Phu Tho Always Side by Side with Investors

Phu Tho province is the centre of five northern midland and mountainous provinces, 50 km from Noi Bai International Airport, 170 km from Hai Phong Seaport, and 170 km from Yunnan Border Gate (China). This is the confluence of three major rivers, namely the Red River, Da River and Lo River, is the northwest gateway to Hanoi - the capital of Vietnam, functions as the bridge for Northwest provinces and Red River Delta provinces, and lies on Hai Phong - Hanoi - Kunming (China) Economic Corridor. With such a favourable geographical location, Phu Tho gathers sufficiently favourable conditions for economic development and trade exchange with other localities and with the world.

 

Phu Tho has seven industrial parks and 21 industrial complexes with a total area of ​​4,000 ha. To date, three industrial parks - namely Thuy Van, Trung Ha and Tam Nong - are being invested infrastructure and housing many investors. So far, the province has attracted 107 secondary investment projects, including 61 domestic projects with a combined registered capital of VND6,063 billion (VND4,087 billion has been disbursed) and 46 foreign-invested projects valued at US$208 million (US$111.6 million has been realised). The average capital per a hectare of land leased in industrial parks reaches VND35.8 billion.

 

Besides, Phu Tho built the 80-ha Bach Hac Industrial Complex in Ben Got Ward with a complete infrastructure. The complex is designed for industries, especially heavy industries. To date, it has housed Song Hong steel rolling mill, shipyard, and engineering factories. The province also developed Phu Ha Industrial Park in Phu Tho Town, covering 120.7 ha of land in the first phase and possibly being expanded to 450 hectares in the second phase. The 126.6-ha Trung Ha Industrial Park (stage 1) in Tam Nong district is now lodging a beer brewery with an annual output of 50 million litres. The leasable area is now 53.18 ha.

 

The People’s Committee of Phu Tho province has issued the single-window mechanism for all investment projects in order to boost the speed, transparency and efficiency while reducing inconvenience, costs and time for investors.

 

When investing in Phu Tho, investors only need to complete and file procedures at one place, to only the Department of Planning and Investment (if their projects are located outside industrial parks) and to the Phu Tho Industrial Zones Authority (if their projects are situated inside industrial parks).

 

Currently, Phu Tho province is applying specially preferential mechanisms and policies for investors. Specifically, they are subsidised 10 per cent of land rents while the province is responsible for clearing site and compensating land for investors. Investors can pay land rent once a year or for their entire leasing term. Power and water service infrastructures are built to the fence of industrial parks. Investors are granted preferential tax rates of 10 - 20 per cent in 10 - 30 years, depending on types of investment projects. Tax exemptions are applied in 2 - 4 years and 50 per cent reductions are subjected in 4 - 9 years, depending on types of investment projects and localities. They are also free from import duties on commodities classified as fixed assets for their projects.

 

Phu Tho is placing priority to investment projects engaged in agriculture and forestry like using hi-tech to produce forest plants, food crops, vegetables, flowers, fruits and roots, building hi-tech plants to process agricultural and forest products, culturing fish, cattle and fowls of high quality, planting and processing logs, tapping tourism potentials in Xuan Son National Park (15,000 ha), and planting and processing tea. Investors can pick up locations and areas for their projects in accordance with development plans approved by the Phu Tho Provincial People’s Committee.

 

Besides, the province calls for investment capital for tourism sites and travel routes like Hung King Temple historical site, Ao Chau Pond (Ha Hoa district), Xuan Son National Park (Tan Son district), and Thanh Thuy hot water spring (Thanh Thuy district), etc.