In 2024, Phu Tho is an appealing site for FDI investors. Large investment capital flows are poured into the province’s strong regions, producing a driving force for growth and allowing the province to progress quickly through the integration process.
In 2024, Phu Tho aims for total investment capital in the area to reach 50 trillion VND or more, including newly registered FDI capital and adjustments and supplements in the province. Strive by 2025, the number of enterprises (cumulative) in the province will be about 11,000 enterprises, including over 220 FDI enterprises.
To do this, in addition to diversifying partners and investment forms, Phu Tho effectively examined the overall international and regional context and situation from a distance and early on in order to develop plans and strategies, a systematic approach to a new breakthrough in investment attraction.
To date, Phu Tho has attracted more than 200 FDI projects with a total capital of about 3,100 million USD. In particular, investors mainly come from Korea, China, Japan and other countries such as Singapore, USA, UK, India, etc. Large FDI projects mainly focus on typical industries of Phu Tho such as: processing, manufacturing, assembling electronic components, renewable energy, high-end fashion textiles. Among them, there are typical projects such as the electronics manufacturing project of BYD Company (China) with an investment capital of 269 million USD; Solar cell panel production project of VSUN Company (Japan) 200 million USD; INOUE tire production project (Japan) worth 90 million USD; Yida high-end fashion garment factory project worth nearly 113 million USD; Regent Vietnam textile project worth 180 million USD, etc.
Mr. Han Shulin - General Director of BYD Electronics Co., Ltd. (Vietnam) said: The third adjustment of additional capital is 144 million USD to invest in producing more modem products for 5G and 4G BTS stations and lithium batteries for phones, tablets and electronic products. Thus, BYD has registered to invest a total of nearly 600 million USD in Phu Tho in just a short time to “catch the wave” of moving Apple’s iPad product development activities to Vietnam, thereby affirming its potential of Vietnam to become an alternative manufacturing hub outside of China.
The quality of FDI projects in the province is steadily improving, and they are now recognized as one of the most essential options for socioeconomic growth, allowing Phu Tho to quickly expand and increase investment capital, expand manufacturing capacity, and contribute to economic transformation. Many firms have successfully invested, made significant contributions to the economy, provided numerous jobs for workers, and served as a bridge for large enterprises and organizations to gain confidence in learning about and investing in Phu Tho.
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On January 19, 2024, the Chairman of the Provincial People’s Committee signed and issued Action Program No. 331/CTr-UBND on implementing Resolution No. 02/NQ-CP dated January 5, 2024 of the Government on main tasks and solutions to improve the business investment environment and enhance national competitiveness by 2024.
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Timely grasping the trend of shifting supply chains and FDI capital flows is the premise for Phu Tho to proactively and flexibly “welcome” strategic investors. Attracting a large number of FDI enterprises will be a driving force to increase economic development and accelerate the province’s industrialization and modernization process.
(Source: baophutho)