Long An to build $59 million IP in Duc Hoa district

The strong presence of IPs drive the province's socioeconomic development

Covering over 119 hectares, the project will be built at a cost of VND1.355 trillion ($58.9 million), VND400 billion ($17.4 million) of which is investor’s equity.

Construction time must not exceed 36 months from the date of land allocation, and the project’s operation duration will be 50 years from getting the approved investment proposal.

Under the decision, Long An People's Committee was tasked to direct Long An Economic Zones Management Authority to guide the investor and ensure that the investment project and the investor's equity contributions stay on schedule.

For its part, the committee must ensure the accuracy of information, statistics, and assessment in line with regulations, and guarantee the compatibility between the project’s implementation and approved plannings.

Earlier, via Official Letter No.1840/TTg-CN dated December 28, 2020 the PM approved the revised development planning of Long An industrial parks (IPs) to 2020, adding Long An's three expanded IPs to the country's IP development planning to 2020. Accordingly, Hoa Binh IP in Thu Thua district will be expanded by 49ha, Long Hau IP in Can Giuoc district by 90ha in the second phase, and Xuyen A IP in Duc Hoa district by 177ha in the third phase.

According to Long An Economic Zones Management Authority, the province will have about 1,500ha of additional cleared land in its IPs to cash in on rising foreign direct investment (FDI) flows into Vietnam in 2021. The sectors most appealing to foreign investors are textiles and garments, footwear, animal feed, poultry, seafood, food processing, beverages, and manufacturing.

According to Nguyen Thanh Thanh,director of Long An Economic Zones Management Authority, the presence of many IPs has played a huge role in driving local socio-economic development by contributing nearly VND3.9 trillion ($169.57 million) to state coffers and creating jobs for more than 148,000 workers.

According to the latest figures from the Long An Department of Planning and Investment, as of March 20, 2021, Vietnam lured in a total $10.13 billion in total committed FDI. The province took the lead nationwide with nearly $3.2 billion, accounting for nearly 32 per cent of the country’s total FDI volume during the period.

This late March, Long An granted an investment certificate to LNG Long An I and II gas power project of Singapore’s VinaCapital GS Energy Pte., Ltd.

The project has a capacity of 3,000MW, including two combined cycle gas turbine plants that possess a capacity of 1,500MW each, with registered investment capital totalling $3.1 billion. The project is expected to begin operation in December 2025.

Also in the first quarter of 2021, Long An granted investment certificates to 10 new foreign investment projects and six others requesting leave for capital expansion.

So far, the province is home to more than 1,100 foreign investment projects worth more than $9.17 billion in total committed value, 588 of which have already come on stream.