Unlocking Resources and Creating Momentum for Economic Growth

As 2026 marks the inaugural year for implementing the Resolution of the 14th National Party Congress and the Socio-Economic Development Plan for 2026–2030, Phu Tho province is focusing on unlocking resources to catalyze growth. Q1 results indicate that the provincial economy remains stable, with many indicators reaching promising levels, creating a springboard for the subsequent quarters.

Hwa Sung Vina Co., Ltd (Cam Khe Industrial Park) specializes in manufacturing and processing various electronic cables.

Since the beginning of the year, socio-economic tasks have been deployed amidst a landscape of intertwined opportunities and challenges. Unpredictable global fluctuations—including geopolitical tensions, military conflicts, and increasing strategic competition—particularly in the Middle East, continue to pressure global supply chains, international trade, energy prices, and logistics costs. With an economic scale of nearly 16 billion USD and a total import-export turnover exceeding 78 billion USD, Phu Tho’s economy is highly integrated. Consequently, international and domestic shifts directly impact the province’s supply chains, production, and socio-economic development.

In this challenging context, the Phu Tho Provincial Party Committee and People’s Committee have been proactive and flexible in their governance. As a result, the socio-economic situation has maintained its growth momentum; production and business activities remain fundamentally stable. Q1 economic growth is estimated at 9.15%, surpassing the national average and placing Phu Tho among the leading provinces in the country and the Northern Midland and Mountainous region. Total state budget revenue in the province is estimated at nearly 20 trillion VND, reaching 34.3% of the annual estimate.

However, as external fluctuations are forecast to persist, the province must proactively respond to minimize adverse impacts and safeguard growth targets. Recently, the Chairman of the Provincial People’s Committee issued a Directive on implementing solutions to respond to the impacts of the Middle East conflict. The province maintains a steadfast stance: tightening administrative discipline; defining “clear people, clear tasks, clear responsibilities”; and ensuring flexible, timely, and effective execution of central policies regarding energy, monetary, credit, and taxes.

Phu Tho refuses to adjust its original targets, determined to achieve a GRDP growth rate of 11% for 2026. This is viewed not only as a challenge but as an opportunity to restructure the provincial economy toward sustainability—promoting the digital economy, green economy, and circular economy, while advancing digital transformation and fuel-efficient production processes.

Based on the general orientation, the Provincial People’s Committee has directed departments, sectors, and localities to closely monitor the situation and proactively implement tasks according to their functions, while concretizing the established growth targets. The primary focus is on closely tracking the production and business activities of enterprises to promptly resolve difficulties and minimize impacts from external fluctuations, especially the risk of energy supply disruptions.

Simultaneously, efforts will be concentrated on compensation, site clearance, land lease pricing, and the extraction and supply of construction materials to implement works and projects—particularly key public investment projects and ongoing industrial park infrastructure. Other priorities include upgrading and finalizing transport and logistics infrastructure to reduce production costs for businesses, providing active support for projects scheduled to become operational in 2026, and urging the acceleration of construction and capital disbursement, with a strive toward 100% disbursement for public investment projects. Furthermore, solutions to stimulate consumer demand and promote domestic trade will be strengthened to bolster overall growth.

Industrial parks (IPs) remain the cornerstone of local development. Mr. Hoang Long Bien, Head of the Provincial Industrial Zones Management Board, stated: "The Board is intensifying investment promotion and support to improve the environment within IPs. We are actively coordinating with departments to accelerate infrastructure progress and support projects to go operational in 2026. Our priority is attracting high-tech projects with large added value and significant spillover effects."

For businesses and households, the focus is on building flexible production scenarios, innovating technology, and reducing dependence on imported raw materials. Proactive negotiations with partners and cost control are considered vital to maintaining competitiveness.

With synchronized solutions and flexible governance, Phu Tho is maintaining socio-economic stability. This serves as the foundation to drive growth toward the 2026 goals and establish a solid premise for the 2026–2030 period.

Nguyen Hue