||Asean Affairs 23 July 2013
Economic zone grows into industrial centre
HA NOI:The Vung Ang Economic Zone (EZ) in the central province of Ha Tinh has gradually been developed into a large-scale industrial centre serving both the central region and the country at large.
The Government has selected the 7-year-old economic zone as one of five key coastal areas for priority investment during the 2013-15 period.
Situated in an advantageous location for the transport and steel industries, the zone has become the home of many important national projects in the energy, steel and oil refining sectors.
The Vung Ang-Son Duong deep-sea port, the deepest in the northern central region, can accommodate ships of up to 300,000-500,000 tonnes.
It is also located on the main maritime routes to South Asia, North America and Europe. In addition, Vung Ang is a gateway to the sea for the land-locked neighbouring country of Laos.
Sixty kilometres to the north of Vung Ang EZ is the Thach Khe iron mine, which is one of the largest in Southeast Asia. The mine has reserves of 544 million tonnes of iron, accounting for 60 per cent of total national iron reserves. Infrastructure at the mine is under construction, paving the way for the steel industry to develop further in Vung Ang EZ.
More than 200 businesses have been licensed to do business and invest in Vung Ang EZ with total registered capital of US$16 billion.
A number of key projects in the area are close to completion, including the 1,200 MW Vung Ang 1 thermo-electric power plant, which has an investment capital of $1.5 billion, and the Son Duong Formosa steel and seaport complex, which has received initial capital worth almost $10 billion.
Many other large-scale projects are completing procedures for investment licences such as a $12.4 billion refinery, a $5 billion steel plant and the $2.5 billion Vung Ang II thermo-electric power plant.
Additionally, a large number of potential domestic and foreign investors are also seeking business opportunities in the zone.
According to Le Trung Phuoc, Deputy Director of the Ha Tinh Department of Planning and Investment, the locality attaches importance to attracting investment from multinational groups, aiming to access their new technologies and learn more about management.
At the same time, small and medium-sized businesses are encouraged to invest in support industries and services.