Phú Thọ expands strategic cooperation with Chinese enterprises

Phú Thọ expands strategic cooperation with Chinese enterprises

The northern province of Phú Thọ is stepping up strategic cooperation with Chinese enterprises as part of a broader push to attract high-quality investment, leverage external resources, and sustain rapid and long-term growth.

A road project under construction in Phú Thọ Province. Phú Thọ is steadily enhancing its appeal to major Chinese corporations in high-tech industries, manufacturing and processing, logistics, energy, and strategic infrastructure. — VNA/VNS  Photo Tạ Toàn

With its advantageous geographic location, ample development potential, an increasingly open investment climate, and a strong commitment to supporting businesses, Phú Thọ is steadily enhancing its appeal to major Chinese corporations in high-tech industries, manufacturing and processing, logistics, energy, and strategic infrastructure.

Following its administrative merger with Hòa Bình and Vĩnh Phúc provinces, Phú Thọ now occupies a strategic position along the Kunming–Lào Cai–Hà Nội–Hải Phòng–Quảng Ninh economic corridor – a vital trade route linking southwest China with northern Việt Nam and international seaports. This offers strong potential for industrial development, logistics, trade and services.

​Phú Thọ has also accelerated investment in transport infrastructure, industrial parks and site clearance, while improving workforce quality and streamlining administrative procedures to support business. These efforts are laying the groundwork for the locality to capture a new wave of investment from China amid global supply chain shifts.

Its economic indicators underscore this momentum. In 2025, the province’s GRDP grew 10.52 per cent, ranking fourth nationwide, with its economic scale reaching nearly $16 billion. Industry remained the main growth driver, accounting for 55.4 per cent of the economic structure. In the first quarter of 2026, GRDP rose by 9.15 per cent, higher than the national average, while FDI attraction surged more than sevenfold year-on-year.

Investment promotion gained fresh momentum in April 2026, when Secretary of the provincial Party Committee Phạm Đại Dương accompanied Party General Secretary and State President Tô Lâm during a state visit to China.

On the sidelines of the trip, Dương signed a 10-year agreement to establish a provincial-level friendship with China's Shanxi Province, covering cooperation in trade, science and technology, education, tourism and local governance. The agreement is expected to deepen business connections and create a stable and long-term framework for collaboration.

In parallel, a provincial delegation led by Chairman of the provincial People’s Committee Trần Duy Đông conducted investment promotion activities in Hangzhou, Beijing, Shanghai and Shenzhen, meeting leading corporations.

During the working sessions, Đông emphasised that Việt Nam – China ties were entering a new phase of deeper economic integration, with Chinese enterprises identified as strategic partners in Phú Thọ’s push toward high-tech industry, logistics and digital transformation. The province, he said, would be committed to accompanying investors, ensuring a stable and efficient business environment, and advancing administrative reforms and developing high-quality human resources.

Major Chinese firms expressed interest in expanding operations in Phú Thọ. Geely Group explored opportunities in manufacturing electric vehicles and high-tech components, while Qihoo 360 discussed cooperation in cybersecurity, artificial intelligence, smart city development, and digital data protection. A memorandum was also signed with Pacific Construction Group to explore projects in transport infrastructure, urban development, industrial parks, and irrigation.

Notably, in Shenzhen, Đông granted an amended investment registration certificate to the BYD Vietnam Electronics Factory project, increasing its capital by nearly $480 million. The approval was processed within 48 hours under a “green channel” mechanism, highlighting Phú Thọ’s strong reform drive and support for investors.

The local authorities plan to further improve conditions for Chinese investors by accelerating land clearance, expanding industrial land banks, and upgrading transport and logistics links to expressways and seaports. Priority will be given to high-tech, green industry, renewable energy and smart manufacturing projects.

Phú Thọ will also expand fast-track administrative procedures, increase online public services, support skilled labour recruitment and housing, and strengthen regular dialogue with Chinese businesses. Tailored incentives are being considered for large-scale and high-impact projects, alongside efforts to foster linkages between foreign and domestic firms to build sustainable supply chains.

Notably, the sectors drawing interest from Chinese enterprises such as electronics, semiconductors, AI, electric vehicles, new materials, renewable energy, logistics, and industrial park infrastructure are also the strategic industries that Phú Thọ prioritises for investment attraction in the coming period.

The province currently hosts 742 valid FDI projects, including 180 from Chinese investors with total registered capital of $3.57 billion. China is one of the most important investment partners, contributing significantly to industrial growth, exports and job creation. 

Bizhub