Phu Tho calls on Spanish investment in high-tech, green growth projects

June 05, 2026 | 09:36

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Phu Tho province has called on Spanish businesses to invest in high-tech and green growth projects, offering tax incentives, fast-track procedures, and expanding industrial infrastructure.

Phu Tho seeks Spanish investment in high-tech industries, logistics and green growth

Bui Huy Vinh, Deputy Secretary of Phu Tho Party Committee

At a conference on June 3, Deputy Secretary of Phu Tho Party Committee Bui Huy Vinh said the province is entering a new phase of development with ambitions to become a key growth pole of the Capital Region and Vietnam's northern midland and mountainous area. "Today's conference demonstrates that Phu Tho has become fertile ground for major investment flows," he said.

According to provincial leaders, Phu Tho attracted nearly $6 billion in foreign investment and around $19 billion in domestic investment during the 2021-2025 period. The province has established a high-tech component supply chain with more than 70 satellite enterprises linked to global corporations such as Samsung, Dell, and Apple, while also welcoming large-scale projects in electronics, manufacturing, textiles and construction materials.

Industrial infrastructure has expanded rapidly, with 26 industrial parks and 117 industrial clusters already established. Under its new master plan, Phu Tho aims to develop 57 industrial parks and 133 industrial clusters, including eco-industrial parks and a dedicated high-tech zone.

At the conference, provincial leaders highlighted several priority sectors for investment in the 2026-2030 period. High-tech industries and emerging sectors were identified as the province’s primary growth drivers. Phu Tho plans to develop a high-tech industrial park in the former Vinh Phuc area, targeting investment in semiconductor design, AI, digital technology, advanced automotive components and electric vehicles.

The province is also encouraging public-private partnerships to establish the Phu Tho Academy of Semiconductor and Artificial Intelligence Technology to prepare a highly skilled workforce for future investment waves.

Alongside industrial development, Phu Tho is prioritising multimodal logistics infrastructure and next-generation trade services. Plans include the development of a free trade zone in the former Binh Xuyen–Yen Lac area, the completion of the Inland Container Depot Binh Xuyen logistics centre and smart inland port systems connected to the Red, Lo, and Da rivers.

Tourism, the 'nighttime economy' and the so-called 'silver economy' are also emerging as key development directions. By 2050, the province aims to build a network of 87 PGA-standard golf courses and attract investment into premium entertainment and resort complexes in Tam Dao, Dai Lai, Mai Chau, and Thanh Thuy.

In addition, the province plans to expand high-tech organic agriculture, deep-processing industries and forestry projects linked to international carbon credit markets.

“Phu Tho will be a safe and prosperous destination, a place where values converge, opportunities expand, and sustainable futures are created together,” said Nguyen Khac Hieu, Vice Chairman of Phu Tho People’s Committee, at the closing session.

Investment incentives and administrative reforms were among the topics that attracted the greatest interest from Spanish enterprises. According to provincial authorities, Phu Tho is committed to offering the most competitive incentives permitted under Vietnamese law for projects in priority sectors.

Eligible investors may enjoy preferential corporate income tax rates of 10–15 per cent for up to 15 years, tax exemptions for up to four years and a 50 per cent tax reduction for the following nine years. Many projects may also benefit from import duty exemptions on equipment and machinery, as well as land rental exemptions ranging from three to 15 years. Projects in healthcare and education may qualify for a full land rental exemption.

Beyond financial incentives, the province pledged to provide electricity, water and telecommunications infrastructure up to factory boundaries, support land clearance and facilitate access to skilled labour training. A 'one-stop-shop' administrative mechanism and a dedicated 'green lane–fast-track' process will be implemented to cut investment licensing procedures by up to half.

“We place businesses and investors at the centre of our service approach,” Hieu said and added that the concerns and recommendations raised by Spanish enterprises regarding infrastructure, administrative procedures, and workers would be translated into concrete actions immediately after the delegation returns to Vietnam.

One of the conference highlights was the presentation on TORRECID Group, a Spanish multinational already operating successfully in Vietnam and expanding its presence in northern Vietnam, including Phu Tho.

Founded in 1963 in Alcora, Spain, TORRECID is a multinational business that supplies raw materials, technology, and solutions for the ceramics, glass and construction materials industries, with operations in more than 29 countries and customers in over 150 markets worldwide.

In Vietnam, the company began operations in 2010 and currently runs production facilities in Dong Nai city alongside a branch in Phu Tho. It specialises in manufacturing frits, ceramic glazes, additives, digital inks and advanced technology solutions for the building materials' industry.

TORRECID’s venture in the former Vinh Phuc area has total registered capital of approximately $1.76 million. The company currently employs around 80 workers in Vietnam and contributed roughly $153,000 to the state budget in 2025.

According to Phu Tho authorities, TORRECID’s continued expansion in northern Vietnam clearly demonstrates the potential for deeper cooperation between Spanish enterprises and Vietnamese localities, particularly in advanced manufacturing and construction materials.

Following the merger of the former provinces of Phu Tho, Hoa Binh and Vinh Phuc, the new Phu Tho province now possesses a significantly larger economic scale, development space and strategic geographical position.

The province lies along the Kunming–Lao Cai–Hanoi–Haiphong–Quang Ninh international economic corridor and is located only around 25km from Noi Bai International Airport.

Phu Tho also borders seven cities and provinces, serving as a gateway linking the Red River Delta with Vietnam’s northern midland and mountainous region.

Under its development strategy to 2030, the province aims to achieve annual regional GDP growth of 11-12 per cent, double its economic scale and per person regional GDP compared to 2025, and become a major regional centre for industry, logistics, tourism, healthcare and high-quality workforce training.

Through the Madrid conference, provincial leaders hope to strengthen ties with the Spanish and broader European business community, particularly in high-tech manufacturing, renewable energy, logistics, clean agriculture and premium tourism, sectors expected to become Phu Tho’s key growth drivers in the years ahead.

Also on this business trip, following the investment promotion conference in Madrid, on June 8-9, the delegation of Phu Tho province will organise the same conferences in Finland and Sweden.