Northern Vietnam’s Phu Tho emerges as rising magnet for global investors
The northern province of Phu Tho, leveraging its strategic location and sound administrative procedures following the administrative merger of Phu Tho, Hoa Binh, and Vinh Phuc provinces, has lured the attention of multiple foreign investors.
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| In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD. (Photo: VNA) |
Located adjacent to Hanoi, Phu Tho boasts abundant natural resources that have captured the interest of major global investors. The province has committed to creating an open and transparent business environment and improving public service delivery to welcome enterprises.
In the first seven months of the year, the locality attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Several large-scale projects have already broken ground, including social housing development, urban projects, and tourism initiatives such as the Cuoi Ha cable car system and Serena Resort. Most notably, the province has approved the Viet Tri golf course project, spanning 65 hectares with total investment of over 1 trillion VND (38.1 million USD).
The domestic business sector has demonstrated impressive growth momentum. The province witnessed the establishment of 2,976 new enterprises, representing a 92.9% increase compared to the same period last year, with total registered capital exceeding 26 trillion VND. Additionally, approximately 964 enterprises have resumed production and business operations.
During the seven-month span, as much as 13.8 trillion VND was disbursed, or 73.8% of the plan set by the Prime Minister and 46.5% of total allocated planned capital.
Director of the provincial Department of Finance Vuong Thi Bay said that the province has pursued targeted investment promotion, prioritising strategic partners. Key focus markets include the Republic of Korea, Japan, Singapore, France, Germany, Italy, Spain, Russia, the UK, and the US.
(Source: VNA)
