Phu Tho takes initiative in drawing foreign investment

Phu Tho (VNA) - The northern province of Phu Tho has set a target of luring 2-2.5 billion USD in foreign direct investment (FDI) and disburse up to 70 percent of the sum by 2025.

Director of the provincial Department of Investment and Planning Trinh The Truyen said to catch the wave of FDI influx, the province has striven to improve its business and investment climate, particularly simplifying administrative procedures, and reducing costs and processing time for investors.

It has taken the initiative in calling for investors with modern technologies and quality products, as well as drawing investment for transport infrastructure development, with a priority given to projects in industrial parks, tourism complexes and urban areas.

Phu Tho has built planning schemes and support policies for investors, along with developing high quality human resources.

It will work to attract investment projects in high technology and supporting industries, which are projected to greatly contribute to budget collection and socio-economic development of the province, as well as projects using less energy and land.

Phu Tho has been a bright spot in FDI attraction in the northern region over the years with a favourable traffic system and modern infrastructure.

As of August 2021, the province had drawn 180 FDI projects with a total registered capital of over 1.7 billion USD, ranking second in the northern region in terms of valid project number. 

However, the figure remains low compared to the province’s potential and advantages./.