A part of Vũng Áng Economic Zone in the central province of Hà Tĩnh. Photo khukinhte.hatinh.gov.vn

HÀ NỘI — The Hà Tĩnh People’s Committee has granted investment licences to three new projects worth a combination of more than VNĐ1.65 trillion (US$71 million).

The projects will be developed at Vũng Áng Economic Zone in Kỳ Anh Town, online newspaper baohatinh.vn reported.

They include a timber processing project funded by HCM City-based An Việt Phát Energy Co at a cost of more than VNĐ1.28 trillion ($55 million). It will comprise two factories – the first producing lumber and plywood in Kỳ Thịnh District with an annual capacity of 240,000 tonnes and the second producing compressed wood pellets with an annual capacity of 150,000 tonnes.

The second project, worth VNĐ201 billion ($8.65 million), will be backed by Central Industrial Chemicals JCS, which is based in the province. It will include the development of chemical and petrochemical warehouses in Vũng Áng Depot which will be able to store 30,700 cubic metres of products.

PCG Phú Vinh has been approved to develop a system providing liquefied petroleum gas and liquefied natural gas for Phú Vinh Industrial Zone with total investments of VNĐ164 billion ($7 million).

The committee’s vice chairman Dương Tất Thắng said he hoped that once operational, these projects would make big contributions to the State budget and create more local jobs.

The central province has set a target of luring 150 projects with total registered capital of about $2.5 billion by the end of this year, according to the committee.

The locality is now home to 1,183 projects, 1,108 of which were financed by domestic businesses with a total capital of more than VNĐ107 trillion ($4.6 billion) while the remainder, worth more than $12 billion, were funded by foreign companies.  

To date, 17 countries and territories have pumped investments into the province including Japan, South Korea, mainland China, Taiwan, Singapore, Hong Kong, Germany, the UK and the US. — VNS