VIETNAM Dung Quat economic zone eyes $13b in new investment by 2015

by 1alaskan Wed Jun 20, 2012 7:03 pm

Dung Quat economic zone eyes $13b in new investment by 2015

The Dung Quat Economic Zone (IZ) in central Quang Ngai Province plans to attract US$13 billion in investment capital by 2015, of which $8 billion would be disbursed.

The targets were unveiled in the IZ master plan for 2012-15 approved by the Provincial People's Committee.

In addition, the province aims to handle 25 million tonnes of cargo through its port and generate approximately 20,000 jobs for local people, contributing VND16 trillion ($761 million) to State budget.

The zone would raise its yearly industrial production value to 17-19 per cent in the next three years.

The province would allocate more resources to develop Dung Quat IZ into a multi-sectoral economic zone, focusing on developing petrochemistry, chemicals, mechanical engineering, shipbuilding, metallurgy, light industry, the Dung Quat deep seaport and Chu Lai Airport.

It would also turn the IZ into an industrial-urban area as well as a service centre for the central region's key economic zone, surrounded by satellite urban areas including Van Tuong and Doc Soi.

The IZ would become a major international transit hub of the central and central highland regions.

To meet these targets, the province would promulgate policies on attracting investment, developing urbanisation and finance, increasing investment promotion and management, assisting post-investment, and mobilising capital sources for infrastructure development in the zone.

It would also promote planning and management capacity, developing human resources, generating jobs, speeding up land clearance and compensation, and accelerating administrative reform to provide favourable conditions for investors.

The province would facilitate the implementation of big projects in the IZ including Dung Quat Oil Refinery expansion of 10 million tonnes per year, the Viet Nam-Singapore Industrial Park (VSIP), the Guang Lian-Dung Quat Steel Mill, the Kumho-Dung Quat Heavy Industries Factory, the 1,200MW Semcorp Thermal Power Plant, Doosan Vina Heavy Industries expansion and the Petroleum Technical Services Corporation (PTSC) Port.

Over the past 15 years, the IZ has attracted 115 projects with total registered capital of more than $8 billion. In the first five months of the year, it has licensed four new projects valued at VND4.6 trillion ($2.2 billion).

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