Three Chinese corporations plan a US$2 billion project to develop the Vietnamese northern Thai Nguyen province into an eco-industrial city, said an official from the provincial Planning and Investment Department.
A document to this effect was signed between local authorities and representatives of Shan Shan, Sun Khun and Honghui groups, said the department director Nguyen Duc Minh.
Under the Memorandum of Understanding, the Chinese investors are committed to submitting the feasibility study to the province for consideration by October at the earliest.
Minh said the targeted eco-industrial city of 1,500-2,000 hectares will house a hi-tech experimental research area, scientific-technological area, a physical architectural area, a manufacturing area, a traditional industrial park, a trading and entertainment centre, and villas.
The province will support and create favorable conditions for the companies to start the project early, the official added.
He noted that Chinese companies have to date injected some US$18 million into 13 projects in Thai Nguyen with 10 projects put into operation and the others are waiting for site clearance.
The Chinese investment mostly concentrates on mineral processing, fertilizer and drinks production, and entertainment services.
Thai Nguyen, an economic locomotive of the northern mountainous region, possesses many advantages for industrial production, especially steel production, with an annual capacity of more than 800,000 tons. It also boasts famous high-quality tea products, with over 70,000 tons capacity per year.
Thai Nguyen is also well known for the Nui Coc Lake ecological tourism site and tea brands such as Tan Cuong, Trai Ca and La Bang.
The province expects to welcome 750,000 tourists and earn over VND300 billion (US$18.75 million) from travel and hotel services in 2007. (VNA)
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