In recent times, the relationship between Phu Tho province and enterprises from China has achieved important results in the fields of investment and trade cooperation. The friendly relations with Son Tay province, the cooperative relations with Hong Ha Chau, Yunnan province and Shenzhen city have opened up many opportunities to attract investment for the province. Up to now, the province has more than 40 investment projects of Chinese enterprises with a total registered investment capital of nearly 1 billion USD in the main industries: Electronic components manufacturing, garment, wood processing, etc. Chinese enterprises have made significant contributions to the provincial budget and created stable jobs for thousands of local workers.
With a convenient location and transport infrastructure, an abundant workforce, including a highly skilled workforce, and competitive labor costs, Phu Tho has the potential to attract large Chinese projects.
Since the beginning of 2023, many Chinese enterprises, especially those with the ability to participate deeply in the global supply chain, have increased their investment surveys in the province. For example, Wingtech Group, China's largest smartphone assembler, has pledged to continue surveying and selecting investments in Phu Tho province; or BYD Electronics Company, a member 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 and investment cooperation, it is forecasted that there will be many more large investments from China in Phu Tho.
Yi Da Vietnam Company, Cam Khe Industrial Park, belonging to Crystal Group (Hong Kong - China), is one of the world's leading garment corporations and ranked 2nd in Asia in terms of scale and profit. Mr. Vincent Chu - CEO of the Company assessed that the investment environment in Phu Tho is very transparent, businesses are facilitated and supported to the maximum before, during and after investment. Therefore, after a period of investment and business in the province, businesses see the potential and advantages of human resources and support policies of the province, so they want to focus on investing in production, expanding production lines for stable and sustainable development in the province.
Investment promotion work has been focused on and effectively implemented. In October 2023, the 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 "Mutual Benefit Cooperation in East Asia" in Linyi City, Shandong Province, China. The delegation worked with leaders of Chinese localities to discuss cooperation in the coming time, exchange experiences in promoting heritage to boost tourism; promote investment, trade, and seek export markets for key products of Phu Tho province such as tea, bananas, grapefruit, wood, footwear, textiles, etc.
Vice Chairman of the Provincial People's Committee Nguyen Thanh Hai and Deputy Mayor of Lam Nghi Tuyen Tan Duong City at the working session on April 18, 2024
In mid-April 2024, a working delegation of the government of Linyi City, Shandong Province - China, led by Comrade Tuyen Tan Duong - Standing Committee Member, Deputy Mayor of Linyi 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 the leaders of Linyi City to support Phu Tho Province in calling for investors to invest in projects to build and operate industrial park infrastructure; invest in factories producing electronic components; manufacture and assemble automobiles and agricultural machinery; produce and process agricultural products for export. At the same time, create conditions for export production enterprises of Phu Tho Province to access the market of Linyi City in particular and the export market of China in general. With the advantage of being the “Logistics Capital of China”, he hoped that the leaders of Linyi City would pay attention to supporting and calling for investment in developing the logistics system of Phu Tho Province, contributing to promoting socio-economic development, especially industrial and service development. The working session is a new cooperation opportunity between Linyi City and Phu Tho Province in various fields, thereby further tightening the friendly cooperative relationship and promoting socio-economic development of the two localities.
A delegation from the Government of Linyi City, Shandong Province, China visited Langer Art Materials Co., Ltd. (Vietnam) in Cam Khe Industrial Park.
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 in Vietnam. Not only in 2023, but from now until 2025 and beyond, Vietnam will become a destination for Chinese investors. Therefore, in the coming time, to continue to welcome the "shift" wave of Chinese enterprises, the province will continue to build and perfect policies and infrastructure; promote administrative reform, improve the provincial competitiveness index and the quality of human resources to meet the requirements of enterprises to attract investment. In particular, focus on large-scale, advanced technology projects with financial potential, highly competitive products, participating in the global value chain.
Source: https://baophutho.vn/phu-tho-tro-thanh-doi-tac-tiem-nang-cua-nhieu-doanh-nghiep-dau-tu-trung-quoc-211590.htm
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