|A corner of Cong Thanh Cement Factory in Nghi Son Economic Zone in Thanh Hoa Province. The province recently spent $23.3 million to upgrade the zone's infrastructure. — VNA/VNS Photo Danh Lam
THANH HOA (VNS) — The central province of Thanh Hoa is looking to boost domestic investment in the Nghi Son Economic Zone (EZ).
The province has recently spent VND500 billion (US$23.3 million) on upgrading the zone's infrastructure.
The monitoring and management of the projects operating in the EZ have been improved in order to ensure effective implementation.
The province has also started to reform administrative procedures, while mobilising a broad range of resources to attract more investments.
The zone is now home to 134 projects, including 124 domestic projects, with total registered investment of VND96.9 trillion ($4.5 billion).
The majority of projects are operating effectively, contributing to local economic development and creating jobs for thousands of local residents.
However, the management board has withdrawn licences from 22 delayed projects worth more than VND7 trillion ($335 million) in total.
The Nghi Son EZ covers an area of more than 18,600ha. It focuses on heavy industry, basic industry and the Nghi Son seaport.
In 2014, the zone attracted 41 new domestic projects with total registered capital of over VND3.1 trillion ($145.7 million), and three foreign investment projects worth $40.5 million. That same year, the zone generated VND18 trillion ($846 million) in revenue and created jobs for around 63,000 workers.
The Nghi Son EZ also houses the Nghi Son Oil Refinery and Petrochemical Complex (NSRP), the largest of its kind in Southeast Asia and the biggest FDI project in Viet Nam with a capital investment of more than $9 billion.
So far, 28 per cent of the NSRP project has been completed, with VND33.3 trillion ($1.5 billion) already disbursed. — VNS