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| Mr. Tran Giang, Director of the Investment Promotion Center, Department of Planning and Investment of Phu Tho province informed the foreign press delegation about the investment environment of Phu Tho province. |
How has foreign investment in Phu Tho changed recently, sir?
Phu Tho is a land rich in potential, with favorable conditions, especially geographical location, inter-regional transportation system connecting with other localities in the country, abundant land fund... Besides, Phu Tho is also a province with very early developed industry, such as fertilizer production, chemicals, textiles...
You can think of long-standing local brands such as Viet Tri Chemical Factory, Lam Thao Super Phosphate and Chemicals, Viet Tri Textile... Therefore, since the 1990s, the province has attracted many FDI enterprises from Korea, Japan, India... to invest in the fields of textiles, plastics, tea processing for export...
Since 2010, especially after the impact of the Covid-19 pandemic and the trend of shifting foreign investment flows due to certain impacts of the US-China trade conflict, foreign direct investment in Phu Tho province has made spectacular breakthroughs.
Can you share the latest information on the province's foreign investment situation?
According to our statistics, as of December 31, 2022, in Phu Tho province, there are 218 foreign-invested enterprises with tax codes in operation, with 191 foreign direct investment (FDI) projects with a total investment capital of 2,885 billion USD.
Of which, the investors mainly come from Korea with 130 enterprises, China with 27 enterprises, Japan with 9 enterprises, Singapore with 4 enterprises and other countries such as the US, UK, India... Of these, 93 projects are concentrated in industrial parks, the rest are distributed in high-tech parks and planned production areas.
Major FDI projects in the province mainly focus on typical industries of Phu Tho such as processing, manufacturing, assembling electronic components, renewable energy, and high-end textile and fashion.
Among them, there are typical projects such as the Electronic Production Project of BYD Company (China) with an investment capital of 269 million USD; the Solar Cell Production Project of VSUN Company (Japan) with 200 million USD; the INOUE Tire Production Project (Japan) worth 90 million USD; the Yida High-end Fashion Garment Factory Project worth nearly 113 million USD; the Regent Vietnam Textile Project worth 180 million USD; the Domestic Waste Treatment Plant generating electricity worth 90 million USD...
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| Chairman of JNTC Company, 100% invested by Korea, Mr. Myunghwan Kim (far left) introduced to the foreign press delegation the newly put into operation production line. |
What opportunities and challenges are being created for the locality by many investors moving their production and supply chains to Vietnam?
Grasping the trend of shifting supply chains and FDI capital flows, Phu Tho province's leaders have identified opportunities as well as clearly defined challenges brought about by these changes.
The province proactively grasps the trend that many strategic investors will be interested in and learn about the investment environment in the province. This is a very favorable opportunity to attract and implement large projects to increase economic growth, accelerate the industrialization and modernization process of the province, and strive to build Phu Tho province into a leading province in the Northern Midlands and Mountains. In addition, through FDI investment projects and effective business operations of local enterprises, it will contribute to increasing the urbanization rate and per capita income in the province.
However, in addition to the advantages, the province also clearly identifies challenges such as competition for human resources, especially high-quality human resources, increased requirements for service quality, synchronous infrastructure... Provincial leaders are also aware of the competition between provinces and cities in attracting FDI capital, especially the issues of environmental pollution, security, and social order in the area.
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What has Phu Tho done to maximize the benefits from this shift, sir?
From the beginning, the provincial leaders and relevant departments in the province have determined the policy of making the best use of opportunities from the transition process, thereby building major viewpoints and orientations in attracting investment, especially having to make a breakthrough in improving the investment and business environment, focusing on key areas such as investing in infrastructure of industrial parks, high-tech parks, etc.
Currently, Phu Tho province has invested in 4/7 industrial parks, 26/28 high-tech parks with an area of about 4,000 hectares with a synchronous infrastructure connection system. The Party has outlined a long-term plan to 2030 to plan 12 technology parks and over 40 high-tech parks with an area of about 7,600 hectares.
