Phu Tho anticipated to be the new industrial “capital” of the North

With significant transportation infrastructure innovation, Phu Tho aspires to become a new industrial hub at the Northwest region’s entrance.

Phu Ha Industrial Park in Phu Tho town now has 25 FDI firms investing and operating with a total capital of roughly 830 million USD.

Recognizing that creating clean premises is one of the most important factors in attracting investment, the province has focused in recent years on accelerating the completion of infrastructure in a number of industrial zones and clusters, as well as creating land funds for revenue collection to attract secondary investors into production and business. From 2021 to 2023, the province attracted 478 private investment projects (DDI) with registered capital of VND56.9 trillion and 78 foreign direct investment (FDI) projects with registered capital estimated at USD2,126 billion. The average scale of a DDI project is over VND188 billion, an increase of VND27.7 billion, and the average size of an FDI project is nearly USD60 million, an increase of USD50.4 million compared to the previous period.

Not only has the amount of investment capital risen, but the “quality” of investment in the area’s industrial parks (IPs) has altered. Industrial parks and complexes are placed in areas with easy access to roads, waterways, and railways. As a result, many significant investors from Korea, China, Japan, Singapore, America, and India, with investment sectors such as electronic components, textile industry, packaging and grain production, plastics, and food processing, have “invested capital” in Phu Tho.

Sunrise Industrial Vietnam Co., Ltd.’s Cam Khe Industrial Park began operations, producing roughly 2,000 employment.

The province intends to develop synchronous and modern industrial parks with appropriate scales at each stage, with land use planning to develop key infrastructure in areas with potential to attract investment, in order to attract investment, attract capital, technology, create jobs, and protect the environment; and to connect production with markets and raw material sources. According to a report from the Department of Industry and Trade, nine project groups have essentially built and completed infrastructure, attracting a high industrial land occupancy rate, including industrial clusters: Bai Ba - Dong Thanh, Nam Thanh Ba, Hoang Xa, Hop Hai - Kinh Ke, Yen Lap town, Bach Hac, Tu Da, and Thanh Minh.

Phu Tho province aims to attract VND 50,000 billion or more in total investment capital by 2024. The province regulates newly registered foreign direct investment (FDI) and adjustments and supplements. The exchange rate is around USD500-600 million. Phu Tho aims to have 200-300 hectares of clean land by 2024 to attract investment.

Workers at Seshin Vietnam Company Limited at Thuy Van Industrial Park, Viet Tri City.

Mr. Trinh The Truyen - Director of the Department of Planning and Investment said: To accomplish the above aim, Phu Tho province continues to comprehensively implement tasks and breakthrough solutions on strengthening the business investment environment, with the focus on achieving and exceeding the goals: Economic growth of 7.5% or more; attracting investment capital of VND100 trillion...

Phu Tho has also significantly completed critical infrastructure projects, with an emphasis on completing investment processes to begin development of two further industrial parks, Tam Nong and Ha Hoa; finished Phu Ha Industrial Park phase 1 and begun construction of Phu Ha Industrial Park phase 2, Cam Khe.

Furthermore, the infrastructural progress of the Bac Lam Thao, Van Xuan, and Thuc Luyen industrial clusters has been accelerated; the building of industrial clusters in Dong Phi, Tam Nong, Nam Doan Hung, Phu Ho, and Quang Yen has begun in order to attract investment.

Cam Khe Industrial Park is currently improving its facilities in order to attract investors.

By 2030, Phu Tho aims to develop 12 industrial parks covering over 5,000 hectares. Among them, the province continues to develop and expand in seven industrial parks: Thuy Van, Trung Ha, Phu Ha, Cam Khe, Tam Nong, Ha Hoa, and Phu Ninh. Thanh Ba, Bac Son, Dong Luong, Doan Hung, and Vo Mieu are among the five new industrial parks being formed.

To stimulate the development of industrial parks in the future, the province will continue to enhance institutions and policies in order to achieve breakthroughs in economic restructuring and innovative growth models based on productivity, quality, efficiency, and sustainability. At the same time, support improvements in the investment and business climate, as well as the quality of public services, in order to create advantageous conditions for enterprises and investors. As a result, Phu Tho “took off” as the North’s new industrial powerhouse.

Bao Khanh