Phu Yen welcomes latest wave of major investments

March 14, 2024 | 09:00
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A conference announcing Phu Yen’s planning for the rest of the decade and beyond witnessed a new wave of provincial investment approvals.

The event on March 3 in Tuy Hoa city featured top government leaders, including National Assembly Chairman Vuong Dinh Hue, Deputy Prime Minister Tran Hong Ha, and leaders of diverse state management agencies at central and local levels.

Phu Yen welcomes latest wave of major investments

DPM Ha noted that the south-central coastal province has all the conditions to pioneer in transforming the growth model towards green and sustainable, aligned with global trends to grow into a marine economic centre with dynamic service, tourism, and industrial sectors empowered by the green energy ecosystem.

“With huge potential for renewable energy, such as wind and solar power, and forms of energy like green hydrogen and ammonia, Phu Yen needs modern thinking to pull in investment to be one step ahead, leading and promoting funding in metallurgy, refining, petrochemicals, and shipping,” said the deputy PM.

From a local perspective, Pham Dai Duong, Secretary of Phu Yen Party Committee, highlighted the importance of the province’s new planning scheme in opening up new visions and goals for Phu Yen on its future development path.

“Phu Yen will continue to innovate execution methods; creating a breakthrough in bolstering the quality of the local business environment and enhancing the province’s competitiveness to reach development goals,” he said.

On behalf of Phu Yen, Duong pledged to create better conditions for investors to do business in the province. “We believe that the projects at today’s conference will soon be realised and create new values for businesses and the economy and serve as new symbols for Phu Yen’s successful development in the future,” Duong said.

At the conference, Peter Ryder, CEO of Indochina Capital, the developer of two premium resort projects in Phu Yen, said provincial leaders have done an impressive job in welcoming investors and creating conditions for them to develop successfully in the province.

“Phu Yen has ample potential for tourism and production. In terms of geographical location, the province is perfect to conduct light industrial activities,” Ryder said.

Indochina Capital is expediting the Mandarin Oriental Bai Nom resort across 58 hectares in Song Cau town, and the Wink Tuy Hoa Hotel, which will boast 220 rooms.

Phu Yen welcomes latest wave of major investments
A raft of projects in the province are worth tens of millions of US dollars

The conference also saw Phu Yen People’s Committee award new and revised policies and certificates for 14 projects, with half of them belonging to the trade, services, and tourism sectors.

Sizable projects with capital value surpassing the VND1 trillion ($41.6 million) mark include the $91.6 million Nui Thom eco resort by developer Sao Phuong Bac Phu Yen; an $83.3 million Vung Lam Resort by developer Everland Phu Yen; a $43.7 million Hoa Thanh beach resort by Hoa Thanh Resort Beach Tourist Area; and a $42 million Bai Nom eco-resort by Viet An Phu Yen Housing Trading and Investment.

Some other significant initiatives are the Xuan Dai Bay Commercial Service and Tourism Complex from Xuan Dai Bay Investment; Casanova Bai Tram luxury resort by Bai Tram Investment; and the Fleur De Lys Resort by FDL Investment.

In the manufacturing sector will be a $34.1 million scheme on building a plant to manufacture pharmaceutical and healthcare products by ASTA Healthcare US; a building materials production cluster by Huy Thien Phu Service and Trading JSC; and an initiative to expand Thai Thinh interior decoration products manufacturing factory from Thai Thinh Co., Ltd.

The agricultural sector entices two projects, including a $33.3 million high-tech livestock area from Quang Minh Investment Development Husbandry Technology; and a $25 million development of high-quality rice production area, plus purchasing, processing and exporting rice in Phu Yen by Trung An High-Tech Agriculture.

The infrastructure sector draws an inter-commune clean water supply initiative which covers various communes by Global Technology Transfer Investment Co., Ltd., and the Song Cau 2 Tuy An water plant from Vietnam Eco-Urban JSC.

At the event, Phu Yen People’s Committee also awarded six MoUs on investment cooperation.

In particular, major steelmaker Hoa Phat Group are exploring opportunities in Bai Goc Port with an estimated value touching $1 billion; a project on Hoa Tam Industrial Park’s infrastructure investment and trading; and building Hoa Phat iron and steel complex at Hoa Tam IP.

N&G Group is to explore investment opportunities for high-tech industrial park infrastructure business scheme; TH Group continues to fund a Phu Yen clean food factory cluster; and Trung An High-Tech Agriculture explores opportunities in a $58.3 million waste-to-power plant.

Tran Dinh Long, chairman of the board at Hoa Phat Group said, “As Phu Yen accommodates South Phu Yen Economic Zone and the province’s leaders are very welcoming to capable investors, the company has decided to land these three sizable projects in the province with a total capital scale reaching $5 billion. When these come into operation, they would create jobs for about 20,000 workers in the province and contribute nearly $420 million to the local budget annually.”

Long added that he is confident in the success of the company’s ventures in Phu Yen, which shall have positive spillover effects and propel the province’s socioeconomic development.

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Phu Yen province on Vietnam’s south central coast is aiming to make breakthroughs in development rooted in fresh comprehensive planning for the rest of the decade.

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Phu Yen province will focus on developing logistics services associated withTuy Hoa Airport, Vung Ro Port and Bai Goc Deepwater Port, and Dong Hoa Inland Container Depot.

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The planned establishment of Phu Yen Geopark was just one of the topics grabbing people’s attention at a press briefing on February 26 to discuss provincial planning until the end of the decade and beyond to 2050.

Phu Yen gives green light for 14 projects worth $426 million Phu Yen gives green light for 14 projects worth $426 million

Phu Yen has issued investment policy decisions and certificates to 14 investors with total registered capital of nearly VND10.5 trillion ($426 million) and five memoranda on studying projects valued at VND128.8 trillion ($5.23 billion).

By Thanh Pham

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