Dinh Vu Industrial Zone Sees Positive Progress

 

In May, the Dinh Vu Industrial Zone witnessed three major events. Minh Quang Investment Limited Company inaugurated the country’s second largest Minh Quang liquefied petroleum storage in the industrial zone. This is the largest LPG store in the northern region, needing a total investment capital of VND580 billion and covering 2.28 hectares. The three-tank facility has a storage capacity of 5,000 tonnes in 2009 and 10,000 tonnes in 2013.

 

The two next events are the commencement of polyester fibre plant and the inauguration of PTSC general port.

 

The polyester fibre factory is invested by the Dinh Vu Petrochemical and Fibre Joint Stock Company (PVTex Dinh Vu), an affiliate of the Vietnam National Oil and Gas Group (PetroVietnam) and the Vietnam National Textile and Garment Group (Vinatex). This is the first polyester plant constructed in North of Vietnam at large investment scale, with advanced technology and modern equipment and with a total investment capital of US$324.85 million. Located on a total area of 15ha, the facility is designed for a capacity of 170,000 tonnes of fibres per annum and is expected to be completed by July 2011. This project will create jobs for 550 labourers.

 

The project, owned by PVTex Dinh Vu, is part of the general roadmap for Vietnam’s chemical sector development until 2010 approved by the Prime Minister. The presence of Dinh Vu polyester plant will guarantee stable, long-term sources of materials supplying for Vietnam textile and garment industry. As a result, foreign currencies will be saved; value of crude oil and petrochemical products will be increased. It will boost the development of polyester fibber industry in future and promotes economic development of Hai Phong city.

 

Prerequisite conditions for picking an investment location are proximity to liquid port, general port and good investment policy. Dinh Vu Industrial Zone satisfies all three important criteria.

 

Also in May, Dinh Vu Industrial Zone witnessed the inauguration of PTSC Dinh Vu port. The port aims to serve the oil and gas exploration and exploitation in the Tonkin Gulf and the Red River delta as well as import and export activities of businesses in the Dinh Vu Industrial Part, thus easing pressures on the Hai Phong Port.

 

The northern deepwater seaport covers an area of 138,269 square metres, including 3,240 square metres of warehouses, 64,965 square metres of open storage space and other facilities. The port, invested with VND615 billion, with VND147 billion going to pier construction, is capable of receiving vessels of up to 20,000 DWT. The deepwater seaport has created jobs for more than 200 local workers and is expected to handle 1.2 million tons of cargo a year at full capacity.

 

The port was kicked off the construction in January 2008 in Dinh Vu Industrial Zone.

PTSC Dinh Vu Port will boost capacity of the Vietnamese seaport system and facilitate operations of enterprises in Dinh Vu Industrial Zone.

 

Leaders of Dinh Vu Industrial Zone informed that a number of projects have been and will be implemented in the industrial zone. To date, Dinh Vu Industrial Zone housed 25 investors with a combined investment capital amounting to nearly US$1 billion, including four PetroVietnam affiliates like PetroVietnam Oil Corp (PV Oil), PetroVietnam Gas North Joint Stock Company (PVGASN) with a total investment of US$391.9 million.