Destination of FDI enterprises

The 2023 administrative reform index (PAR INDEX) of Phu Tho province is assessed at 89.19 points; it ranks 9th out of 63 provinces and cities nationwide (up 2.59 points and 9 places compared to 2022); the Provincial Competitiveness Index (PCI) reached 69.10 points, up 14 places compared to 2022, for the first time in the top 10 provinces and cities with the best management quality in 2023 and ranked 2nd in the Northern midland mountainous region...

Hanyang Digitech Vina Co., Ltd. is one of the Korean enterprises that soon invested in the province.

These impressive numbers have shown a strong breakthrough, demonstrating that the implementation of the province’s strategic breakthrough “strongly improving the investment and business environment” is on the right track and promoting effectiveness. Phu Tho is gradually asserting its position in attracting foreign direct investment (FDI) into the province, making clear progress with many large projects and starting to shift towards prioritizing industrial development technology, the province’s available advantages.

Up to this point, Phu Tho has attracted more than 200 FDI projects with a total capital of about USD 3,100 million. In particular, investors mainly come from Korea, China, Japan and other countries such as Singapore, the USA, the UK, India, etc. Large FDI projects mainly focus on the strengths of industries in the province, such as processing, manufacturing, assembling electronic components, renewable energy, high-end fashion textiles and garments. Among them, there are typical projects such as the electronic manufacturing project of BYD Company (China) with an investment capital of USD 269 million; the solar cell panel production project of VSUN Company (Japan) worth USD 200 million; the INOUE tire production project (Japan) worth USD 90 million; the Yida High-end Fashion Garment Factory Project worth nearly USD 113 million; and the Regent Vietnam textile project worth USD 180 million.

Determining that creating clean premises is one of the key factors in attracting investment, in recent years the province has focused on accelerating the progress of completing infrastructure in a number of industrial zones and clusters; creating land funds for revenue collection attracts secondary investors into production and business. Industrial parks and industrial complexes are located in places with convenient transportation by road, waterway and railway. Therefore, many large investors from Korea, China, Japan, Singapore, America, India... with investment fields such as electronic components, textile industry, packaging and grain production Plastics and food processing have “invested capital” in Phu Tho.

Phu Ha Industrial Park.

In recent years, investment promotion, introduction, and promotion of Phu Tho’s image to foreign investors have been carried out methodically and focused by the province and brought about clear results. Mr. Jeon Kyu Hwan, Chairman of the Korean Business Association in Phu Tho and Director of Shillim Vietnam Co., Ltd., shared: "Looking at the number of Korean investors coming to Phu Tho, we can see that this locality has a lot of potential. This also reflects the openness of the investment environment and favorable policies and mechanisms for businesses to access. Through the evaluation of most member businesses in the association, right from the first days, we have received incentives and conditions from all levels, sectors, and localities". Phu Tho currently has about 130 Korean enterprises operating, accounting for more than 80% of FDI enterprises. Over the past years, Phu Tho province has always strived to improve the investment environment in an open, transparent, favorable and effective manner, creating favorable conditions for foreign investors in general and Korean investors in particular. Particularly in Phu Tho, good business results were achieved throughout the investment process in the province.

In 2024, Phu Tho aims for total investment capital in the area to reach VND 50 trillion or more, including newly registered FDI capital and adjustments and supplements in the province. By 2025, the number of enterprises (cumulative) in the province will be about 11,000, including over 220 FDI enterprises. To continue to create confidence for investors, Phu Tho is continuing to implement solutions to create a favorable investment environment, paying attention to investing in transportation infrastructure, and at the same time, planning until 2030, developing 12 industrial parks with a total area of about 5,095 hectares and over 40 high-tech parks with an area of about 7,600 hectares. The province also focuses on improving the quality of ancillary services so that businesses, investors, and experts can feel secure in choosing to live and work in the province.

Ha An