THUA THIEN HUE

Thua Thien Hue Economic Zones and Industrial Parks: Intensive Investment Promotion

8:53:01 AM | 30/7/2019

Thua Thien Hue province has six industrial parks covering a total area of 2,393 ha and 27,108-ha Chan May - Lang Co Economic Zone, which are very attractive to many investors thanks to synchronous and convenient infrastructure and preferential mechanisms and policies.

Available infrastructure

Chan May - Lang Co Economic Zone is located between two big cities - Hue and Da Nang - and two international airports - Phu Bai and Da Nang. Its Chan May Deepwater Port, the nearest gateway to the East Sea for the East - West Economic Corridor, is capable of receiving cargo ships of 50,000 DWT and the world's largest cruise liners (225,000 GT). Chan May - Lang Co Economic Zone also lies on main national transport routes, including National Highway 1A, North - South Railway, and East - West Economic Corridor. Especially, Lang Co is an attractive destination on the Central Heritage Itinerary and one of the most beautiful bays in the world. With its outstanding potential advantages, Chan May - Lang Co Economic Zone is capable of becoming a major economic center in the south of Thua Thien Hue province and a marine economic, commercial, tourist and urban center of the central key economic region.

At present, Chan May - Lang Co Economic Zone has a relatively synchronous technical and social infrastructure system. Power supply, water supply and communication systems have been completed to meet investors' demands and people's needs. Funded by the central budget, many trunk roads to Chan May Port, tourist areas, industrial parks and resettlement areas have been built. Some big projects funded by other budget sources are gathering speed, including Chan May breakwater project, Berth No. 02 and Berth No. 03 project in Chan May Port. Besides, the completion of the project to upgrade and expand National Highway 1A to a four-lane traffic and the project to build Phuoc Tuong and Phu Gia tunnels well connect Chan May - Lang Co Economic Zone with other provinces and cities in the region.

In industrial parks, infrastructure operators like Industrial Zone Infrastructure Development and Investment Limited Company, Prime - Thien Phuc Joint Stock Company and Viglacera Corporation have completed and attracted many secondary investors. Every year, the province arranges investment for essential infrastructure construction to meet transportation demands of tenants and get connected to provincial roads and National Highway 1A.

Many incentives

Thua Thien Hue province-based economic and industrial zones attracted 142 investment projects with a total registered capital of VND94,506 billion by April 2019, including 31 foreign direct investment (FDI) projects with a capital of VND62,111 billion and 111 domestic direct investment (DDI) projects with VND32,395 billion of investment capital.

Investing in Thua Thien Hue province-based economic and industrial zones, investors will be entitled to highest preferential tax and land policies in the regulatory framework, plus many investment supports from the province. The province will build infrastructure to the fence of investment projects, support land compensation, ground clearance, unexploded ordnance clearance and labor training. With the single-window mechanism, investors will be supported to resolve administrative procedures at the province’s Economic and Industrial Zones Authority in the shortest time, equal to only 30% of regulatory duration.

Thanks to investment-prioritized fields such as economic zone infrastructure, environment-friendly industrial production projects, seaport and logistics infrastructure, urban infrastructure and large-scale tourism projects,  Thua Thien Hue province-based economic and industrial zones attracted 142 investment projects with a total registered capital of VND94,506 billion by April 2019, including 31 foreign direct investment (FDI) projects with a capital of VND62,111 billion and 111 domestic direct investment (DDI) projects with VND32,395 billion of investment capital.

Mr. Le Van Tue, Director of the Economic and Industrial Zones Authority, in the coming time, the authority will intensify investment promotion activities, take advantage of central support to reach prestigious, capable and financially viable corporations, infrastructure investors and secondary investors to motivate robust development in industrial and economic zones, and cooperate with foreign promotion organizations to boost its investment promotion. In particular, the Provincial Party Committee of Thua Thien Hue issued Conclusion 14-KL/TU dated July 20, 2016 on renovating and improving the efficiency of investment and investment promotion in 2016 - 2020. Accordingly, the province will focus on calling on strategic investors to draw more supporting vendors to the province.

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