Investment promotion is considered one of the key tasks in mobilizing resources to boost socio-eco growth and development. To enhance the effectiveness of this activity, the Provincial People’s Committee has approved the 2025 Investment Promotion Program, which outlines multiple key orientations and focused solutions.

Cooperation in socio-eco development with other provinces serving as an effective investment promotion channel, enhancing the province’s outreach to investors. In the photo: Provincial leaders participating in the signing ceremony of a development cooperation agreement between Phu Yen and the provinces of Khanh Hoa and Ninh Thuan

According to the 2025 Investment Promotion Program, this year Phu Yen province aims to attract around 20 domestic and foreign enterprises and corporations to invest in province. Phu Yen will focus on attracting investment in industries such as petrochemical refining, metallurgy, high-tech industries, supporting industries, and digital technology; and developing the Southern Phu Yen Economic Zone (EZ) into a multi-sectoral general EZ with urban and resort tourism functions.

Right from the early months of the year, investment promotion activities have been actively implemented by departments and sectors across the province. In the first quarter of 2025, Phu Yen attracted 5 non-budget investment projects with a total registered capital of nearly VND 430 billion. The province also adjusted investment policies for 6 projects and terminated 2 projects. Efforts have been focused on resolving major obstacles and assisting investors in completing investment procedures under provincial authority for several large-scale projects in the area.

Mr Nguyen Hoang Phuc, Deputy Director of the Department of Finance, emphasized that in recent times, although the province has carried out various investment promotion activities, their effectiveness has remained limited and has yet to generate a strong driving force for economic growth. The 2025 Investment Promotion Program sets out specific objectives to contribute to the realization of the Socio-Eco Development Strategy for the 2021- 2030 period, the Five-Year Socio-Eco Development Plan for 2021 - 2025, as well as the Provincial Master Plan for 2021-2030, with a vision to 2050. Accordingly, Phu Yen is focusing on selective investment promotion, giving priority to project proposals that incorporate high technology, have large scale, deliver strong socio-eco efficiency, and ensure environmental protection. The province aims to attract strategic investors with reputable brands and strong financial capacity, generating a positive impact on the investment environment.

According to economic experts, in the current context - where the potential and strengths of provinces in the Central region are quite similar - a distinctive approach in investment promotion will help Phu Yen gain a competitive advantage in the race to attract investors. Mr Nguyen Hoang Phuc noted that studying investment potential, market trends, and investor partners are among the key strategies that Phu Yen is proactively implementing. The province is organizing international business delegations in accordance with the foreign affairs plan approved by the Prime Minister, with destinations including Laos, the UAE-Saudi Arabia, South Korea-Japan, Switzerland-the Czech Republic, and Chile. Moreover, the province is sending out promotional materials for investment promotion events hosted by central ministries and sectors, aiming to attract potential investors to Phu Yen. Simultaneously, investment promotion efforts are also being carried out through socio-eco development cooperation programs between Phu Yen and provinces such as Khanh Hoa, Ninh Thuan and Ho Chi Minh City. Information promoting the investment environment and relevant legal policies is regularly published on the province’s official portals and the websites of cooperating provinces, making it easier for investors to access information.

"Phu Yen continuously innovates its investment promotion efforts by approaching major partners and investors, focusing on attracting those with strong financial capabilities to generate widespread impact. The province will facilitate conditions for large corporations and companies currently exploring potential investment projects in key areas to complete investment procedures in accordance with regulations. Simultaneously, the province will continue to update the list of priority projects calling for investment through 2030, with a focus on categorizing these projects by key strategic areas. During the investment promotion process, emphasis will be placed on analyzing and evaluating the socio-eco impact and effectiveness of each project. Phu Yen will accompany and support investors in accessing and studying opportunities, creating favorable conditions in terms of policies, investment environment, and business climate within the legal framework, while improving infrastructure to welcome new investors", Mr Phuc added.