Phu Tho (VNA) - The northern midland province of Phu Tho has recently completed the construction and expansion of seven industrial zones and 21 out of 28 planned industrial clusters, aiming to attract manufacturing and business projects.
The province’s clean land funds and abundant, skilled workforce have made it an attractive destination for foreign direct investment (FDI). The Phu Ha Industrial Zone, which spans over 356 hectares in its first phase and is located in the Ha Loc, Phu Ho, and Ha Thach communes of Phu Tho township, has seen significant development.
According to Viglacera Corporation, the zone’s developer, about 50% of the area is now occupied by operational factories. The company plans to complete construction of technical infrastructure, including roads, drainage, water supply and lighting systems, and green spaces by the end of 2024. Additionally, efforts will be made to establish traffic safety control, fire prevention systems, and shuttle bus stops to further attract investment.
Trinh The Truyen, Director of the provincial Department of Planning and Investment, stated that the province aims for total investment capital of over 50 trillion VND (2 billion USD) in 2024, including 500-600 million USD in new and adjusted FDI. It plans to have 200-300 hectares of clean land available to lure investors. To realise these goals, the province is reorganising land registration offices in districts, promptly removing obstacles, and stepping up administrative reforms.
Phu Tho has focused on advancing key infrastructure projects, including kicking off construction of two new industrial zones—Tam Nong and Ha Hoa; completing the first phase of the Phu Ha IZ and commencing the second phase of the Phu Ha and Cam Khe IZs, he said, adding the locality has also sped up infrastructure construction at Bac Lam Thao, Van Xuan, and Thuc Luyen industrial clusters and began work on others to lure businesses.
Bui Van Quang, Chairman of the provincial People’s Committee, emphasised the province's commitment to leveraging its geographic location, natural resources, and unique culture to attract investment. The province will promote land clearance and streamline administrative procedures to accelerate the implementation of key projects, including industrial zones and clusters, residential and urban areas.
Nguyen Anh Son, Director of the Import-Export Department under the Ministry of Industry and Trade, highlighted the province's strategic economic location and skilled workforce are key factors for its development, positioning Phu Tho as a growth pillar within the Bac Giang-Thai Nguyen-Phu Tho region and Vietnam's economic-trade gateway to China and ASEAN.
Over the past three years, Phu Tho has attracted nearly 500 direct domestic investment (DDI) projects with a registered capital of 56.9 trillion VND and 78 FDI projects worth 2.126 billion USD. The average size of DDI projects hit over 188 billion VND, while that of FDI projects nearly 60 million USD, reflecting significant growth compared to previous periods.
Major investors from the Republic of Korea, China, Japan, Singapore, the US, and India specialising in electronics, textiles, packaging, plastics, and food processing sectors are planning to expand their operations in the province./.
