In the early months of the year, although the province’s economic recovery progress failes to meet expectations, there have been some positive signs. To reach the growth target of 8% in 2025, authorities at all levels and sectors are actively implementing flexible, adaptive governance measures in all situations to maintain economic stability, enhance internal capacity, autonomy and competitiveness.

Investors are accelerating the construction of Vinh Phu embankment project in Phu Hoa district

As part of the 2025 Investment Promotion Program, local authorities and departments have made breakthroughs in attracting investors and businesses to the province. Investment promotion has been carried out in various forms, with a proactive approach in reaching out to major partners and investors to invite and encourage investment.

Mr. Nguyen Hoang Phuc, Deputy Director of the Department of Finance, let known: the province has actively supported investors in conducting feasibility studies, including large corporations such as Hoa Phat Group and Becamex Group… Additionally, the PPC has approved investment policies and granted investment certificates for 9 projects with a total registered capital of over 6.997 billion dongs (an increase of more than 4.654 billion dongs year-on-year); simultaneously, adjusting investment policies for 23 off-budget projects.

Notably, the province recently granted investment approval for two major projects in the South Phu Yen Economic Zone: Phu Yen High-Tech Industrial Park Infrastructure Investment and Business Project, and Phase 1 of Hoa Tam Industrial Park Infrastructure Investment and Business Project. These two projects are expected to serve as key drivers of growth and exert a broad socio-economic impact on the province in the near future.

Simultaneously, the province is actively promoting its image internationally and organizing multiple investment promotion missions to high-potential markets such as the UAE and Europe. Most recently, a provincial delegation led by Mr. Le Tan Ho, Member of the provincial Party Standing Committee cum Permanent Vice Chairman of the PPC, participated in Vietnam local promotion program in the Czech Republic, Belgium, and Switzerland, organized by the Department of Foreign Affairs and Cultural Diplomacy under the Ministry of Foreign Affairs.

During the delegation’s visits, Mr. Le Tan Ho presented an overview of Phu Yen’s potentials, strengths, and sustainable development orientation. He also expressed the province’s desire to connect with businesses in these countries to promote cooperation in key areas which Phu Yen is calling for investment, such as industry, renewable energy, seaports, and high-tech agriculture…

At a recent regular meeting of the PPC, Ms. Ho Thi Nguyen Thao, Member of the provincial Party Standing Committee cum PPC Vice Chairwoman, acknowledged that the economy was still facing considerable risks and unpredictable fluctuations. However, these challenges also present opportunities and motivation for the political system, businesses, and the public to press ahead with meaningful reforms and effectively implement socio-economic development tasks and solutions.

To fulfill planned targets, Mr. Tran Xuan Tuc, Director of the Department of Construction, shared that the Department is coordinating efforts to draft, appraise, and approve urban and construction planning according to the schedule. It is also publicizing information about housing projects, the real estate market, and zoning plans. Recently, the department has released details about two social housing projects that have been approved for investment by the PPC: An Phu Social Housing Area (2.270 units) and the North Tran Phu Road Social Housing Area (480 units), allowing residents to stay informed. The department is striving to fulfill its assigned social housing targets for 2025.

Meanwhile, Mr. Nguyen Hoang Phuc emphasized that, in order to enhance national competitiveness by 2025 and create a more transparent local business and investment environment, the Department of Finance is stepping up the implementation of interagency coordination mechanisms to streamline administrative procedures in business registration; shortening processing times for business-related administrative tasks. Its divisions are improving the quality of support services for businesses in digital transformation, market expansion, human resources development, and legal consulting. Additionally, the department continues to facilitate the process for investors to receive investment approvals, certificates, and memorandums of understanding, and to support them in promptly completing the necessary procedures to implement their projects.