Phu Tho (VNA) – The northern province of Phu Tho attracted about 704 million USD in foreign direct investment (FDI) in the first quarter of this year, more than seven times higher than the same period last year, while domestic direct investment (DDI) exceeded 9.6 trillion VND (364.45 million USD), up 139.7% year-on-year, according to the provincial People’s Committee.
The strong performance reflects the effectiveness of the province’s investment promotion policies and solutions.
Phu Tho has renewed its investment promotion approach, expanding activities both at home and abroad to diversify partners and markets. It has also strengthened on-the-spot promotion, providing comprehensive support for investors from project preparation to implementation to ensure early and efficient operation.
Business support has been maintained to address difficulties arising in production and operations. Meanwhile, a range of mechanisms and policies related to investment, land, housing, site clearance and resettlement have been promptly issued and concretised.
Administrative reforms have been implemented to simplify procedures, speed up processing times, encourage decentralisation, and advance e-government. Efforts in communication and promotion have also increased, helping to boost the province’s image and appeal to investors.
Chairman of the provincial People’s Committee Tran Duy Dong said the province is accelerating two key schemes to sustain growth momentum, including one to attract strategic investors and major economic groups, and another to orient new-generation FDI inflows.
The province is enhancing its engagement in major FDI forums to connect with multinational corporations, while strengthening investment dialogues with FDI enterprises. It is also coordinating with international organisations such as the Japan External Trade Organisation (JETRO), the Korea Trade-Investment Promotion Agency (KOTRA), the European Chamber of Commerce (EuroCham) and the American Chamber of Commerce (AmCham) to promote investment in potential markets, including the Republic of Korea, Japan and Europe.
Priority is being given to high-quality projects, particularly in electronics, semiconductors, clean energy and supporting industries, the official added.
Administrative reform will continue to be strengthened, alongside the timely issuance of policies on investment, land and site clearance to facilitate business operations.
Removing bottlenecks in compensation and site clearance to create clean land funds remains a key task, along with strengthening post-licensing supervision and withdrawing delayed or underperforming projects.
The province will continue supporting enterprises, especially small- and medium-sized enterprises, startups and innovative firms, while maintaining regular dialogue to ensure a favourable business environment, Dong said./.
