Creating Momentum for Stable and Sustainable Growth

Phu Tho province is facing the requirement to not only maintain double-digit growth rates in 2026, but more importantly, to build strong enough momentum to sustain high and sustainable growth in subsequent years.

Recent results are creating a positive foundation for the province to continue aiming for a GRDP growth target of 11% or higher in 2026. Notably, investment flows continue to demonstrate the province’s post-merger appeal.

Binh Phu Industrial Zone is accelerating infrastructure completion progress to attract investment and create new production capacity for the economy.

Over the past 8 months, Phu Tho attracted over 2.3 billion USD in FDI capital—approximately 2.6 times higher than the same period last year and surpassing the annual plan by 43.6%. In industrial parks, cumulative FDI capital reached over 2.059 billion USD, 3.6 times higher than the same period in 2025. These results show that the economy possesses strong development momentum.

However, the double-digit growth target sets higher demands on the ability to maintain pace through the final months of the year. The Provincial People’s Committee’s 8-month socio-economic report shows that August’s Industrial Production Index (IIP) decreased by 2.82% compared to the previous month, though still increasing by 9.23% over the same period. Certain sub-sectors in agriculture and mining still face difficulties. This indicates a need to continue consolidating growth drivers to avoid situations where some sectors grow rapidly but lack stability. Therefore, the primary solution is to maintain production and business rhythms, especially in sectors making large contributions to growth. For industry, the focus is not merely attracting additional projects, but rapidly bringing registered projects into operation to generate actual products and added value.

At a recent meeting of the Provincial Macroeconomic Policy Steering Committee, Chairman of the Provincial People’s Committee Tran Duy Dong requested the Provincial Industrial Zones Management Board to focus on urging 32 non-operational projects to enter into service at an early date. This solution holds direct significance for growth, as every delayed project means invested resources cannot yet translate into output, employment, and budget revenue.

One key current requirement is securing financial resources for enterprises to expand production. By the end of August 2026, outstanding credit across the province reached approximately 401 trillion VND, up 8.82% compared to the end of 2025. The province aims to expand credit by at least an additional 19 trillion VND in the final months, targeting full-year credit growth of around 14%.

Credit must therefore continue to be directed toward production and business sectors, as well as projects capable of generating added value and spillover effects. The issue is not just increasing capital supply to the economy, but delivering capital to the right addresses at the right time—enabling businesses to invest in machinery, expand workshops, innovate technology, and enhance competitiveness.

Alongside credit, public investment must continue playing a leading role. Over the past 8 months, implemented investment capital from state budget sources managed by the locality reached around 15 trillion VND, up 1.2% year-on-year. The province aims to resolve site clearance obstacles, determined to disburse 100% of the 2026 public investment capital plan, prioritizing projects capable of generating momentum and expanding development space.

Another crucial driver is continuing to improve the investment environment toward selective attraction linked to practical efficiency. Over the 8 months, 3,265 newly registered enterprises were established across the province with total registered capital of 34.6 trillion VND. This is a vital resource for the private economic sector. Concurrently, the province sets a target for the final 4 months of 2026 to establish 1,620 new enterprises and attract an additional 21.4 trillion VND in domestic direct investment capital.

According to Mr. Hoang Long Bien, Head of the Provincial Industrial Zones Management Board, for these figures to truly convert into growth, authorities must continue resolving procedures, site clearance, land, electricity, water, and infrastructure for enterprises. The province is building and cleansing its business database to possess full, accurate, and timely information to grasp difficulties and support enterprises. Alongside this, ensuring power supply for projects—especially high-tech projects—must be placed as a top priority. Completing major power projects, substations, and line replacements will create a foundation for industrial projects to operate stably, avoiding scenarios where factories exist but energy infrastructure fails to meet demands.

It is evident that the double-digit growth target is not a single-year speed race; sustainable growth must be built upon new production capacities, new enterprises, new technologies, new infrastructure, and new economic spaces. Therefore, the province continues to leverage its advantages of large scale, land resources, industry, agriculture, services, and diverse post-merger tourism. In industry, priority goes to high-tech, supporting, deep processing, and linkage-building projects with domestic firms. For agriculture, value is elevated through processing, branding, and market expansion. Regarding trade, services, and tourism, market scale and rich cultural and natural resources must be better exploited.

Thus, the final months of the year serve not only as a sprint finish to complete 2026 targets, but also as a period to test the capacity to transform new resources into stable and sustainable growth momentum.

Quang Nam