The Driving Force for Double-Digit Growth Targets

In the early months of 2026, the economic landscape of the province continued to showcase various bright spots. The industrial production index surged by over 26%; total retail sales of goods and consumer service revenue increased by more than 13%; and budget revenue reached over 22,000 billion VND by early May. Remarkably, Foreign Direct Investment (FDI) inflows into the province topped 1.2 billion USD, a nearly sixfold increase compared to the same period last year. These figures demonstrate that Phu Tho’s double-digit growth targets are not mere paper plans but are progressively taking shape through concrete economic movements.

Haesung Vina Co., Ltd. (Khai Quang Industrial Park) is one of the highly efficient FDI enterprises operating in the province, consistently generating employment with stable incomes for thousands of local workers.

In 2025, the province’s Gross Regional Domestic Product (GRDP) grew by 10.52%, surpassing the target assigned by the Government and positioning the province among the leaders in the Northern Midland and Mountainous region. The total economic scale crossed 412,000 billion VND, elevating Phu Tho into the group of major GRDP economies nationwide.

Significantly, these results were achieved while the province simultaneously executed multiple monumental tasks: streamlining administrative units, restructuring the institutional apparatus, adjusting master development plans, and dismantling bottlenecks regarding land access, site clearance, and construction materials. Therefore, this growth is not simply a narrative of economic indices; it mirrors the governance capacity, adaptability, and resilience of the entire political system.

From an economic perspective, sustaining double-digit growth is never an easy feat. Many experts assert that once the GRDP scale reaches over 412,000 billion VND, every single percentage point of growth demands a massive volume of resources. This implies that to maintain an 11%–12% growth rate, the province cannot rely on conventional expansion by breadth as before, but must restructure its growth engines toward modernization and higher efficiency.

Observations of recent developments reveal that Phu Tho is clearly shaping its new growth engines. Industry continues to spearhead the economy with a growth rate of around 15%–16%, contributing nearly three-quarters of the total GRDP increase. While Phu Tho’s industrial sector was previously associated with construction materials, textiles, or traditional processing, the structure is now shifting robustly toward electronics, high-tech components, and precision engineering. A wave of large-scale projects by multinational corporations continuously expanding investments in industrial parks—such as Ba Thien, Thang Long Vinh Phuc, and Tam Duong—has generated a substantial spillover effect.

The sharp surge in FDI inflows is by no means accidental. In 2025, Phu Tho attracted 1.5 billion USD in FDI, reaching 143% of its annual plan, while Domestic Direct Investment (DDI) hit 260.5 thousand billion VND, a 3.6-fold increase compared to 2024. In the first four months of 2026, FDI attraction crossed 1.2 billion USD, six times higher than the same period last year and achieving 75% of the annual target. Concurrently, DDI attraction reached over 11.4 thousand billion VND, equivalent to 30% of the same period last year and 13.2% of the annual plan. By the end of April 2026, the province recorded 1,850 newly established enterprises (a 45% year-on-year increase) with a total registered capital of over 16,000 billion VND (up 25% year-on-year).

Behind these stellar figures lies a persistent process of optimizing the investment environment, accelerating administrative reforms, driving digital transformation, and untangling hurdles for businesses. In a recent dialogue between provincial authorities and FDI representatives, Mr. Lee Jong Young, General Director of Haesung Vina Vinh Phuc Co., Ltd. (Khai Quang Industrial Park), shared that what businesses value most is not just incentives, but the speed of procedural processing, the companionate spirit of the local government, and infrastructure connectivity. These are precisely the pillars Phu Tho is intensively refining.

Nevertheless, rapid growth inevitably brings immense pressure. A sustainably developing economy cannot rely solely on FDI or processing and manufacturing industries. More crucial factors include the capital absorption capacity of the domestic economy, the integration of local enterprises into global supply chains, and the quality of human resources.

Currently, many local small and medium-sized enterprises (SMEs) still stand outside the supply chains of global giants. The ratio of high-tech enterprises remains modest, and labor productivity is uneven across sectors. These are structural bottlenecks that, if left unaddressed, will deprive growth of its depth.

Another notable reality is the pressure of public investment disbursement. In 2026, the province’s total allocated public investment capital is nearly 22,000 billion VND, yet only about 15% was disbursed in the first quarter. This figure indicates that numerous projects remain delayed due to site clearance snags, bureaucratic procedures, or execution capacities. In a context where double-digit growth is designated as a core political task, failing to unlock public investment capital in a timely manner will hinder its ability to serve as a catalyst for the broader economy.

On a positive note, alongside economic growth, Phu Tho is placing greater emphasis on development quality. The online public service processing rate has reached over 91%, and 100% of communal and ward centers are now covered by 5G networks. While these figures are technical, they clearly reflect a transition toward modern governance models. As digital government is accelerated, the investment climate becomes more transparent, transaction costs for businesses decrease, and local competitiveness improves.

Within the growth scenario for the 2026–2030 period, the province sets a target of an 11%–12% annual GRDP increase. This is a highly ambitious goal, yet it remains well-grounded. The most critical task now is to translate aspirations into concrete actions and transform resolutions into tangible movements across every sector, locality, and civil servant. Ultimately, double-digit growth is not meant just for beautiful statistical scorecards; what citizens and enterprises expect above all is a better living environment, more job opportunities, higher incomes, and a truly service-oriented administration.

Developmental aspirations only become meaningful when citizens can feel the tangible changes in their daily lives. And that remains the ultimate yardstick for the quality of growth of a locality entering a new development cycle.

Quang Nam