Determined Efforts Toward the 2025 Growth Target

In 2025, amid the restructuring of administrative organizations, the province is demonstrating strong political determination to turn challenges into opportunities, striving to achieve a double-digit growth target of 10.3%.

Immediately after the merger and organizational stabilization, the Provincial Party Committee, People’s Council, and People’s Committee have urgently and decisively directed the implementation of socioeconomic development measures. Decision No. 554/QD-UBND, issued on August 7, 2025, set forth specific objectives and tasks for each department and sector to achieve a growth rate of 10.3% in 2025 — higher than the Government’s assigned target of 10% stated in Resolution No. 226/NQ-CP.

Foreign-invested enterprises have been operating effectively, contributing to export growth and creating local employment opportunities.

The economic performance over the first ten months of 2025 reflects the province’s decisive leadership and the efforts of its business community and citizens. The first and most prominent pillar is industrial production. The Industrial Production Index (IIP) surged by 26.94% year-on-year, signaling a robust recovery and impressive growth amid global economic uncertainty. Notably, this growth is both deep and broad-based across major sectors: laptop production rose by 80.53%; iron and steel by 40.65%; cement by 34.19%; and electronic component manufacturing services by 28.88%.

The second pillar is the dynamism of the domestic market and investment attraction. Total retail sales of goods and consumer services reached VND 161.7 trillion, up 14.38%, reflecting not only stable consumer demand but also the effectiveness of trade promotion programs and the development of OCOP products (with 609 items rated three stars or higher). Tourism has also recovered strongly, with revenue reaching VND 12.8 trillion, equivalent to 86.7% of the annual target.

Investor confidence in the province’s new business environment has been greatly strengthened. In the first ten months, foreign direct investment (FDI) reached USD 1,219.11 million — up 84% year-on-year and exceeding the annual plan by 15.1%. Domestic direct investment (DDI) totaled VND 61.3 trillion, tripling the previous year’s figure. Additionally, more than 4,000 new enterprises were registered (up 58.2%), confirming Phu Tho’s growing appeal to both investors and entrepreneurs.

In the same period, total state budget revenue surpassed VND 47.5 trillion, reaching 117.6% of the target assigned by the central government. Strong revenue growth — particularly from domestic sources (121.5% of the plan) — has created important fiscal space for the province to advance social welfare and development investment projects.

The Hoa Son Bridge project, part of the Hoa Binh–Moc Chau Expressway, is being accelerated to ensure timely completion.

In the credit sector, total outstanding loans reached VND 340.4 trillion, up 15.21%, fulfilling 100% of the annual plan. Credit quality remains tightly controlled, with non-performing loans reduced to just 0.46% of total outstanding debt, down sharply from 0.79% at the end of 2024.

The final two months of 2025 represent the sprint phase to complete key socioeconomic development targets. The Provincial People’s Committee has identified five breakthrough solution groups as priorities.

These include accelerating the disbursement of public investment capital and thoroughly resolving bottlenecks related to administrative procedures, land, and construction materials — especially for key and regional linkage projects — to mobilize social resources and generate dual growth momentum. Efforts also focus on institutional improvement and continued enhancement of the investment environment.

The province aims to complete the Provincial Planning for 2021–2030 with a vision to 2050, mobilize investment resources, and prepare industrial park infrastructure to welcome new investment waves. Effective implementation of tax and credit policies will be pursued to stimulate consumer demand. Digital tourism promotion will be intensified, transforming cultural heritage into a driving force for economic growth.

Additionally, the province is committed to developing a high-quality workforce to seize opportunities from the Fourth Industrial Revolution, particularly in high-tech industries, while maintaining national defense and security to ensure stable and sustainable socioeconomic development.

Le Chung