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Central Vietnam province up for further industrial development
Publication Date : 10-04-2014
Quang Ngai, the central province of Vietnam, will further develop its industrial sector in a bid to attract more investments, said a provincial official.
During an online dialogue with the Cong thuong newspaper regarding the development of the industrial sector in Quang Ngai held in Hanoi on Tuesday, Pham Nhu So, the vice chairman of the People's Committee of Quang Ngai Province and the head of the management board at Dung Quat Economic Zone, noted that after 15 years of
development, the Dung Quat Economic Zone had promoted economic development in the province and was considered one of the most successful and swiftly developing economic zones in Vietnam.
The economic zone has attracted 113 projects with total registered capital of US$8.5 billion and disbursed capital worth $5 billion for 73 projects operating in the zone.
The first heavy industrial centre of Vietnam was developed at the Dung Quat Economic Zone and has plants of oil refinery, thermo-electric, steel, plastic package, ship building, biofuel, paper and cement, and a system of ports and industrial services.
Last year, the total value of industrial output and commercial services in the Dung Quat Economic Zone reached 130 trillion dong ($6.19 million).
The province has invested heavily in infrastructure in industrial zones and economic zones and is targeting to achieve an industrial growth rate of 17-18 per cent yearly by 2015, So said.
Quang Ngai plans to expand some existing economic zones to attract $5 billion more in investment capital into the industrial zone, he added.
The province has hired a Japanese consulting company to review the plan for the Dung Quat 2 deep-water port, which was aimed at helping further develop the area's industrial sector.
A Singaporean group has conducted an investment study in the province for the establishment of an electric project with a total investment of $2 billion while a Japanese company has signified its interest to build a steel factory, So added.
Tran Dinh Thien, the director of Vietnam Economic Institute, stressed that Quang Ngai was one of the most attractive places for investment in the central region.
According to the provincial competitive index (PCI) in Vietnam, Da Nang ranks first in the central region, followed by the Thua Thien Hue Province, while Quang Ngai ranked seventh.
The Quang Ngai province has the advantage of having deep-water ports and attractive investment incentives, Thien claimed.
Ryuhang Ha, the general director of Doosan Vina Company, emphasised that the company has chosen the Dung Quat Economic Zone to develop its project of producing heavy industrial equipment for the sector of electricity, water, and chemical treatment, since the zone offers favourable conditions in providing services related to deep-water ports that the company needs.
Dung Quat offers fast site clearances and investment incentives for enterprises, including corporate tax and individual tax, he reported.
Vu Quang Vinh, the senior marketing director of Vietnam-Singapore Industrial Park (VSIP), said VSIP had invested in Quang Ngai for developing an industrial park because the province is an ideal place for manufacturing products for the markets in north and south Viet Nam, Laos, north-eastern region of Thailand and Cambodia.