In the past, many investors came to Phu Tho with the intention of doing business, but they were deterred by the poor transport and industrial infrastructure.
Aware of the problem, the province has tried a new approach which is to mobilize funding from other sources rather than from the limited local budget and falling public investment to build infrastructure.
During just nearly three years, Phu Tho has mobilized nearly VND27.8 trillion (nearly US$1.2 billion) for 94 projects, which brought about striking changes in the local transport and urban infrastructure.
Some remarkable examples are the Viet Tri – Ba Vi (Van Lang) Bridge connecting Phu Tho with the capital city of Hanoi, the Tin Cuong Bridge linking National Highway 32C with Noi Bai-Lao Cai Highway, the Ho Chi Minh Highway through Tam Nong district, among others.
The province has also completed phase three of the Thuy Van industrial park and clearance work for more than 151 ha of land in Phu Ha and Cam Khe industrial zones.
The improvement in local infrastructure has persuaded investors, helping Phu Tho attract 32 domestic investment projects with total registered capital of more than VND6.1 trillion and 19 new foreign-invested projects capitalized at US$126.7 million. Meanwhile, 22 existing FDI ones added US$207.6 million to their investment.
In addition, the province has successfully used the form of public-private partnership (PPP) to build a number of key social projects, for example the Hung Vuong high-quality school, phase 2 of Hung Vuong Hospital with 200 beds, and the 500-bed obstetrics-paediatrics hospital.
The provincial authorities aim to mobilize another VND29 trillion, with VND21 trillion to come from the private sector, during 2019-2020, for key infrastructure projects.
Director of the provincial Department of Planning and Investment Ho Dai Dung said in the time ahead, Phu Tho will focus on review and adjust the socio-economic development plans of the province, districts and cities. The province will also make land use planning for transport, irrigation, tourism, infrastructure and urban areas, while shoring up planning management among sectors and administrations at different levels to prevent overstretching and overlapping.