Phú Thọ Province calls for US investment

Phú Thọ is ready to prepare the sufficient land for US businesses, Quang said, adding that local authorities commit to accompany foreign firms throughout their operation in the locality.

WASHINGTON — The northern province of Phú Thọ hopes US businesses will come and learn about the provincial business investment environment and its business and investment opportunities.

Chairman of the provincial People’s Committee Bùi Văn Quang expressed the wish at a conference in Washington on Monday to promote US investments in Phú Thọ.

“Phú Thọ is ready to prepare sufficient land for US businesses,” Quang said, adding that local authorities commit to accompany foreign firms throughout their operations in the locality.

Thanks to a favourable geographical position, its proximity to Hà Nội’s Nội Bài International Airport and a modern and synchronous port system and socio-economic infrastructure, Phú Thọ has great potential in industrial production, agriculture, trade and services.

In recent years, the province has achieved an economic growth rate of 7.86 per cent per year. Its economic scale in 2021 was over $3.5 billion.

Despite the outbreak of the COVID-19 pandemic, its import-export turnover last year surpassed US$16 billion and hit over $12 billion in the first half of 2022.

Currently, Phú Thọ is home to over 200 valid foreign-invested projects.

The province is striving to strongly improve the business and investment environment to create a driving force to attract investment, facilitate the development of industrial production, hi-tech agriculture, tourism infrastructure, trade and logistics services.

In the future, top priority for investment attraction would be given to areas in which US businesses have strength, the authorities promised. Those would include hi-tech industries, clean energy, information technology, electronic equipment, automation, supporting industries and healthcare and education. — VNS