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Economic zones attract $8.6 billion

Update: June, 22/2007 - 00:00

Economic zones attract $8.6 billion

(23-06-2007)

The construction of the Dung Quat Deep Water Port, which has over VND575 billion (US$36 million) in investment capital from Gemadept Dung Quat, in the Dung Quat Economic Zone. To date, Viet Nam has lured $8.6 million in economic zone projects. — VNA/VNS Photo Thanh Long

HA NOI — About US$8.6 million worth of capital has been poured into the nation’s economic zones to date, according to a report from the Ministry of Planning and Investment.

The ministry estimated that economic zones (EZs) were likely to attract an additional $2.5-3 billion by the end of this year and in early 2008 as several major projects currently in the pipeline complete licensing and investment procedures.

The Dung Quat EZ has licensed 70 investment projects worth a combined $3.8 billion, in such sectors as petroleum refining, shipbuilding, steel processing and heavy equipment manufacturing.

The Chan May-Lang Co EZ has attracted 50 investment projects worth $1 billion in the fields of industry, shipbuilding and seaport development and tourism, while the Chu Lai EZ has absorbed $480 million worth of investment through 43 investment projects in vehicle assembly, automotive glass production and thermal power.

The Van Phong EZ in Khanh Hoa Province has drawn the special attention of the Japanese group Sumitomo, which planned to build a container port expected to cost $250 million. The group also planned to set up a coal-fired thermoelectric plant in the zone with a total capital of $3.5 billion. The two projects were under the local authority’s consideration.

The Vung Ang EZ has absorbed a large amount of domestic investment, including a $1.25 billion thermopower plant owned by Viet Nam Machinery Installation Corporation (Lilama). — VNS

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