Phú Thọ emerges as FDI magnet following mergence

Phú Thọ emerges as FDI magnet following mergence

In the first seven months of the year, Phú Thọ attracted an impressive US$651.7 million in foreign direct investment, including 35 newly licensed projects totaling $119 million in registered capital and 45 existing projects with an additional capital of $533 million.

A motorbike production line of Honda Vietnam — a Japanese company located in Phú Thọ Province. — VNA/VNS Photo

The northern province of Phú Thọ, leveraging its strategic location and sound administrative procedures following the administrative merger of Phú Thọ, Hòa Bình, and Vĩnh Phúc provinces, has lured the attention of multiple foreign investors.

Located adjacent to Hà Nội, Phú Thọ boasts abundant natural resources that have captured the interest of major global investors. The province has committed to creating an open and transparent business environment and improving public service delivery to welcome enterprises.

In the first seven months of the year, the locality attracted an impressive US$651.7 million in foreign direct investment, including 35 newly licensed projects totalling $119 million in registered capital and 45 existing projects with an additional capital of $533 million.

Several large-scale projects have already broken ground, including social housing development, urban projects, and tourism initiatives such as the Cuối Hạ cable car system and Serena Resort. Most notably, the province has approved the Việt Trì golf course project, spanning 65 hectares with total investment of over VNĐ1 trillion ($38.1 million).

The domestic business sector has demonstrated impressive growth momentum. The province witnessed the establishment of 2,976 new enterprises, representing a 92.9 per cent increase compared to the same period last year, with total registered capital exceeding VNĐ26 trillion. Additionally, approximately 964 enterprises have resumed production and business operations.

During the seven-month span, as much as VNĐ13.8 trillion was disbursed, or 73.8 per cent of the plan set by the Prime Minister and 46.5 per cent of total allocated planned capital.

Director of the provincial Department of Finance Vương Thị Bẩy said that the province pursued targeted investment promotion, prioritising strategic partners. Key focus markets include the Republic of Korea, Japan, Singapore, France, Germany, Italy, Spain, Russia, the UK, and the US. 

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