Motivation for Achieving Economic Growth Goals

With the proactive and decisive leadership, direction, and administration of the Provincial Party Committee, People’s Council, and People’s Committee, along with the active participation of the entire political system and the efforts of the business community and the people, the province’s economy continues to grow impressively, creating momentum to surpass the annual growth target.

In implementing the province’s breakthrough strategy, the investment and business environment continues to improve. The province has actively mobilized resources for development investment. In the first two months of the year, the total investment capital from the state budget managed by the locality was estimated at VND 784 billion, an increase of 8.2% compared to the same period last year. The province attracted two new domestic projects with a registered capital of VND 73.6 billion, while four projects received additional capital of VND 214.5 billion. Additionally, four FDI projects were approved with a total registered capital of over USD 3.9 million, and one project received an additional USD 2.8 million. The implementation of public investment capital plans has been a priority from the beginning of the year. By the end of February, over VND 2,787 billion had been allocated, reaching 101.7% of the plan. The disbursed public investment capital by the end of February exceeded VND 738 billion, equivalent to 26.5%.

In the agricultural sector, the productivity and output of several crops have performed well, while livestock and aquaculture have remained stable. The New Rural Development Program and the One Commune One Product (OCOP) program continue to be actively implemented. Across the province, six district-level units have met the new rural standards or completed the new rural development tasks, while 143 communes have achieved new rural standards, and 22 communes have reached advanced new rural standards.

Industrial production has seen a significant increase, with the industrial production index rising by 47.3% compared to the same period last year, including a 48.5% growth in the manufacturing and processing sector. The trade and service sectors have remained stable, with total retail sales of goods and consumer service revenue reaching VND 8,700 billion, an 11.5% increase year-on-year. Tourism activities have shown positive signs of recovery, with accommodation and food service revenue estimated at VND 1,109 billion, up 23.4% compared to the same period, and the province welcoming over 760,000 visitors.

Export and import activities have been a highlight in the economic landscape. Export value exceeded USD 2.1 billion, an 8.5% increase compared to the same period last year, while imports were estimated at nearly USD 3 billion, up 48.5%. In the first two months of the year, total state budget revenue in the province was estimated at VND 1,931 billion, a 19% increase year-on-year, with domestic revenue reaching VND 1,785 billion (up 19%) and revenue from import-export activities at VND 116 billion, equivalent to 97% of the previous year’s figure.

In accordance with Resolution No. 25/NQ-CP, issued on February 5, 2025, by the Government, which sets growth targets for various sectors, industries, and localities to ensure a nationwide growth rate of 8% or higher in 2025—including a minimum 8% growth target for Phu Tho province—the Phu Tho Provincial People’s Committee has directed a review of resources, growth drivers, and new capacities. A quarterly, semi-annual, nine-month, and full-year growth scenario for 2025 has been developed.

The review results indicate that the province’s 8% or higher growth target is well-founded and highly feasible. New growth drivers and potential areas stem from newly effective policies, institutional reforms, and efforts to remove bottlenecks. Growth momentum in the first two months of the year has shown positive signs. Based on this, the Provincial People’s Committee has reported to the Provincial Party Executive Committee and the Provincial People’s Council, which approved a resolution to adjust the 2025 growth target to 8% or higher.

To effectively implement economic development tasks in 2025, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Committee, Bui Van Quang, emphasized the need to focus on reviewing, supplementing, and promptly concretizing legal provisions related to land, housing, real estate business, public asset management, public investment, and investment regulations.

Efforts will continue to significantly improve the business investment environment, creating an open and attractive investment climate. The province aims to effectively mobilize private resources, foreign investments, and capital from the population to boost production and business development. Focus on directing the synchronized implementation of support measures to address difficulties, promote growth, and boost production and business activities; promptly and effectively implement support policies on taxation and credit.

Additionally, the province will proactively engage with strategic investors to attract FDI projects, facilitate investment procedures, and accelerate land handover for ongoing projects to ensure their swift completion and operation. Trade promotion, e-commerce development, and market intelligence on exports will also be strengthened. Furthermore, efforts will be made to enhance tourism development through stronger regional linkages and improved tourism products.

Trinh Ha