ASEAN KEY DESTINATIONS
Dung Quat Economic Zone calls for $2b investment in new projects
Vietnam: Dung Quat Economic Zone (EZ) in central Quang Ngai Province is seeking investment capital of US$2 billion in 10 to 15 projects over the next two years.
Pham Nhu So, vice chairman of the provincial People's Committee and head of the EZ management board, said the EZ has received more than VND781 billion ($37.1 million) from the State budget to invest in infrastructure to attract investors.
Its management board also granted investment licences to 21 projects worth VND15 trillion ($730 million) over the past three years.
In the past 16 years, the EZ has approved 113 projects with total registered investment capital of more than $8 billion. Its disbursement was estimated at $5 billion, accounting for 60 per cent of the total. The EZ would licence 125 projects by 2015, bringing the total capital to $10 billion.
Of these, the number of foreign direct investment projects totalled 13 and total FDI registered capital of $3.85 billion.
Its industrial production, service and commercial value last year reached VND130 trillion ($6.1 billion).
However, Nguyen Minh, acting Secretary of the provincial Party Committee said financial resources poured into the EZ has not been up to its development.
In addition, mechanism and policies on providing clean land for the EZ have been slowly promulgated to accelerate investment attraction.
Minh said the EZ should give priority to untie the difficulties while continuing to mobilise all resources to appeal investment.
It should also build a long-term and sustainable development strategy.
The zone was urged to further improve its investment environment by upgrading infrastructure and timely addressing investor concerns.
It planned to attract investment into projects to expand and upgrade Dung Quat Oil Refinery and setting up oil refinery complex, Build-Operate-Transfer Thermal Power Plant and Jk-Sojitz Paper Pulp Plant in the period of 2015-20. The EZ targets to contribute VND16 trillion ($761.9 million) to the State budget by 2015. — VNS
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