The outstanding growth momentum comes from the industrial sector. Businesses in the area have proactively adapted to market fluctuations by diversifying export markets, promoting digital transformation, applying technology and automation in production.
The index of industrial production (IIP) in May increased by 18.47% compared to the same period last year; accumulated for 5 months increased by 24.7%. In which, the processing and manufacturing industry continued to play a leading role with a growth rate of 25.63%.
Many key products maintained their upward momentum such as electronic components, automobiles, motorbikes, and cement. A number of new investment projects put into operation have contributed to improving production capacity and expanding the province's industrial scale.
Commercial and service activities are vibrant with abundant goods supply and basically stable prices. Total retail sales of goods and consumer service revenue in the first 5 months of the year are estimated at 63.8 trillion VND, an increase of 14% compared to the same period.
Transportation activities also maintained growth momentum with estimated revenue reaching 9.2 trillion VND, an increase of 14.6%. The province's export turnover reached about 19.1 billion USD, nearly half of the year plan; import turnover reached 24.2 billion USD.
Tourism continues to be a prominent bright spot. In May, Phu Tho welcomed about 800,000 visitors; accumulated 5 months reached more than 9.6 million visitors, bringing in revenue of over 9.7 trillion VND.
State budget revenue achieved positive results. By the end of May, total budget revenue in the area was estimated at 30.7 trillion VND, equal to 55% of the central government's estimate.
In which, domestic revenue reached 28.2 trillion VND, showing that the economy continues to maintain its ability to generate stable revenue.
The banking sector ensures meeting the capital needs for the economy. Total mobilized capital reached 335.8 trillion VND; outstanding loans reached 388.6 trillion VND. The bad debt ratio is controlled at a low level, only about 0.65% of total outstanding loans.
The investment and business environment continues to improve strongly. The province maintains the effectiveness of the "Business Coffee" model, regularly dialogues and removes difficulties for businesses.
Investment attraction work achieved many outstanding results. In the first 5 months of the year, foreign direct investment (FDI) attracted more than 1.3 billion USD, about 3.6 times higher than the same period last year and completing 82% of the annual plan.
The startup and business development movement also recorded positive signals. The whole province has about 2,300 newly established businesses, an increase of 39.3%; total registered capital reached more than 26.2 trillion VND.
In addition, about 600 businesses returned to operation, reflecting the business community's belief in the prospects of local economic development.
With positive results in the first 5 months of the year, Phu Tho is creating a favorable foundation to continue promoting growth, striving to complete socio-economic development goals in 2026.
