Vung Ang EZ attracts three new projects

A part of Vung Ang Economic Zone in the central province of Ha Tinh. - Photo khukinhte.hatinh.gov.vn

The projects will be developed at Vung Ang Economic Zone in Ky Anh Town, online newspaper baohatinh.vn reported.

They include a timber processing project funded by HCM City-based An Viet Phat Energy Co at a cost of more than VND1.28 trillion ($55 million). It will comprise two factories – the first producing lumber and plywood in Ky Thinh District with an annual capacity of 240,000 tonnes and the second producing compressed wood pellets with an annual capacity of 150,000 tonnes.

The second project, worth VND201 billion ($8.65 million), will be backed by Central Industrial Chemicals JCS, which is based in the province. It will include the development of chemical and petrochemical warehouses in Vung Ang Depot which will be able to store 30,700 cubic metres of products.

PCG Phu Vinh has been approved to develop a system providing liquefied petroleum gas and liquefied natural gas for Phu Vinh Industrial Zone with total investments of VND164 billion ($7 million).

The committee’s vice chairman Duong Tat Thang said he hoped that once operational, these projects would make big contributions to the State budget and create more local jobs.

The central province has set a target of luring 150 projects with total registered capital of about $2.5 billion by the end of this year, according to the committee.

The locality is now home to 1,183 projects, 1,108 of which were financed by domestic businesses with a total capital of more than VND107 trillion ($4.6 billion) while the remainder, worth more than $12 billion, were funded by foreign companies.

To date, 17 countries and territories have pumped investments into the province including Japan, South Korea, mainland China, Taiwan, Singapore, Hong Kong, Germany, the UK and the US.