On November 18, a Vietnamese investment promotion officials in foreign countries delegation led by Mr. Vu Van Chung - Deputy Director of the Foreign Investment Department, Ministry of Planning and Investment - came and worked in the province.
At the meeting, leaders of the Department of Planning and Investment provided the delegation with general information about the province’s socioeconomic situation; at the same time, they thoroughly examined the province’s potentials, advantages, and mechanisms and policies to attract investment, such as: land, transportation infrastructure, industrial zone and cluster infrastructure; The province, in particular, has an extensive labor supply, with over 860,000 individuals of working age, more than 70% of whom have received training and vocational training. The economic scale surpassed VND100,000 billion, placing 34/63 provinces and cities first. In 2022, the total value of products exported will be USD23.8 billion. Socioeconomic infrastructure satisfies development needs. Currently, the province contains seven Industrial Parks (IPs) and 28 Industrial Clusters. The province intends to build 12 industrial parks and around 40 industrial clusters by 2030.
The Director of the Department of Planning and Investment commented on Phu Tho province’s socioeconomic development condition and investment attraction potential.
Furthermore, the province’s efforts to attract investment, particularly foreign direct investment (FDI), have yielded several innovations and excellent results. Between 2016 and 2022, the province received 193 FDI projects in the categories of processing, manufacturing, and supporting industries... Currently, the province is working to improve the business investment climate by pursuing two objectives: accompanying investors in the process of selecting a location and accompanying in the resolution of investment procedures. The province seeks investment in the following sectors: manufacturing, high-tech product assembly, electronics, application software production, pharmaceuticals, cosmetics, and supporting industries; high-quality agriculture investment from raw material areas to processing and export; hotel, luxury resort tourism, commercial centers, logistics...
Mr. Vu Van Chung, Deputy Director of the Foreign Investment Department, addressed at the working session.
Following the presentation of the report, Vietnamese investment promotion agents overseas addressed the possibilities for attracting investment with other nations, as well as investment trends and business demands in other countries. At the same time, the province is asked to offer additional information on energy supply capacity to support firm production and business operations; solutions for training and delivering quality human resources; and the province’s future foreign investment promotion strategy...
Speaking at the meeting, Deputy Director of the Foreign Investment Department Vu Van Chung digested the information provided by Phu Tho Province to the Delegation and commended the province on recent achievements in socioeconomic development and attracting foreign investment. He confirmed: "These are critical topics for delegation members to understand in order to connect, promote, and introduce to overseas investors." Simultaneously, the delegation will constantly accompany and help Phu Tho in promoting and linking enterprises seeking investment possibilities overseas. He expects that the province would connect and communicate information and plans on a regular basis so that the two sides may work closely together and focus resources on conducting effective investment promotion activities.
The delegation went to Phu Ha Industrial Park in Phu Tho and worked there.
The group visited and learnt about the investment environment at Phu Ha Industrial Park (Phu Tho town) and Van Xuan Industrial Cluster (Tam Nong district) during the working program.