Vietnam's Phú Thọ Province Targets $8 Billion in High-Tech FDI by 2030

The northern province of Phú Thọ is intensifying efforts to attract new-generation foreign direct investment (FDI), targeting advanced technology, environmental sustainability, and high-value production amid an ongoing realignment of global supply chains.

Following a merger with Vĩnh Phúc and Hòa Bình last year, Phú Thọ became the largest province in the northern midland and mountainous region. Its strategic location on the Kunming (China)–Lào Cai–Hà Nội–Hải Phòng economic corridor positions it as a key gateway connecting Việt Nam’s northwestern region with Hanoi and other major economic centers. The province has planned 58 industrial parks spanning over 14,000 hectares, with 28 already operational or under development, providing a substantial land bank for large-scale projects in electronics, semiconductors, electric vehicles (EVs), and modern logistics.

A key competitive advantage is its workforce of more than 1.5 million people, with labor costs that remain competitive against other major industrial hubs in the north. According to the provincial Industrial Zones Authority, Phú Thọ currently hosts 734 active FDI projects with a total registered capital of approximately US$12.8 billion from 27 countries and territories. The FDI sector is a critical economic driver, contributing over 45% of the province’s GRDP growth, 55-60% of its industrial output, and 70-75% of its export turnover.

For the 2026–2030 period, Phú Thọ has set an ambitious target to attract between $7 billion and $8 billion in new FDI. The province aims for 60-70% of this new capital to be directed toward projects focused on high technology, innovation, and green development. It also targets a disbursement rate exceeding 80% of registered capital. Approximately 80% of newly licensed projects are expected to be in high-tech sectors, including electronics, semiconductors, automobiles, electric motorcycles, precision engineering, medical equipment, and renewable energy.

To support this growth, the province plans to establish at least one high-tech industrial park, three supporting-industry parks, three specialized industrial parks, and a regional innovation center. It also aims to train a minimum of 20,000 highly skilled technical workers and integrate at least 100 domestic enterprises into the supply chains of FDI companies.

Chairman of the provincial People’s Committee, Trần Duy Đông, stated that Phú Thọ will prioritize attracting multinational corporations and investors with strong financial capacity, advanced technologies, and long-term commitments. The administration is streamlining procedures for investment, land, construction, and environmental approvals, while expanding digital governance to create a more transparent business environment. Key target markets for investment promotion include Japan, the Republic of Korea, the US, European countries, and Singapore.

Phú Thọ is also strengthening its workforce by fostering closer cooperation between educational institutions and businesses. FDI enterprises are being encouraged to participate in vocational training and technology transfer. Concurrently, support is being provided to domestic enterprises to help them upgrade technology and improve product quality to meet international standards, thereby increasing localization rates and domestic value-added.