Chan May - Lang Co, one of 15 coastal economic zones in Vietnam, covers a land area of 27,100 hectares, including 10,000 hectares for economic development zone, in Lang Co town, Loc Thuy, Loc Tien and Loc Vinh communes of Phu Loc district, Thua Thien - Hue province. Together with Chu Lai, Dung Quat and Nhon Hoi, the formation of Chan May - Lang Co will become a nucleus of growth for central Vietnam and serve as a bridge for the central region with North-east Thailand, central Laos and North-east Cambodia.
Chan May - Lang Co EZ is developed in a general “open” growth model operated by a separate legal framework with a favourable investment and business environment and special incentive policies applied to investors. Chan May - Lang Co consists of five major functional areas, namely non-tariff area, urban area, industrial area, tourism area, and seaport area. To date, the EZ is housing 34 investment projects with total registered capital of VND36,486 billion (US$2.28 billion), including 10 FDI projects worth US$1.312 billion and 24 Vietnamese projects capitalised at VND15,495 billion.
Speaking of the economic zone development, Mr Ho Si Nguyen, Head of Chan May - Lang Co Economic Zone Authority, said: “It is too early to make an accurate assessment on an economic zone within just five years. Our current success should have taken at least 20 years. It is much more difficult to develop a general economic zone because it also comprises urban area, tourism area, seaport area, industrial area and nontariff area.”
The EZ construction and development process is still actually in the ‘pilot’ phase. The authority is simultaneously going forward while tuning up orientation, policy and development mechanisms. Chan May - Lang Co does not aim to attract investment projects at any cost, but carefully selects the most capable, suitable investors. Mr Ho Si Nguyen affirmed: “We believe that we will be successful if we are persistent with the way we have chosen. Slow but sure!”
Up till now, Chan May - Lang Co Economic Zone has zoned out and made detailed plans for functional areas like urban area, industrial area, non-tariff area, tourism area, and waterfront area. A number of important strategic planning projects have been also established, including Chan May Port detailed planning and Chan May urban area, which were advised by foreign consultants. The economic zone is housing some major investment projects like the US$875 million Laguna Hue project invested by Singapore-based Banyan Tree Group, the VND5,230 billion Lang Co golf course and resort project, the VND2,654 billion industrial area and nontariff area infrastructure project invested by Saigon Invest Group (SGI), and the VND500 billion petroleum depot and port project invested by the Vietnam National Oil and Gas Group (PetroVietnam).
Given current results, Chan May - Lang Co is expected to attract more investors in the future, thus generating a new image of a dynamic, friendly and hospitable Thua Thien Hue province - an ideal destination for domestic and international investors and tourists.
Vietnamese
