Building Momentum for Growth Targets

With a series of synchronized solutions and strong determination, the socio-economic development of Phu Tho in Q1/2025 has continued to maintain a growth rate, increasing compared to the same period last year, creating momentum for breakthroughs in the coming time.

So far, Phu Tho has basically completed the restructuring and merging of departments and units according to the “lean, strong, efficient, effective” direction from the Central Government. The province has also implemented plans to eliminate district-level organizations and merge administrative units at the commune level.

In the breakthrough effort to improve the investment and business environment, the province has focused on reviewing and completing various planning projects. Along with reviewing the provincial planning for the period 2021–2030, with a vision toward 2050, Phu Tho is prioritizing the approval of the overall adjustment plan for Phu Tho town’s master plan until 2045, as well as adjustments for the master plans of Phong Chau, Thanh Thuy, and Thanh Ba towns. The province has also approved and adjusted several sub-zone planning projects, functional area planning, residential areas, industrial zones (IZ), and urban areas (UA).

In parallel with directing the acceleration of 12 out of 20 key public investment projects for 2025, Phu Tho has proactively focused on land clearance for important national projects passing through the province. The province also set a 2025 growth target of 8% or more.

According to the report on the socio-economic development situation in Q1 and the key tasks and solutions for Q2/2025, a notable highlight is the strong growth in industrial production. The Industrial Production Index (IIP) for Q1 increased by 46.4% compared to the same period last year, with the processing and manufacturing sector growing by 47.4%.

Notably, thanks to effective work on improving the investment and business environment, and leveraging support from the Central Government, the province has successfully mobilized resources for development investment. The total social development investment in the province is estimated at 11,470 billion VND, up 15.5% compared to the same period last year. In the first three months, the province attracted 7 new domestic projects with a registered capital of 295.5 billion VND and 5 FDI projects with a registered capital of 7.86 million USD. The disbursement of public investment funds and the implementation of the three national target programs have been carried out decisively and synchronously. The disbursement value is estimated to reach 935 billion VND by the end of March 2025, accounting for 33.6% of the plan, up 9% compared to the same period last year, ranking among the top localities and ministries with the highest disbursement results nationwide.

Building on the positive results achieved in Q1, to realize the targets set for 2025, along with the effective implementation of the Central Government’s Resolutions, Conclusions, and directives, as well as new mechanisms, policies, and regulations, the province will continue to focus on improving the investment and business environment; promoting private investment and attracting foreign direct investment.

According to the Director of the Department of Finance, immediately after its establishment, based on inheriting the functions and tasks of the Department of Finance and the Department of Planning and Investment, the Department has advised the Provincial People’s Committee to intensify investment promotion activities; proactively approach, learn about, and support large partners and corporations to invest in the province. Along with this, the Department coordinates closely with other departments, sectors, localities, and the Provincial Project Management Board to address difficulties and obstacles for key projects, ensuring that they begin construction and complete on schedule.

According to the Director of the Department of Industry and Trade, continuing the industrial production growth from 2024 and Q1 of 2025, there are currently several large projects underway in the province, especially foreign direct investment (FDI) projects such as: the BYD Vietnam Phase II electronic component manufacturing plant, Nien Made Enterprise’s interior accessory manufacturing plant, SSEP Vietnam’s electronics component factory, Sunrise Apparel Vietnam’s garment manufacturing plant, and VNHOME Group’s granite tile and glazed tile manufacturing plant... Recognizing this as a key factor contributing new capacity to growth, the Department is actively supporting and implementing solutions to ensure these factories operate on time, adding additional capacity to the economy.

To attract businesses and investors, the province is focusing on directing the development of land clearance plans for key projects in 2025; determining detailed schedules and areas of land to be reclaimed; signing commitments on land handover progress with investors and project management boards; clarifying the responsibilities of all parties involved; aiming to clear over 600 hectares of land for investment projects by 2025.

In particular, to boost support and remove difficulties for business operations; stimulate growth and the development of various sectors, Phu Tho is focusing on reviewing and promptly amending legal issues related to businesses and investment projects. The province will implement timely and effective policies for tax, fee, and land rental reductions or extensions to support citizens and businesses, promoting production and business activities. Co-chairing the conference on “Promoting Bank Credit to Contribute to Economic Growth in Region 4,” Mr. Bui Van Quang - Vice Secretary of the Provincial Party Committee, Chairman of the Provincial People’s Committee, also directed the State Bank of Vietnam to instruct credit institutions to reduce costs, simplify administrative procedures to lower loan interest rates; facilitate citizens and businesses in accessing affordable loans to develop production, stimulate domestic consumption, and promote tourism; and actively implement preferential credit packages to drive economic growth, key provincial projects, and initiatives.

Dinh Vu