Striving for a GRDP growth rate of 8% or more

On March 1, 2025, Prime Minister Pham Minh Chinh signed Directive No. 05/CT-TTg, outlining key tasks and solutions to stimulate economic growth and accelerate public investment disbursement, ensuring the national growth target for 2025. In response, Phu Tho province has issued timely directives focusing on specific economic indicators to achieve a GRDP growth rate of 8% or more.

The directive emphasizes that achieving an 8% growth rate in 2025 is a challenging but essential task. It is crucial to create momentum and establish a foundation for double-digit growth in the coming years under the guiding principle: "The Party has directed, the Government has agreed, the National Assembly has approved, the People support, and the Fatherland expects-thus, we only discuss implementation, not retreat."

Initially, Phu Tho had set a growth target of 7.5% or more. However, following Government Resolution No. 25/NQ-CP dated February 5, 2025, which mandates an 8% national growth target, the province adjusted its economic indicators accordingly. The Provincial People’s Committee has proposed revisions to the Provincial People’s Council, raising key economic targets, including GRDP growth, per capita income, economic structure adjustments, and total social investment capital.

To achieve these ambitious goals, Phu Tho is prioritizing the removal of obstacles for ongoing projects, particularly in real estate and infrastructure investment. The province is expediting land clearance and procedural approvals to facilitate rapid project implementation. Additionally, the Department of Finance and the Provincial Tax Department are working closely with district authorities to optimize revenue collection, focusing on land-use fees to enhance investment capital and ensure effective public investment disbursement.

The State Bank’s Phu Tho branch has directed commercial banks and credit institutions to streamline loan procedures, supporting businesses and individuals in need of capital. This aligns with the broader strategy of stimulating demand, investment, and consumption, aiming for double-digit credit growth in 2025.

Phu Ha Industrial Park in Phu Tho town has successfully attracted 25 FDI enterprises with a total investment of nearly $830 million by 2024.

To sustain this momentum, the province is intensifying collaboration between departments, investors, and contractors to accelerate project timelines. Authorities are addressing land and material supply challenges to ensure timely project completion.

Local governments, along with the Department of Agriculture and Environment, are focusing on agricultural planning, land management, and expediting land transfers for investors. Special attention is being given to real estate developments, land auctions, and land recovery projects to maintain a steady revenue stream from land-use fees.

At a government meeting on March 4, the Ministry of Finance instructed ministries and local agencies to finalize detailed capital allocations for projects by March 31, 2025. Any unallocated funds after this deadline will be redirected to critical infrastructure projects with strong disbursement potential.

To drive economic growth and expedite public investment disbursement, Phu Tho is committed to implementing Central, Politburo, National Assembly, and Government resolutions effectively. The province is leveraging new and breakthrough policies to support enterprises, particularly in high-tech industries within industrial parks and economic zones. A “green channel” mechanism is being introduced to fast-track investment projects, ensuring businesses and citizens benefit from streamlined administrative procedures.

Tat Cuong