Over 15 years of establishment and development, with its own special advantages, Dung Quat Economic Zone is gradually becoming “a hot place” for investors with many regional and international projects, confidently asserting its position in the Central Coast Key Economic Zone. With its role as one of the pioneering and successful economic zones in the country, the successful development of Dung Quat Economic Zone is built on the political system in Quang Ngai province and the right direction of the Government and the Party of Vietnam.
Mr Le Van Dung, Deputy Head of the Management Board of Dung Quat Economic Zone, said that the best competitive advantage of Dung Quat Economic Zone is the deep-water harbour. The harbour is the most important factor facilitating the development of oil refinery, heavy and supporting industry and commercial services. In addition, the convenient infrastructure which has already been invested is also an important advantage, helping to facilitate the next investment round.
For the first 6 months of 2012, the Economic Zone licensed four additional projects with an invested amount of VND46,000. Four new projects include Dung Quat Thermal Power Plant with a US$2 billion investment from Singapore’s Sembcorp Utility; the Industrial-Service-Metropolitan Complex with a VND3,800 billion from Vietnam-Singapore Industrial Park LLC; and two sea harbour projects with a VND1,400 billion investment. In all, 15 years since its establishment, Dung Quat Economic Zone has attracted 114 projects with total invested capital of US$8.3 billion. The revenue collected for the government is close to VND15,000 billion over the past few years, representing 80-90 per cent total amount collected, which plays an important role in the economic development of Quang Ngai Province.
The period from 2006 to 2010 saw the establishment of Vietnam’s first heavy industry complex in Dung Quat Economic Zone. The complex includes the heart of the Economic Zone – Dung Quat oil refinery factory, ship building factory, Doosan equipment manufacturing for heavy industry, Doosan Heavy Industries Vietnam Co. Ltd., Polypropylene factory, Steel maker Factory, and Dung Quat Biology Fuel Factory. The development of Dung Quat Economic Zone has changed the economic structure of Quang Ngai Province in the sense that the industry and building industry take a larger portion. Dung Quat Economic Zone is gradually becoming the chief development factor of the Key Economic Zone of Central Vietnam.
According to the development plan from 2012-2015 which has just been approved by the chairman of Quang Ngai Province People’s Committee, the Economic Zone will attract US$13 billion in 2015, disburse US$8 billion, contribute VND16,000 billion to the State Budget, 25 million tonnes of goods will be exchanged and 20,000 jobs will be created. Thus, the rate of economic development of the Economic Zone in this period will be 17-18 per cent per year.
Quang Ngai Province will focus on developing Dung Quat Economic Zone into a collective, multi-industry-and-sector economic zone. The most important task is to develop the oil refinery industry, chemical industry and large-scale industry such as mechanic industry, ship building and repairing, steel maker and light industry; together with best utilizing Dung Quat deep-water harbour and Chu Lai Airport. The Province will also continue to develop Dung Quat Economic Zone to become an Industrial-Metropolitan-Service centre of the main economic region in the Middle part, with cities such as Van Tuong, Doc Soi and some other satellite cities. This is one of the important international exchange points in the Central Coast and Central Highlands.
From now until late 2012, Quang Ngai province will focus on supporting and facilitating the implementation of major projects in Dung Quat Economic Zone, including the expansion plan of Dung Quat Oil Refinery by PetroVietnam to increase output to 10 million tonnes per year; Quang Ngai VSIP project; Dung Quat’s Guang Lian Steel Maker, Dung Quat’s Kumwoo Heavy Industry factory, Sembcorp’s 1,200MW Thermal Plant, Doosan Vina’s Heavy Industry factory expansion plan; Petroleum Industry and Service Complex and PTSC harbor, Vietnam’s EASTAR KIC factory, harbour investment projects and city investment projects.
Kim Ngoc
Vietnamese
