Phu Yen forges long-term economic vision for industrial growth

December 21, 2021 | 18:09
Phu Yen province is being oriented to become a multi-sector and multi-functional general economic zone focusing on high-tech and seaport industries.
Phu Yen forges long-term economic vision for industrial growth
Phu Yen aims to become a hotspot for regional and national development

In the decision approving the task of adjusting the general planning on construction of the South Phu Yen Economic Zone (EZ) and Phu Yen to 2040, Prime Minister Pham Minh Chinh stated, “Building the South Phu Yen EZ into a national and regional tourism and service centre can create a socioeconomic breakthrough in the south-central region and build a dynamic destination for Phu Yen with a synchronous and modern technical-social infrastructure system, advantaged landscape and architecture, civilised urban development, and sustainable environment”.

The Deo Ca tunnel system in 2017 replaced Ca Pass, one of the largest passes in Vietnam, and connects the two provinces of Phu Yen and Khanh Hoa. In Khanh Hoa, the North Van Phong area was planned to become one of three special EZs for Vietnam. On the other side, South Phu Yen has been filled by seaports, high-tech parks, a petrochemicals refinery, and a series of urban and resort projects.

These changes and upgrades are helping to create a strong dynamic, bringing the prospect closer of forming an international exchange hub and an important tourist centre for Vietnam.

According to the decision on provincial construction for the next two decades, the government will prioritise promoting the development of socioeconomic and infrastructure systems in the area.

A series of projects to improve the infrastructure system in south Tuy Hoa has been put into operation. Notable highlights include the upgrading and expansion of Tuy Hoa Airport and the proposal to develop it into an international airport. It is also expected to build a bridge from the north of Phan Chu Trinh street to the south of Nguyen Trai street, to become one of the three main axes connecting the north and the south of Tuy Hoa. There are some projects nearly completed, including the coastal road connecting Tuy Hoa city to Vung Ro and Bai Mon-Mui Dien tourist hotspots, and the junction linking Road No.2 of Nam Tuy Hoa Urban Area with Nguyen Van Linh street.

Development momentum from new ventures combined with existing infrastructure has created confidence for the investor community to help them track down opportunities and implement projects in the Tuy Hoa area.

Phu Yen is currently reviewing its development master plan and will look to cooperate with other coastal localities to release incentivised policies to attract investors in marine economic sectors such as renewable energy, large-scale marine and aquaculture farming, and marine tourism towards sustainable and environmentally friendly development as well as supporting local communities.

Investment attraction will be selected and carefully calculated based on planning and strategies to promote the strengths of each locality, associated with exploiting the potential and advantages of regional links and avoiding spreading investment ineffectively. Each locality and each region will identify and develop only a few core products to focus on investing in infrastructure, production, and processing technology to increase added value.

Coastal road to boost numerous development opportunities

Phu Yen People’s Committee has approved a resolution on building 6km of coastal road in the province’s northern district of Tuy An with total investment of $26.1 million to come from the central budget.

It is planned for the road to be built by 2025. The project is connected to the traffic axis that links the three provinces of Binh Dinh, Phu Yen, and Khanh Hoa, and will assist Phu Yen in effectively exploiting its coastline, fostering socioeconomic development, and safeguarding maritime sovereignty.

Phu Yen supports innovative businesses

The Planning and Investment Department has announced a “Supporting innovative startups” project for its business community. The scheme is funded by the Asian Development Bank and Vietnam Innovation Centre to help innovative businesses and startups access aid and investment capital to grow their business.

In the first phase, each approved business will receive $200,000 and more support will be added on if results prove effective.

Phu Yen cooperates with Japanese business to promote forestry

The provincial Cooperative Alliance held an online meeting with Japan Sumitomo Forestry Group to push cooperation between the business and Phu Yen MTV Bao Chau group. As per the discussion, to meet the requirements of the Japanese partner for a raw material area of over 8,000ha plantation forest by 2023, Bao Chau, the cooperative alliance, and Phu Yen High-tech Forestry Cooperative will establish a new agreement to promote the partnership in this venture.

By Viet Hung

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