Phu Tho takes concerted measures to promote economic growth

Phu Tho (VNA) – Phu Tho’s concerted measures to promote socio-economic development have paid off, as the northern province recorded a gross regional domestic product (GRDP) of 7.22% in the first half of this year.

The figure made the province rank third among the 14 localities in the northern midland and mountainous region and 16th out of the 63 cities and provinces nationwide.

Right from the beginning of 2023, Phu Tho provinc has focused on leading and directing the drastic and comprehensive implementation of socio-economic, security and defence tasks, with focus on creating a breakthrough in improving the local business and investment environment.

The locality has paid attention to removing difficulties and obstacles for investors and businesses; implementing the exemption, reduction and extension of tax and land rent; and ensuring ensure social welfare activities.

Notably, in the first half of this year, Phu Tho concentrated on mobilising resources; prioritising investment in and speeding up construction on important works and projects related to traffic, infrastructure, industrial zones and clusters; and accelerating disbursement of public investment capital.

Trinh The Truyen, Director of the provincial Department of Planning and Investment, said that in order to promote the post-investment efficiency of the infrastructure system and take advantage of opportunities to anticipate foreign investment flows, the province has drastically directed the acceleration of the completion and expansion of industrial zones and clusters to attract and call for investment; and solve problems and obstacles facing site clearance.

In the first six months, total development investment neared 18.5 trillion VND (782.3 million USD), up 12.5% year-on-year, of which capital from the non-state sector topped 11 trillion VND, up 15.8%.

In addition, the province received 4.5 trillion VND (191.24 million USD) of the State budget and allocated 4.22 trillion VND, or 93.7%, to 342 projects.

To date, the disbursement of public investment has reached nearly 34% of the total capital, higher than the national average of 20.8%.

In the period, Phu Tho saw 102 new and expanded projects, of which 70 were domestic-invested with a total registered capital of over 2 trillion VND, and the rest foreign-invested whose combined capital is 52.2 million USD.

There were over 500 newly-established enterprises whose combined registered capital is nearly 11 trillion VND, bringing the total number of firms operating in the province to more than 11,000.

Bui Minh Chau, Secretary of the provincial Party Committee, said that 2023 is an important year in the implementation of Phu Tho’s socio-economic development plan in the 2021-2025 period. In the time to come, the locality will focus on improving the local investment and business environment and mobilising resources for development.

At the same time, it will review all the projects with investment plans approved by the provincial Party Committee’s Standing Board, evaluating their feasibility and making suitable adjustments, he said, adding that Phu Tho will roll out measures to remove difficulties facing businesses and investors.

Regarding land management activities, Chau asked the provincial Department of Natural Resources and Environment to review all activities of land allocation, land auction, and land use right conversion in the province over the years to ensure that they are implemented in compliance with regulations./.