Phu Tho Accelerates Reforms to Fuel Double-Digit Economic Growth

Phu Tho Province remains steadfast in its strategy of taking administrative reform as the pillar and enterprises as the focal point. This approach aims to create a new impetus for economic growth, targeting double-digit growth rates and the ambition to become a regional hub for industry, trade, logistics, tourism, and education by 2030.

Phu Tho consistently places enterprises at the center to drive new economic momentum and pursue double-digit growth targets.

Deeply grasping the guidelines and policies of the Party and State on building a favorable investment and business environment, the Phu Tho Provincial Party Committee, People’s Council, and People’s Committee have issued a synchronized range of resolutions, directives, schemes, and action programs tailored to local realities. On this foundation, the province has implemented a series of key mechanisms and policies to support business development, such as: supporting training and recruitment of high-quality human resources; providing infrastructure rental subsidies for secondary investors; and supporting the costs of preparing investment project proposals in priority and encouraged sectors.

Alongside perfecting mechanisms and policies, Phu Tho maintains regular dialogues with enterprises to promptly identify and resolve bottlenecks in investment and production. The province focuses on clearing hurdles related to site clearance, leveling soil, and investment policy adjustments, while ensuring equitable access to land and prioritizing resources for infrastructure development outside industrial zones.

With the philosophy that “investors coming to Phu Tho are citizens of the province,” administrative reform is viewed as a strategic breakthrough. The governing mindset of all levels of government has shifted from “management” to "support and service.“The”One-stop – Companion – On-time" model has been deployed province-wide, integrated with the digitalization of administrative procedures to shorten processing times and reduce costs for investors.

The Provincial People’s Committee has directed departments and localities to review and update business conditions, abolishing or proposing the cut of obsolete regulations. The goal is to achieve a minimum 30% reduction in administrative processing time, compliance costs, and business conditions. Additionally, the province promotes transparency in land-use planning, enhances decentralization tied to executive accountability, and implements digital government to modernize public administration, thereby improving transparency and access to public services for both citizens and businesses.

By improving the investment environment and supporting small and medium-sized enterprises (SMEs), Phu Tho has increasingly solidified investor confidence in the provincial business climate.

Engagement with businesses and entrepreneurs is identified as a central and regular task. The Provincial Investment Promotion and Business Support Center maintains a weekly direct working session with enterprises and investors to receive petitions, provide consultancy, and resolve bottlenecks during project implementation. On this basis, the Provincial People’s Committee has established task forces led by provincial leaders, with the direct participation of heads of departments and agencies, to focus on the rapid and effective handling of arising issues. Business dialogue conferences and mechanisms for receiving and resolving feedback are maintained systematically, fostering trust and partnership within the business community.

By improving the investment environment and supporting small and medium-sized enterprises (SMEs), Phu Tho is increasingly solidifying investor confidence in the provincial business climate.

Notably, over the past year, the province implemented several practical support activities for SMEs, highlighted by six intensive training courses—four for enterprises in the processing and manufacturing sectors and two specifically for women-owned businesses. These training programs contributed to enhancing management capacity, leadership skills, digital transformation application, and market adaptability for local enterprises.

The effectiveness of these solutions to improve the investment and business environment is clearly reflected in impressive growth figures. In 2025, the province saw 4,500 newly registered enterprises, reaching 128.6% of the target (a 44.2% increase year-on-year); total registered capital exceeded 40,000 billion VND, up 29.1%. Notably, about 1,000 enterprises resumed operations, a 25% increase compared to 2024. Regarding investment attraction, Phu Tho recorded outstanding results with 1.2 billion USD in FDI, reaching 114.2% of the plan (up 38.5% year-on-year). Domestic investment reached nearly 220,000 billion VND, 3.3 times higher than in 2024, reflecting the growing confidence of investors in the province’s business environment.

Steadfast in the goal of building a transparent, stable, equitable, and friendly investment environment, Phu Tho will continue to promote administrative reform, accelerate industrial zone infrastructure investment, and resolve issues related to land and site clearance. The province will also ensure human resources and create favorable conditions for businesses to access credit, tax, and fee policies. Based on a clear assignment of responsibilities, the province requires departments and agencies to proactively resolve matters within their jurisdiction with clear commitments on roadmaps and processing times, while promptly reporting issues beyond their authority to higher levels.

Alongside the government’s efforts, the province expects the business community and investors to continue their responsible partnership by strictly fulfilling investment commitments and disbursement schedules. Furthermore, businesses are encouraged to uphold entrepreneurial culture and responsibility toward the environment, society, and employees, cooperating closely with local authorities to ensure a harmony of interests between the State, enterprises, and the people. This is the crucial foundation for Phu Tho to achieve a strong breakthrough and realize its goal of double-digit economic growth in the coming period.

Le Minh