Drawing Investment, Wakening Economic Potential

Previously, National Road 1A and the passing North - South Railway were almost the only ways to reach Phu Yen province, but its traffic system is now diverse. Apart from the highway and the railway, Phu Yen province now has National Road 25 linking to Gia Lai province, National Road 29 heading to Dak Lak province, Vung Ro deepwater seaport capable of receiving ships of 5,000 DWT, and Tuy Hoa Airport. The province is considering and surveying the construction of Bai Goc Port capable of serving vessels of 250,000 DWT. Besides, Phu Yen is proven to have the most favourable position for opening East-West Railway to link the Central Highlands of Vietnam with Laos, Cambodia and Thailand. This route has the least passes and grades among the current possible routes in central Vietnam. With these conditions, the province has enough elements to become a new gateway to the Central Highlands.

 

Particularly, the province is building 20,730-ha Nam Phu Yen Economic Zone for various industries, including petrochemical and oil refining. As an important development pillar, an international trade centre, an industrial centre and a big port complex for Southern Central Coast and Central Highlands with a relatively complete infrastructure, Phu Yen now has five industrial parks covering 1,462 ha in total, and various industrial complexes with an individual area of 10-20 ha across the province.

 

Besides, Phu Yen High-tech Agricultural Area, approved by the Prime Minister for establishment, has an area of 1,080 ha, including 460 ha in the first phase. The area aims to develop high-tech technology in agriculture to raise productivity, quality and high added value and build high-tech applied agricultural production models to deploy in Phu Yen and other central coastal provinces.

 

Phu Yen is rich in natural resources, including land, forests, minerals and water, especially marine resources. The coast is approximately 189 km long and has many bays and lagoons. Together with brackish intertidal areas, nutrient-rich estuaries have created typical ecological areas such as estuaries, lagoons and gulfs. This creates very favourable conditions for Phu Yen to develop export-oriented aquaculture.

 

It has a fishing ground covering approximately 6,900 square kilometres where a lot of highly valued maritime creatures are found, including crabs, lobsters and oysters. Along Phu Yen Coast lies some islands like Cu Lao Mai Nha, Hon Yen and Hon Chua where fish lay eggs and grow up. Once tapped, these are also good marine resorts

Phu Yen has many bays and lagoons with unspoiled natural beauty such as Cu Mong Pond, Xuan Dai Bay, O Loan Pond and Vung Ro Bay; many beautiful beaches like Bai Bang, Bai Bau, Bai Rang, Bai Nom, Bai Tram, Bai Tu Nham, Long Thuy, Bai Tien, Bai Mon and Bai Xep; many cliffs like Da Dia, Do, Dua and Yen; and many islands like Nhat Tu Son, Mai Nha, Chua, Than, Dua and Nua.

 

Lying in the middle of the country, serving as an important gateway to the Central Highlands and the Cambodia - Laos - Vietnam Development Triangle and having many landscapes and beaches together with gradually synchronised infrastructure like Tuy Hoa Airport, Vung Ro Seaport, Bai Goc Port, and tunnels via Ca Pass and Cu Mong Pass, Phu Yen province has the necessary conditions to attract new investment capital in the coming time.

 

To lure more investors, the province has focused on boosting investment promotion and external affairs. Every year, the province’s leaders host meetings with many domestic and foreign investors; strengthen cooperation with other localities in Central Coast and Central Highlands; consolidate cooperation with central authorities, Vietnamese embassies in foreign nations, foreign embassies in Vietnam, and other entities to supply information on the province’s potential, mechanisms and policies, list of projects calling for investment capital.

 

Mr Le Tan Ho, Director of the Department of Planning and Investment, said Phu Yen province needs sufficient policies, plans and solutions to lure investment capital to tap local conditions. He said the department has advised the provincial government to review and plan investment attraction fields, infrastructure for investors, and investment support policies. The department has also enhanced its competence of appraising investors, carrying out new investment promotion solutions, approaching new potential investors, and drawing driving projects. The department has stepped up reforming administrative procedures to better assist investors to settle every issue in the quickest manner.

 

Last but not least, Phu Yen province needs to utilise every support from central authorities, associations, embassies and commercial counsellors to introduce the image of Phu Yen to domestic and international investors and use every available resource, especially social investment, to strengthen infrastructure networks to serve economic development and create the best investment environment for investors in Phu Yen.