The Prime Minister has a nod to the establishment of a new economic zone (EZ) in central Phu Yen province, which is targeted to be an industry and trade center and a major sea port of the central region in the near future, Vietnam News Agency said May 5.
The EZ will accommodate five industrial parks (IP), including the 1,300-hectare Hoa Tam Oil Refinery IP, home to Vung Do Oil Refinery Plant with capacity of 4 million tons per year and a mechanical IP with the biggest project to repair and build ships of 20,000 DWT.
Other IPs to be up in the EZ will focus on the production of construction materials, consumer products and multi-functional industries.
The 20,730-hectare zone is expected to see a population of 120,000-150,000 people by 2010.
Under the Government’ s regulations, both Vietnamese and foreigners working in the Nam Phu Yen EZ will be offered an income tax cut rate of 50 per cent.
Investors will enjoy import tariff exemption within five years for goods which are materials, components and imported semi-products.
According to Vietnam News Agency, the Government will give the green light to the establishment of Hon La EZ in central Quang Binh from now to the year-end, raising the country’s total number of EZ to 13 by then.
As of 2007, Vietnam’s 11 existing economic zones had attracted US$9.9 billion investment from both domestic and foreign investors.
The country is estimated to need around VND39 trillion (US$2.43 billion) to develop 13 EZs between now to 2015, Vietnam News Agency said. (VNA, Saigon Liberation)
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