Phu Yen leaning into industrial growth

February 26, 2024 | 11:16
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Located on the south-central coast with a temperate climate, abundant land, and infrastructure gradually being completed synchronously, Phu Yen province is considered a promising land for industrial development.

Phu Yen has important traffic routes passing through, such as national highways 1A, 1D, 25, and 29; the North-South Expressway and North-South Railway, and provincial road systems connecting from the sea to mountainous areas.

Phu Yen leaning into industrial growth
Phu Yen has transformed in recent times thanks to a focus on industry and infrastructure overhauls

Furthermore, situated five kilometres southeast of Tuy Hoa city, the province’s Tuy Hoa airport is being upgraded. In particular, Phu Yen boasts Vung Ro seaport, which can receive ships of 100,000 tonnes, while Bai Goc port can receive ships of 50,000 tonnes.

Phu Yen has a natural area of over 502,000 hectares, of which the available land for production is still considerable. These are deemed great advantages in attracting investment in developing the industrial sector.

In recent years, Phu Yen’s industry has reaped some positive results in terms of attracting investment in the South Phu Yen Economic Zone (EZ). According to its management board, up to now, the zone and others in the province have 118 projects at registered capital of about $430.5 million.

In addition, there are a number of large investors interested in research in the South Phu Yen EZ area such as the $1.1 billion Bai Goc Port, Hoa Tam Industrial Park (IP), and iron and steel complex in Hoa Tam IP, a commercial and service area project worth $29.5 million, and a refining and petrochemical complex boasting capacity of eight million tonnes annually.

Despite making a positive contribution to the province’s economy, Phu Yen’s industry still has a lot of potential that has not been fully exploited to achieve a contribution ratio on par with provinces in the south-central coast.

To help it develop as expected, Phu Yen’s provincial planning towards 2030 has outlined important directions to promote potential advantages, which includes determining the pivotal role of the industrial sector and focusing on investment in infrastructure of IPs and EZs.

Nguyen Xuan Hung, head of the EZ Management Board of Phu Yen, said “Currently in the province there are five IPs covering over 430ha that have been put into production and business activities. In general, the technical infrastructure in these IPs is basically complete. They operate in a stable manner and meet the needs of investors to use the technical infrastructure network.”

Regarding related infrastructure, up to now, the South Phu Yen EZ area has invested in ventures that contribute to creating improvements for attracting investment such as a road tunnel through the Ca pass, extension to a road from Hung Vuong bridge to Vung Ro Port, connecting National Highway 1A to Hoa Hiep IP, and various fishing port projects.

Phu Yen aims to promote more favourable policies to engage new high-quality investors in vital sectors as metallurgy, oil refinery, energy, agricultural processing, forestry and fishery products, chemicals, mechanical engineering, textiles, building materials, and more.

The province also focuses on mobilising and utilising all resources effectively and economically, especially its available land, to create a breakthrough in building a modern infrastructure system.

Deputy Chairman of Phu Yen People’s Committee Le Tan Ho said, “The goal of Phu Yen province is to maintain a high growth rate in the industrial sector in a sustainable manner. This will also be the main driving force for the economic growth of the province.”

Phu Yen targets regional GDP growth rate of industry in 2021-2030 to reach 13-13.5 per cent annually. The proportion of industry in the economy by 2025 will account for about 21.5 per cent, which is expected to reach 24 per cent by 2030.

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By Thanh Tan

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