Phu Tho Woos Thai Investors, Showcasing Strong Growth and Industrial Ambitions

Phu Tho province hosted the 2026 Thai Connect Conference on June 17, its largest foreign affairs event of the year, in a bid to attract greater investment and expand trade with Thailand. The conference, co-organised by the Phu Tho People's Committee, the Ministry of Foreign Affairs (MoFA), and the Royal Thai Embassy, coincides with the 50th anniversary of diplomatic relations between the two nations as they advance their Comprehensive Strategic Partnership.

Urawadee Sriphiromya, the Thai Ambassador to Vietnam, commended Phu Tho's efforts to improve its investment environment in recent years. She noted that the province's consistent support for Thai businesses has bolstered investor confidence and established a foundation for expanding production and business activities.

Tran Duy Dong, Chairman of the Phu Tho People's Committee, stated that following the integration of development space with Vinh Phuc and Hoa Binh provinces, the locality now possesses significant advantages for accelerated growth, citing its population scale, workforce, and industrial land resources.

Phu Tho, which ranks 11th nationwide in population and is among the country's 15 largest provinces by area, serves as the economic centre of Vietnam's northern midlands and mountainous region. It also functions as a key gateway connecting the capital, Hanoi, with the northwestern provinces.

The province has a labour force of nearly two million people and has planned 57 industrial parks covering approximately 13,800 hectares, with 30 already operational. Key sectors such as automobiles, motorcycles, electronics, mechanical engineering, and supporting industries have seen robust development.

In 2025, Phu Tho's economy expanded by over 10.5%, ranking fourth nationwide and first in the Northern Midlands and Mountainous Region. Its economic output surpassed VND412 trillion ($16 billion), and exports reached $42 billion, placing it among Vietnam's top five exporting localities. State budget revenue for the year was approximately $2.4 billion.

The province's investment climate has been a significant bright spot. In 2025, it attracted around $1.6 billion in foreign direct investment (FDI) and nearly $10 billion in domestic investment. In the first five months of 2026 alone, newly registered FDI exceeded $1.8 billion, a fourfold increase compared to the same period last year.

As of June 2026, Thai investors have 16 active projects in Phu Tho with total registered capital of over $400 million. These investments are primarily in manufacturing and processing, industrial park infrastructure, trade, services, and real estate. The province is home to more than 41,000 operating enterprises and 742 foreign-invested projects from 28 countries and territories, with total registered capital approaching $15 billion.

According to the Vietnam Chamber of Commerce and Industry, Phu Tho ranked among the top five localities nationwide for economic governance quality in 2025 and placed second for resource accessibility.

“Building on this foundation, Phu Tho aims to become one of the key growth poles of the Hanoi Region by 2030, serving as a regional hub for industry, trade and logistics,” Chairman Dong said. “By 2045, the province aspires to become a centrally governed city with modern infrastructure and a high quality of life.”

At the conference, Deputy Minister of Foreign Affairs Nguyen Manh Cuong highlighted the strength of the bilateral economic relationship. Thailand is Vietnam's largest trading partner in ASEAN, while Vietnam is Thailand's sixth-largest global trading partner. Bilateral trade reached $22.07 billion in 2025, with a near-term target of $25 billion and a long-term goal of $50 billion.

In terms of investment, Vietnam hosts 805 active Thai projects with total registered capital of $15.4 billion. “Cooperation between localities is emerging as a new driver of bilateral relations, evolving from traditional friendship exchanges to substantive development partnerships focused on innovation, digital transformation and sustainable growth,” Cuong said. He affirmed that the MoFA would continue to connect Phu Tho and other localities with international partners like Thailand to promote economic, technology, and innovation diplomacy.

The event featured the ceremonial launch of the Amata City Phu Tho project at Doan Hung Industrial Park, developed by Amata VN Public Company. The project is a significant step toward creating a modern, green, and sustainable industrial park designed to attract high-quality investment.

Several key cooperation agreements were also exchanged. C.P. Vietnam and Phu Tho leaders exchanged an investment letter of intent. Memoranda of understanding were signed by Central Retail Vietnam and MM Mega Market Vietnam with the province's Investment Promotion and Business Support Centre. Further cooperation agreements involved Amata Corporation, Phu Tho Vocational College, Nippon Koei, the Yokohama Urban Solution Alliance, Marubeni Corporation, Bangkok Bank, VinEnergo, Winner Sky Property, and Korean Land & Housing.

The conference underscored Phu Tho's commitment to expanding international cooperation to build a new development ecosystem centered on modern industry, smart urban development, and green growth.