Phu Tho: Aiming for Top 10 in National PCI rankings by 2030
WVR - With a strong commitment to improving the investment environment, supporting businesses, and enhancing the effectiveness of attracting both domestic and foreign investment, Phu Tho province has achieved significant milestones.
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| Phu Ha Industrial Park. (Photo: Anh Tam) |
Positive transformations
The 2024 Provincial Competitiveness Index (PCI) report marks the last time all 63 provinces and cities are included in the rankings before the provincial administrative unit reorganization is implemented. With 70.35 points, Phu Tho ranks 8th out of 63 provinces and cities, up 2 places from 2023, and stands 2nd in the Northern Midlands and Mountainous region.
In 2023, Phu Tho entered the top 10 nationwide PCI for the first time with 69.10 points, ranking 10th out of 63. By 2024, the province increased by 1.25 points, rising to 8th place, further affirming a clear trend of improvement in governance quality and the investment and business environment.
Within just two years (2022-2024), Phu Tho climbed 16 places in the national PCI rankings (24th in 2022 with 63.66 points), demonstrating decisive leadership in administrative reform and business support.
Analysis of the 10 PCI components shows that in 2024, Phu Tho had 6 components with increased scores compared to 2023.
Specifically, Market Entry scored 7.76 points (7.34 in 2023); Time Costs 8.01 points (7.61 in 2023); Informal Charges 7.08 points (7.05 in 2023); Equal Competition 7.02 points (6.24 in 2023); Business Support Policies 7.19 points (6.83 in 2023); Labor Training 7.43 points (6.77 in 2023).
Four components saw slight decreases: Land Access 6.77 points (6.95 in 2023); Transparency 5.96 points (6.45 in 2023); Provincial Government Proactivity 6.63 points (6.80 in 2023); Legal Institutions and Security 6.90 points (7.40 in 2023).
The PCI report acknowledges many positive changes in Phu Tho's component indices.
Recently, the province has accelerated administrative reforms, simplified investment processes, applied information technology in document processing, and reduced time and costs for businesses. Regular dialogue mechanisms between the government and the business community have also increased satisfaction and trust among investors.
Additionally, the province has introduced significant policies to attract investment and has vigorously implemented them to boost socio-economic development. It focuses on building, completing, and implementing provincial planning for 2021-2030, with a vision to 2050; regional and sectoral planning; implementing a one-stop-shop mechanism; adding mechanisms and policies to attract social resources, leveraging local comparative advantages; while focusing on e-government and digital economy development…
The province also emphasizes promoting and attracting foreign direct investment (FDI). Specifically, it proactively approaches and attracts investors in high-value processing and manufacturing industries.
Phu Tho also prioritizes investment projects for logistics centers in the Northwest region, seizing opportunities from free trade agreements like CPTPP, EVFTA… to expand new markets.
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| Workers at Binh Xuyen Industrial Park, Phu Tho province. (Photo: LG) |
Aiming to attract 5 to 7 leading global corporations
Immediately after merging with Vinh Phuc and Hoa Binh provinces, the Phu Tho Provincial People's Committee issued Plan No. 923/KH-UBND on state administrative reform for the last six months of 2025.
Accordingly, the Provincial People's Committee requires all levels and sectors to continue implementing solutions to improve the province's PCI; PAR INDEX; SIPAS; PAPI. Simultaneously, it emphasizes digital transformation, building a digital government, and an e-government operating based on data and digital technology.
Recently, on November 3, Phu Tho Provincial People's Committee Chairman Tran Duy Dong chaired a meeting to hear the Department of Finance report on two important proposals: Attracting strategic economic investors and groups to invest in the province and Improving the investment environment, enhancing PCI for the 2025-2030 period.
According to the draft, Phu Tho aims to attract selective investment, prioritizing high-tech projects with significant spillover effects in processing, manufacturing, high-tech agriculture, and high-quality trade and services.
The goal by 2030 is to attract 5 to 7 leading global corporations in high-tech, semiconductors, and electric vehicles; establish 2 to 3 internationally standardized high-tech industrial parks, along with 1 to 2 regional logistics centers; and increase the rate of domestic enterprises participating in the supply chain to over 50%.
For the proposal to improve the investment environment, Phu Tho aims to bring its PCI into the top 10 provinces nationwide by 2030. The focus is on accelerating administrative reform, developing key socio-economic infrastructure, and improving human resource quality, considering this a breakthrough to create a favorable, transparent, and efficient investment environment.
Phu Tho Provincial People's Committee Chairman Tran Duy Dong emphasized: “Phu Tho is at a golden opportunity to attract strategic investment and shape its economic future. To seize this opportunity, strong, synchronized involvement from the entire political system is needed.”
Therefore, the Chairman requires departments and sectors to promptly supplement special mechanisms and policies, especially in investment promotion, land procedures, taxes, customs, international cooperation, and infrastructure development. Additionally, the Department of Home Affairs is tasked with collaborating with investors in training, recruitment, and labor supply-demand connection, ensuring manpower needs for large-scale projects are met.
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| Thang Long Vinh Phuc Industrial Park boasts synchronized, modern infrastructure and landscape, attracting investors. (Photo: PV) |
Attracting quality projects with financial capability
With a strong commitment to significantly improving the investment environment, supporting businesses, and enhancing the effectiveness of attracting both domestic and foreign investment, Phu Tho province has achieved significant milestones.
According to the Phu Tho Industrial Parks Management Board report, in the first 10 months of 2025, investment attraction efforts continued to yield impressive results. Total registered foreign direct investment (FDI) for new and adjusted capital increased to 867.11 million USD, equivalent to 96% of the annual plan; domestic investment (DDI) reached 14,168.9 billion VND, exceeding 120% of the plan.
This includes 64 new projects granted investment registration certificates and 88 projects with increased capital adjustments, reflecting investor confidence in the province's investment environment. Notably, 59 secondary projects in industrial parks have commenced production and business operations, creating thousands of jobs, increasing budget revenue, and promoting local economic development.
As of the end of October 2025, the province had 825 secondary projects with active investment, including 508 FDI projects with a total capital of 10,142 million USD and 317 domestic projects with a total investment of 59,634 billion VND.
FDI projects continue to play a leading role, contributing significantly to exports and the budget. Total revenue from FDI projects reached 15.83 billion USD, up 22% compared to the same period in 2024; export value was 25.07 billion USD, up 16%; and budget contributions were 7,208 billion VND, up 5%.
The province has become a reliable destination for many large domestic and foreign enterprises, notably FDI projects from Japan, South Korea, Thailand...
These projects are creating jobs for tens of thousands of workers, boosting budget revenue, and shifting the economic structure towards industrialization and modernization.
In the future, Phu Tho aims not only to attract numerous projects but, more importantly, to attract quality projects with financial capability, advanced technology, and positive contributions to local growth and sustainable development. Decisive administrative reforms and improvements in PCI; PAR INDEX; SIPAS; PAPI will be key factors for Phu Tho to successfully achieve this goal.
