Phu Tho has become a potential partner of many Chinese investment enterprises

With more than 40 investment projects in Phu Tho, China is becoming one of the province’s potential partners.

Recently, the relationship between Phu Tho province and businesses from China has achieved important results in the fields of investment and trade cooperation. Friendly relationships with Shanxi province, cooperative relations with Zhou Honghe, Yunnan province and Shenzhen city have opened up many opportunities to attract investment to the province. To date, in the province there are over 40 investment projects of Chinese enterprises with a total registered investment capital of nearly 1 billion USD with the main industries: Electronic component production, garment manufacturing, and wood processing,... Chinese businesses have made significant contributions to the provincial budget and created stable jobs for thousands of local workers.

With a convenient location and transportation infrastructure, an abundant workforce, including a highly skilled workforce, with competitive labor costs, Phu Tho has the potential to attract large projects of China.

From the beginning of 2023 until now, many Chinese enterprises, especially those with the ability to deeply participate in the global supply chain, have increased investment surveys in the province. For example, Wingtech Group, China’s largest smartphone assembler, pledged to continue surveying and choosing to invest in Phu Tho province; Or BYD Electronics Company, a subsidiary of BYD Group headquartered in Shenzhen, has decided to increase capital for phase II with a total investment of 411 million USD... With the potential in economic cooperation and investment, it is forecasted that there will be many more large investments from China in Phu Tho.

Investment promotion is paid attention to and implemented effectively. In October 2023, the working delegation of Phu Tho province led by Mr. Bui Van Quang, Chairman of the Provincial People’s Committee, attended the 12th East Asia Regional Local Government Conference with the theme “Cooperation for mutual benefits in East Asia” in Linyi city, Shandong province, China. The delegation worked with leaders of Chinese localities to discuss cooperation in the future and exchange experiences in promoting heritage to promote tourism; promoting investment and trade, finding export markets for key products of Phu Tho province such as tea, bananas, grapefruit, wood, footwear, textiles...

In mid-April 2024, the delegation of the government of Lam Nghi city, Shandong province - China led by Mr. Tuyen Tan Duong - Standing Member, Deputy Mayor of Lam Nghi city visited and worked in the province. At the meeting, the two sides introduced programs and fields calling for investment in projects with advanced technology, high technology, and clean technology. Vice Chairman of the Provincial People’s Committee Nguyen Thanh Hai requested Lam Nghi city leaders to support Phu Tho province in calling investors to invest in industrial park infrastructure construction and business projects; investing in factories producing electronic components; manufacturing and assembling automobiles and agricultural machines; producing and processing agricultural products for export. At the same time, create conditions for enterprises producing export goods in Phu Tho province to access the market of Lam Nghi city in particular and of China in general. With its advantage being “Logistics Capital of China”, he hopes that the leaders of Lam Nghi city will pay attention to support and invite investment to develop the logistics system of Phu Tho province, contributing to promoting socio-economic development. especially industrial and service development. The meeting is a new opportunity for cooperation between Lam Nghi city and Phu Tho province in various fields, thereby further tightening the friendly cooperative relationship and promoting socio-economic development of the two localities.

According to economic experts, with the potential in economic and investment cooperation, according to experts' forecasts, there will be many more large investments from China into Vietnam. Not only in 2023, but from now until 2025 and longer, Vietnam will become a destination for Chinese investors. Therefore, in the coming time, to continue to welcome the “shifting” wave of Chinese businesses, the province will continue to build and improve policies and infrastructure; promote administrative reform, improve the provincial competitiveness index and the quality of human resources to meet the requirements of businesses to attract investment. In particular, focus on projects with advanced technology, large scale, financial potential, highly competitive products, and participation in the global value chain.

Thanh Tra