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| Mr. Du Van Quang, Director of the Department of Foreign Affairs of Phu Tho province, discussed with the foreign press delegation information about the socio-economic development situation, investment environment and international cooperation of Phu Tho. |
In addition, the province has also issued a Human Resource Development Plan to direct agencies and units to implement and assign training targets according to specific industry codes to training institutions and vocational education institutions to prepare enough highly skilled human resources according to priority industries and fields to attract investment.
At the same time, the province also focuses on improving the quality of supporting services so that businesses, investors, and experts can confidently choose to live and work in the province. The province also develops financial-banking services, business support services, and logistics to help FDI enterprises access most easily, reducing production and business costs.
In addition, Phu Tho strongly commits to accompany, support and create the best conditions for businesses throughout the process of implementing investment projects in the spirit of "the success of businesses is the success of the province" with the motto "harmonious benefits, shared risks...".
What has Phu Tho province done to increase attraction and increase the confidence of foreign investors, especially new investors, in new fields in the province?
There are many things that the Phu Tho provincial government has done and is doing to realize this policy of the province, but they focus on specific tasks such as establishing a Steering Committee for key projects headed by the Provincial Party Secretary.
The province also directed relevant agencies and units in the process of implementing investment procedures, supporting, removing difficulties and creating the most favorable conditions for investors to implement the project.
In addition to policies and orientations, the provincial leaders also advocate organizing regular dialogues and meetings between relevant provincial agencies and investors. The Chairman of the Provincial People's Committee also directly holds meetings and meets with businesses and investors once a month.
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| A foreign press delegation organized by the Ministry of Foreign Affairs visited and worked with the leaders of Thanh Thuy district, which attracts large Japanese investment projects. |
In addition, the province has a policy of reviewing and reducing administrative procedures, ensuring the fastest time according to the shortened process, committing to fully implementing the work of publishing the List of provincial-level administrative procedures performed at the Public Administration Service Center, and directing the implementation of digital transformation in the province.
In addition, the province has a specific plan to improve the Provincial Competitiveness Index (PCI) and administrative reform indexes to affirm the trust and satisfaction of the people and business community...
What improvements has the provincial government made in terms of infrastructure and processing time to attract investors, sir?
Currently, Phu Tho province has been investing in infrastructure of industrial parks and high-tech zones with 4/7 industrial parks, 28/28 high-tech zones with a scale of about 4,000 hectares along with a synchronous infrastructure connection system such as electricity, water, information technology...
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| Leaders of Hung Vuong University introduced to the foreign press delegation about digital transformation in teaching and learning at the University, in line with the province's policy of training high-quality human resources right in the locality. |
The province plans to have 12 industrial parks and over 40 high-tech parks by 2030 with an area of about 7,600 hectares. Currently, the province's transportation system has been significantly improved with new investments and upgrades of many provincial roads, district roads, inter-regional roads, and highways connecting industrial parks, high-tech parks, and raw material areas with national traffic routes and neighboring provinces, creating a fairly extensive road network throughout the province and connecting with the provinces of Hoa Binh, Hanoi, Vinh Phuc, Tuyen Quang, Yen Bai, etc.
Investment in urban infrastructure, construction of urban infrastructure system in the center of Viet Tri city, Phu Tho town associated with the construction of new rural districts has been focused on synchronous investment in the direction of civilization, modernity and sustainable development, gradually focused on implementation according to the planning. Phu Tho province has prepared the best conditions for accompanying services such as resort tourism, golf courses, medical examination and treatment... to meet the needs of local investors.
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| Foreign press delegation visited Wyndham Thanh Thuy Eco-tourism and Resort Project, a typical resort project in Phu Tho. |
Regarding specific measures, the Chairman of the Provincial People's Committee has signed decisions approving the procedures and list of a number of administrative procedures to reduce from 1/3 to 1/2 of the time compared to regulations on handling administrative procedures to attract investment in the province in the fields of planning and investment, construction, natural resources and environment, industry and trade, fire prevention and fighting, etc.
The province also publicizes phone numbers, sets up hotlines, and publicizes investment procedures on the province's electronic information portal, the websites of departments, branches, and people's committees of districts and cities...
Thank you very much!
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