Overcoming difficulties, maintaining growth momentum

In 2024, following the leadership and direction of the Central Party, the National Assembly, the Government, the Provincial Party Committee, the Provincial People’s Council, and the Provincial People’s Committee, as well as all levels and sectors, efforts have been focused on leading and directing the implementation of decisive and synchronized groups of tasks and solutions.

Along with the active participation of the entire political system, the determination and efforts of the business community and people from all walks of life, the socio-economic situation and national defense - security continued to stabilize and develop. All 15 targets have been achieved and exceeded, the people’s lives are generally stable, and political security and social order and safety are ensured.

According to the data from the General Statistics Office, Phu Tho’s economic growth rate in 2024 is estimated to reach 9.53% (the highest increase in the 2021-2024 period), including agriculture, forestry, and fishery growing by 3.07%, industry and construction rising by 15.73% (up 11.2% compared to the same period), and services increasing by 6.29%. The economic scale is estimated at 109.2 trillion VND. The economic structure has continued to shift positively, with industry and construction accounting for 42.5%, services 39.1%, and agriculture, forestry, and fishery 18.4%. The average GRDP per capita is 70.7 million VND/year, an increase of 6.5 million VND (surpassing the Resolution target of 65 million VND).

It is estimated that in 2024, the province’s industrial production will increase by 17.39% (up 10.2% compared to the same period), contributing 5.1 percentage points to the GRDP growth. The industrial production index (IIP) is estimated to increase by 37.8% (up 18.3% in the same period).

Mr. Nguyen Viet Dung, Director of the Department of Industry and Trade, stated: The main contribution to industrial growth comes from the FDI sector. In addition, some goods and products have recovered quickly... However, some traditional industrial sectors and products (textiles, wood products, non-metallic mineral products, cast metals, etc.) have seen a significant decline compared to previous years due to the impact of the global economic situation, slow recovery in investment and consumption, and a shortage of orders.

Along with that, achieving a growth rate of 6.29% and contributing 2.3 percentage points to the GRDP growth, the province’s trade and services sector continued to maintain its recovery momentum, ensuring a full supply of goods, stable prices, and meeting the people’s needs. Efforts in connection, trade promotion, and supply-demand matching were emphasized; e-commerce developed with 333 booths and 1,013 products. The total retail sales of goods and consumer service revenue reached 57,545 billion VND, up 13.0%; transport activities met the demand for transportation, with revenue reaching 7,622 billion VND, an increase of 10.3% compared to the same period. Exports maintained high growth, estimated to reach 15.4 billion USD, up 39.6% (specifically, the electronics, machinery, and electrical equipment group reached 13.7 billion USD, up 45.9%); imports were 14.8 billion USD, up 75.8% compared to the same period.

Tourism promotion activities were prioritized, and tourism infrastructure was strengthened. The Wyndham resort project in Thanh Thuy District was completed, contributing to a rapid increase in the number of tourists. It is expected to welcome 6.6 million visitors, including 830 thousand overnight tourists, a 7% increase (with 10.6 thousand international visitors, up 19.6%); tourism revenue reached 4.1 trillion VND, an increase of 21.8% compared to the same period.

In 2024, the province implemented decisive breakthroughs to improve the investment and business environment. Investment capital for development exceeded the target, estimated at 50,482 billion VND, up 12.3% compared to the same period. During the year, the province also attracted 32 new FDI projects with a registered capital of 270.5 million USD, and 48 DDI projects with a registered capital of 3,162 billion VND.

In 2024, Phase 1 of the Phu Ha Industrial Park (IP) was completed, land clearance for the Cam Khe IP was mostly finished, the investment policy for the Nam Doan Hung Industrial Complex (69ha) was approved, and construction of the technical infrastructure for the Dong Phi Industrial Complex (Ha Hoa District) began. Additionally, the new Am Ha Industrial Complex (60ha) was established, and work continued on 7 other Industrial Complexs (Bai Ba 2, Ngoc Quan, Tam Nong, Thuc Luyen, Phu Ho, Quang Yen, and Thang Son). The Wyndham Thanh Thuy and Tam Nong golf course (subdivisions 1 and 2) projects were mostly completed. These projects were closely managed and their progress expedited to be completed and put into use, contributing to the development of various sectors.

In parallel with infrastructure development to attract investment, investment promotion and business development support activities were emphasized. During the year, in addition to organizing 2 investment promotion delegations, provincial leaders directed agencies and units to participate in numerous investment promotion events with businesses from the US, Japan, South Korea, China, etc., while also meeting with many corporations and enterprises to call for and attract new investment projects. Various levels and sectors guided investment procedures for 65 domestic and foreign investors seeking investment opportunities.

Dinh Vu