Developing Vung Ang into key economic zone

National Assembly Chairman Nguyen Sinh Hung affirmed this at a meeting with officials, engineers and workers at Vung Ang Economic Zone (EZ) in Ky Anh district, Ha Tinh province, on May 2.

He urged investors, the EZ management board and local authorities to address difficulties to speed up projects and put the EZ into operation early, so as to spur local socio-economic development.

Lying near the East-West Economic Corridor, Vung Ang EZ has a favourable economic and geographic position. Together with other EZs in the central region, Vung Ang will become a metallurgy, seaport services and tourism centre in the north-central region.

Around 153 businesses are operating in the EZ, with combined registered capital of more than $16 billion. Some projects have been put into operation, contributing to the province’s industrialization and modernization process, such as Vung Ang Port and Vung Ang Petroleum Depot. They generated VND1,380 billion for the provincial budget in 2011.

Other key projects are underway, including Son Duong iron and steel complex and deep-water port, Ha Tinh Formosa, and Vung Ang thermoelectric plant No1 with capacity of 1,200MW, which are expected to bring bright prospects for the EZ.

Other large scale projects are waiting for investment licenses, such as an oil refinery plant with a design capacity of 16 million tonnes per year.

Despite a number of difficulties, the construction of social and technical infrastructure and resettlement is being strictly carried out to meet the basic requirements for transport, electricity, water and communication for investors and local people.

Currently, more than 10,000 employees are working at plants and projects in the EZ with an average monthly income of VND3 million.

At the meeting, investors and the EZ management board proposed that the NA build a Law on the development of economic zones and the Government issue incentives for investors in the high and clean technology industry. They also proposed that the NA and the Government develop Vung Ang into a key economic zone.