Van Phong Economic Zone expects to attract billion-dollar projects

By 2024, Van Phong Economic Zone expects to attract 27 large-scale projects, and by 2025, the province is planning to lure an additional large-scale 10 projects.

Notably, foreign investors are called to develop the Dam Mon financial and shopping mall with the total investment capital of VND15 trillion ($652.17 million).

Besides this, they are encouraged to invest in resort and hotel complexes together with golf courses with an investment capital from VND25 trillion ($1.08 billion). Some projects waiting for capital are the Hon Lon high-end complex worth VND99 trillion ($4.3 billion) and the two parts of the Co Ma-Tu Bong multifunction complex with an investment capital of VND90 trillion ($3.91 billion) each.

The province has plans to call investment capital in the Nam Van Phong oil refinery (worth $4.34 billion) and the Nam Van Phong 1 and 2 petrochemical complexes (worth $2.6 billion each).

Other projects are in the processing industry, high-tech manufacturing, precision mechanics, oil and gas processing, electronics, and healthcare services.

Moreover, the economic zone (EZ) wants to attract investment into an international tourist seaport worth VND3 trillion ($130.43 million) and the Nam Van Phong seaport complex worth VND45 trillion ($1.95 billion).

The Van Phong EZ is designed to have 19 functional subdivisions, 13 of which will cover Van Ninh district, and six in Ninh Hoa township.

At present, the EZ is the production hub of 155 projects with a total registered capital of $4.1 billion. There are 30 foreign-invested enterpries.

Although a new decree on the management of industrial and economic zones in Vietnam has been set up to drive the modernisation of the industrial park model, investors are lacking specific guidelines for implementation.

Ha Tinh Economic Zone Management Authority has approved the investment planning of the second battery factory invested by VinES Energy Solutions JSC, a subsidiary of the conglomerate Vingroup.

Vietnam has a “golden chance” to attract a new wave of foreign investment, especially to economic zones (EZs) and industrial parks (IPs), according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Vietnam’s central province of Thua Thien-Hue is taking action to pick up a possible new wave of investment. Nguyen Dai Vui, director of the provincial Department of Planning and Investment, talked to VIR’s Bich Thuy about future funding orientations and how to attract more economic interest in the province.

Phu Yen People's Committee is completing the general planning for South Phu Yen Economic Zone (EZ) after consulting the Ministry of Construction's Appraisal Council.