Creating a breakthrough in attracting investment

Closing 2024, the province is actively attracting investment capital, bringing many positive signals. Investors are very excited to continue choosing Phu Tho as a destination, promising to create strong development steps for the local economy in the near future.

Vice Chairman of the Provincial People's Committee Nguyen Thanh Hai inspected and grasped the situation of investment in construction of technical infrastructure of Tam Nong Industrial Park, Tam Nong district.

Many positive signs

In 2024, drastically implementing Resolution No. 61-NQ/TU, dated October 13, 2021 of the Provincial Party Committee on improving the investment and business environment in the 2021-2025 period, attracting investment capital into the province continues to have many improvements. Mobilizing development investment capital is estimated at VND 50,482 billion, exceeding the set target (plan of VND 50,000 billion) and increasing by 12.3% over the same period. Notably, in the context of many difficulties, during the year, the province still attracted new and additional capital for 32 FDI projects, with registered capital of 270.5 million USD (an increase of 10 projects, 31 million USD compared to 2023).

Comrade Nguyen Ngoc Hanh - Head of the Provincial Industrial Parks Management Board said: The Provincial Industrial Parks Management Board has proactively contacted and coordinated with investors in building and trading industrial park infrastructure to work with domestic and foreign investors; regularly urged industrial park infrastructure investors to speed up the progress of investment in building infrastructure and clearing land to welcome the new wave of investment. In the first 9 months of 2024, the Provincial Industrial Parks Management Board has granted new investment certificates to 5 projects, including 4 FDI projects with a total registered investment capital of 42 million USD, 1 domestic project with a total investment capital of 33 billion VND. It is expected that in 2024, the provincial industrial parks alone will attract foreign investment projects with a registered investment capital of 150 million USD, and domestic investment projects with a registered capital of 700 billion VND.

Electronic components manufacturing at Innovation Future Vietnam Co., Ltd. (Phu Ha Industrial Park, Phu Tho town).

Among the 4 foreign-invested projects invested in the province's industrial parks in 2024, currently, the Boulder transformer, inductor and electronic filter development and production project with a capacity of 140,000,000 products/year of the BOULDER Group (Hong Kong - China) in Cam Khe Industrial Park, after 5 months of urgent factory construction, is installing equipment and starting trial production to officially go into production from December 2024.

In addition to new FDI projects, at Phu Ha Industrial Park, after 3 years since choosing Phu Tho as the location for the factory, BYD is urgently investing in expanding production, building a third factory in Phu Tho. Currently, BYD Vietnam has over 11,000 employees, expected to reach revenue of 2.8 billion USD in 2024, import and export turnover of 4.5 billion USD. When the third factory comes into operation around mid-2025, production output will increase from 10 million iPads/year to 15 million iPads/year, while expanding production of flycam products, robots... bringing the total number of employees of the Company to over 15,000 people.

Also one of the major projects, contributing over 50% of Phu Tho's export turnover, HangYang Digitech Vina Co., Ltd. - a Korean enterprise specializing in manufacturing and processing memory modules for servers, personal computers, manufacturing and processing SSD hard drives operating in Phu Ha Industrial Park since 2019 with over 1,700 officers and employees is also promoting procedures to expand production in Phu Tho. After 5 years since choosing Phu Tho as the location of the factory, HangYang Digitech Vina has always received attention and effective support from Phu Tho province. From an import and export turnover of 1.1 billion USD in 2019, increasing to 13.4 billion USD in 2024, showing the remarkable development of the enterprise, and at the same time showing that Phu Tho has become a locality playing a very important role in the Group's production chain globally.

The appearance of investors, especially foreign investors in the province, is bringing new opportunities for jobs and income for people, creating strong development for the province's economy in recent times.

A corner of Bai Ba - Dong Thanh Industrial Park, Thanh Ba district.

Increase advantages, attract investment

Positive signals in attracting foreign investment capital are the result of a process of change from thinking, awareness to action in investment innovation. Along with the issuance of a specialized Resolution on improving the business investment environment for the 2021-2025 period, the province has implemented a Project to promote administrative reform, build e-government towards digital government, digital economy, and digital society. The assessment and classification results of the Provincial Competitiveness Index (PCI) increased by 14 ranks, belonging to the group of 10 localities with the best governance quality in 2023; the Administrative Reform Index (PAR INDEX) ranked 9/63 localities, up 9 ranks compared to 2022...

Along with focusing on leadership and direction to strongly improve the investment and business environment, the province has focused on reviewing and removing difficulties and obstacles in investment, land, land use quotas, agricultural and forestry land; actively directing the overcoming of existing problems and obstacles in production and business, investment attraction, site clearance, credit, key infrastructure projects... The province has also promptly issued plans to implement newly issued legal regulations under its authority; proposed to the Government, ministries and central branches to resolve related issues; implemented well the cultural and social fields; ensured political security, social order and safety, creating a favorable environment for investors in the province.

Investing in upgrading the 110KV transformer station to serve the development and expansion of production for businesses investing in Thuy Van Industrial Park, Viet Tri City.

Notably, infrastructure continues to receive investment attention, many key infrastructure projects, especially traffic projects connecting expressways, national highways, provincial roads to industrial parks and clusters (ICs), infrastructure of industrial parks, ICs... are focused on accelerating progress, putting into operation, adding new capacity, contributing to promoting the development of industries and fields. The province actively and proactively works with corporations and enterprises to attract investment to the province. During the year, the province organized 2 investment promotion delegations, guiding investment procedures for 65 domestic and foreign investors to explore investment opportunities; directed agencies and units to attend many investment promotion events with enterprises from the US, Japan, Korea, China...

An important mark, creating an advantage in attracting investment, is that all levels and sectors of the province have made efforts to complete and implement the Phu Tho Provincial Planning for the period 2021-2030, with a vision to 2050. This is one of the first provincial-level plans in the Northern Midlands and Mountains region to be approved. From the provincial planning, with the orientation of completing and synchronizing the planning system that is meaningful in creating a breakthrough for development, prioritizing the implementation of infrastructure projects that create great spillover effects as clearly defined in the plan, Phu Tho has been further promoting its advantages in attracting investment, especially FDI capital flows.

Attracting investment capital with large-scale projects, modern technology, in line with the development trend and advantages of the province to create new values ​​not only contributes to the economic growth results of the province but also affirms the correctness in the development orientation of green and sustainable growth of Phu Tho.

Dinh Vu

Source: https://baophutho.vn/tao-but-pha-trong-thu-hut-dau-tu-225463.htm