolution of business obstacles, and a rapid influx of new investment capital. Several large-scale projects have created positive spillover effects, driving the entire economy forward.

In the trade and services sector, market purchasing power remained stable, contributing positively to general growth. Total retail sales and consumer service revenue for Q1 reached nearly 37,000 billion VND (up 11% year-on-year). Within this, retail revenue rose by 13.2%, accommodation and catering by 6.2%, and tourism by 15.8%. Passenger and freight transport both recorded increases of 10-15%. The import-export sector remained a highlight, with total turnover reaching nearly 35.9 billion USD, placing Phu Tho among the fastest-growing localities in the country. Meanwhile, the agriculture, forestry, and fishery sectors maintained stable development.

The province’s macroeconomic picture remained stable. Total state budget revenue in Q1 reached 17.1 trillion VND (29.4% of the annual estimate), showcasing effective financial management. Banking activities closely followed directives, with stable interest rates supporting business access to capital. Most notably, investment attraction continued to be a standout highlight. Total social development investment capital reached 29.7 trillion VND, up 11.6%. Of this, FDI reached approximately 704 million USD (a 7-fold increase year-on-year), while domestic investment hit over 9.6 trillion VND (up nearly 40%). The number of newly established enterprises surged by 72.8%—a key indicator of the business community’s growing confidence.

Determination to Sustain Growth

Building on these positive results, Phu Tho is determined to implement synchronous and effective solutions to realize its 2026 growth targets. The focus remains on the drastic implementation of Government Resolution No. 01/NQ-CP and the socio-economic development orientations for the 2026-2030 period.

The province prioritizes improving the business environment toward transparency and openness, focusing on selective investment attraction in high-tech, eco-friendly, and high-value-added projects. Site clearance and infrastructure development for industrial zones and clusters are being expedited. According to Vice Chairman Quach Tat Liem, the province continues to maintain working groups led by the Chairman and Vice Chairmen to directly oversee and urge the progress of key projects, especially public investment and transport infrastructure. Proactively removing “bottlenecks” through field inspections has been crucial in accelerating the disbursement of public investment capital.

Additionally, resource mobilization and allocation are being handled flexibly, prioritizing capital for key projects with high spillover potential. Administrative reform continues to be promoted to reduce costs and time for businesses, while building a digital government to enhance management efficiency. Beyond growth, the province emphasizes social security, environmental protection, and proactive response to climate change, ensuring that national defense and security are maintained.

With a solid foundation from Q1, high political determination, and synchronous solutions, Phu Tho is well-positioned to accelerate in the coming quarters, aiming to comprehensively fulfill its 2026 socio-economic development goals.

Le Oanh