Phu Tho Strengthens Momentum for Next Growth Stage

In 2025, Phu Tho delivered strong economic results with growth reaching 10.52%, placing it among the highest in the country. Budget revenue, investment attraction, exports, and social welfare indicators also produced positive outcomes, creating an important foundation for the locality to enter a new development phase aimed at rapid and sustainable growth.

Phu Tho Provincial Administrative Center

Budget revenue beats estimates, investment climate improves

According to the Phu Tho Provincial People’s Committee, in 2025 the province carried out economic and social development tasks in a coordinated manner while ensuring national defense and security and expanding external relations. Amid both opportunities and challenges, strong engagement from the entire political system together with support from residents and the business community produced important results.

The province’s gross regional domestic product (GRDP) growth in 2025 reached 10.52%, ranking fourth nationwide and first in the Northern midland and mountainous region. The economy reached about VND412.4 trillion (US$16.5 billion), ranking sixth among 34 provinces and cities following administrative unit restructuring.

Budget revenue management was strengthened, with efforts to prevent revenue losses and expand support for taxpayers. Total budget revenue in 2025 reached an estimated VND57.8 trillion (US$2.31 billion), equal to 127.5% of the estimate assigned by the provincial People’s Council and 136.6% of the 2024 figure. Local budget spending reached an estimated VND108.228 trillion (US$4.33 billion), equal to 166% of the estimate assigned by the provincial People’s Council, ensuring efficient and cost-effective use of state budget resources.

At the same time, public investment disbursement continued to accelerate, placing Phu Tho among the five leading localities nationwide in disbursement progress.

The province’s investment and business climate continued to improve. Investment promotion and business development support were renewed with a more focused approach, giving greater attention to expanding and tapping new and promising markets.

In 2025, the province attracted an estimated US$1.2 billion in foreign direct investment (FDI), reaching 114.2% of the annual target and increasing 38.5% compared with 2024. Domestic investment (DDI) reached an estimated nearly VND220 trillion (US$8.8 billion), 3.3 times higher than the previous year.

Business registration activities continued to grow. During the year, about 4,500 new enterprises were registered, up 44.2% year-on-year, with total registered capital exceeding VND40 trillion (US$1.6 billion), an increase of 39.1%. In addition, about 1,000 enterprises resumed production and business operations, up 25% compared with 2024. The province currently has about 41,600 active enterprises, contributing significantly to economic growth and job creation.

Export activity also recorded a strong breakthrough, with export turnover reaching about US$42 billion, placing Phu Tho among the five localities with the highest export value nationwide.

Alongside economic indicators, the cultural and social sectors continued to deliver positive results. Education and healthcare maintained positions among the country’s leading performers. Social welfare policies were implemented in a coordinated manner, contributing to improved living standards. The poverty rate declined to 2.75%, while the program to eliminate temporary and dilapidated housing progressed on schedule.

In the field of social housing, the province launched construction on 12 projects and completed 2,913 housing units, surpassing the target assigned by the Prime Minister. Science and technology, innovation, and digital transformation also continued to advance decisively, gradually delivering practical results.

Phu Tho will prioritize modern, synchronized infrastructure, including transport, urban areas and industrial zones

Laying the groundwork for growth in 2026-2030

The year 2026 carries particular significance as the first year of implementing the Resolution of the 14th National Party Congress and the socio-economic development plan for the 2026-2030 period, while also hosting the election of deputies to the National Assembly and People’s Councils at all levels for the 2026-2031 term.

Against a backdrop of expected global and regional volatility, Phu Tho has set a target of about 11% economic growth in 2026, while aiming for budget revenue that exceeds the estimate assigned by the central government.

To achieve this goal, the province plans to continue renewing governance and administration methods toward greater modernization and transparency, strengthening accountability, promoting administrative reform, and assigning responsibilities based on clear personnel, clear tasks, clear deadlines, clear resources, and clear accountability.

Alongside efforts to unlock traditional growth drivers, the locality will focus on building a new growth model in which science and technology, innovation, and digital transformation serve as the main drivers in the coming period.

At the same time, the province will prioritize developing a synchronized and modern infrastructure system, particularly strategic transport networks, urban infrastructure, industrial zones, telecommunications, and digital infrastructure, while making effective use of new development spaces under the approved provincial master plan.

Public communication and information efforts will also continue to receive attention to build social consensus and strengthen the confidence of residents and businesses, contributing to the realization of the province’s goal of rapid and sustainable development in the new phase.

By Le Hien, Vietnam Business Forum