More Impetus for Industrialisation & Modernisation

With abundant potential, attractive advantages and special incentives, Nam Phu Yen Economic Zone has quickly become the first choice for many investors. Mr Truong Phuoc Cuong, Director of Phu Yen Economic Zone Management Board, said, the management board is monitoring and speeding up the 2,151-ha Hoa Tam Industrial Park project invested by Hiep Hoa Phat Joint Stock Company at a cost of VND10,000 billion (including 855 ha for multi-industry zones, 1,080 ha for oil refinery and 220 ha for Bai Goc port); the 320-ha and VND8,837-billion nontariff zone infrastructure construction project invested by Ho Chi Minh City Infrastructure Investment and Development Company; the 20-ha and VND588.66-billion RBS factory construction project undertaken by Infrastructure Investment & Development Company; and Falcon - Vung Ro shipyard project.

 

Besides, in the second quarter of 2011, two fresh investment projects were registered in Phu Yen province-based industrial parks, bringing the total number of projects in industrial parks to 73 with a combined registered investment capital of VND1,568.63 billion and US$30.281 million and a total area of 228.87 ha. To date, 56 projects have gone into operation, three are under construction, and 14 are in the process of investment preparation. Investors have disbursed VND830.21 billion and US$8.855 million on their projects. Business operations by companies in industrial parks continue progressing well. Revenues made by companies in industrial parks were estimated to reach VND761.6 billion in the first quarter of 2011, up 30.1 percent year on year; and export turnover was forecast at US$28.1 million, up 35.1 percent. Companies in industrial parks employed 6,112 workers at the end of the first quarter.

 

Mr Cuong said, last year, Nam Phu Yen Economic Zone and industrial parks in the province attracted some projects which are major forces for economic zone development, including Vung Ro oil refinery in Hoa Tam Industrial Park, RBS factory construction project, and the nontariff zone infrastructure construction project. In 2011, to attract more investment capital into Nam Phu Yen Economic Zone and industrial parks, the Management Board will continue applying more aggressive measures to improve the investment environment like reforming administrative procedures, strengthening investment promotion activities, and proposing that provincial leaders apply more favourable mechanisms for investors. In addition, the Management Board will provide preference mechanisms and policies and investment supports of the State and the province dedicated to projects in industrial parks and economic zones. It will coordinate with relevant agencies and localities to remove difficulties and obstacles and support investors when they register to do business in the province.

 

The Management Board has built and applied the ISO9001:2008 quality management system to public administrative services and consolidated personnel apparatus to improve the service quality for investors and enterprises.

 

Besides the Management Board of Nam Phu Yen Economic Zone will speed up construction and completion of incomplete items, start up six new infrastructure items (phase 1), including a road linking National Road 1A (in Dong My) with Hoa Hiep Industrial Park, a road connecting National Road 1 (in Phu Khe) with Hoa Tam petrochemical zone - Phuoc Tan Bai Nga, a road that links Provincial Road 645, National Road 1A and the high-tech zone, a road that links National Road 1A with the coastal road (in Da Nong), and a road from National Road 1A to Hoa Hiep 2 Industrial Park. The board also accelerates the construction of existing roads like Ba Bang - Hoa Hiep Trung road and a link road to Tuy Hoa Airport.