Original mindset sought in Phu Yen investment mission

Could you provide us with a glimpse into the province’s economic zone (EZ)?

Le Van Thanh, director of Phu Yen Economic Zones Management Authority

Like other localities in the central coastal region, the prime minister has allowed Phu Yen to work on the planning and development of South Phu Yen EZ, to build a seamless infrastructure network, paired with suitable regulatory incentives to further attract the interest of financiers. On that basis, the EZ has been defined by Phu Yen’s management authorities as one of the key enablers to prop up economic development.

However, the province’s EZ has yet to avail of its competitive advantages, and this has created headaches for our management. In the upcoming time, Phu Yen Party and People’s committees will be working on a new orientation for investment attraction, striving to turn South Phu Yen EZ into one that is capable of leveraging its inherent potential for future sustainable development.

What advantages are there to ensure the EZ’s success in long-term development?

South Phu Yen EZ, together with the province’s industrial zones, is enjoying enormous potential to woo investment. The first advantage is the local infrastructure with two major tunnel projects – Deo Ca and Cu Mong tunnels – that both significantly facilitate traffic between these two passes.

These tunnels, plus further advantages from the province’s seaports, along with existing Vung Ro and Bai Goc ports in the near future, and the presence of Tuy Hoa Airport right in the South Phu Yen EZ, provide valuable incentives for Phu Yen to promote trade with other parts in the country. With these advantages, we hope to successfully further economic development in the province.

Does Phu Yen have the potential to underpin development of supporting industries in the province?

Because supporting industries are satellite developments around important projects on a large scale, we have trust in this matter. Furthermore, Phu Yen is home to the large Vung Ro oil refinery project.

Thanks to this refinery, we are confident in luring in supporting projects in the area, particularly those from processing petrochemical industries.

What steps should be taken by Phu Yen Economic Zones Management Authority to make the most of South Phu Yen EZ?

Potential and advantages alone are insufficient. It is important for us to choose suitable solutions to make the best of them, thereby turning the EZ into an excellent investment venue for businesses.

We need to carefully evaluate the inherent advantages and create an investment wish list. The next step will be to get in touch with potential investors, even actively approaching them if necessary. We are convinced that these practices and measures to court potential investors to Phu Yen are a must.

For the development orientation, which industries does Phu Yen Economic Zones Management Authority hope to attract?

Phu Yen identifies South Phu Yen EZ as a multi-sectoral economic hub. The province must focus on an EZ which is associated with infrastructure, jobs for workers, and a significant source of state budget revenue. Therefore, the province will give priority to clean industries and high-tech zones.

In order to do that, the development of industrial parks must not cause conflict with the tourism industry. Marine economy is also a highly appreciated development because of Phu Yen’s location. So industry, tourism, and the marine economy will be at the head of development direction and a key area for Phu Yen.

The Ministry of Construction has recently organised an evaluation of the general planning scheme of South Phu Yen EZ until 2040. Accordingly, the EZ will be a multi-sector and general one. This is the structural orientation for the economic zone and therefore, Phu Yen needs to highlight its mission. When the province attracts investment, it must be flexible for the development strategy, carefully assess the current situation, clarify regional connectivity in the past, and assess further planning of the EZ.

In addition, the province also needs to pay more attention to solving issues such as the environment, technical infrastructure, potential exploitation, tourism development associated with industry, the marine economy and its services, and also climate change.