Chu Lai OEZ Joining Forces with Businesses for Success

9:50:13 AM | 5/25/2020

Since its inception, Chu Lai Open Economic Zone (OEZ) has attracted a lot of projects, including gigantic projects of national and international stature. With its open investment attraction approach, Chu Lai OEZ is willing to welcome investors with its most practical and effective policies.

Being the first coastal economic zone established on June 5, 2003 and selected by the Government as one of eight key national economic zone groups, Chu Lai OEZ has grown up with sharp changes. Mr. Le Vu Thuong, Director of Chu Lai Open Economic Zone Authority, proudly said, “Chu Lai OEZ already rose to a new high, deserved to be one of key economic zones of the central coast and a leading economic locomotive of Quang Nam province. 2016-2019 was a boom period for Chu Lai OEZ and 2017 was considered a year of great success when the authority advised the Provincial People’s Committee on investment policies, signed a strategic investment agreement to draw US$15 billion out of US$16 billion at the Quang Nam Investment Promotion Conference, licensed 27 investment projects with a total registered capital of over US$2 billion, 20 times more than in 2016. This was the biggest value of a year in the past 15 years.”

Currently, Chu Lai OEZ has nine licensed industrial sections, including six in operation and two under construction. As of December 31, 2019, the province had 170 projects with a total investment capital of over VND116.02 trillion (more than US$5.36 billion), of which the industry accounted for 65% and trade and services accounted for 35%. Tenants paid VND13,289 trillion to the State Budget, accounting for about 60% of the province’s fiscal revenue. Authorities consistently focus on administrative reform; this is one reason investors choose Chu Lai OEZ to locate their investment projects, he said. By the end of 2019, the authority received, solved and delivered 628 administrative procedures, with 97.7% settled in time. The time required to complete administrative procedures is 30% lower than the regulatory time.

Carrying out Resolution 08-NQ/TU of the 9th Provincial Party Committee (20th term) on building a synchronous and effective infrastructure system to make Quang Nam a modernized industrial province, Quang Nam invested and mobilized capital sources for many important projects in 2020. Before this situation, Quang Nam province advocated developing Chu Lai OEZ to attract investment funds for key projects stated in Conclusion 25-KL/TU and Notice 296-TB/TU. Two groups of projects have gradually shaped the investment picture here: The group of garment and textile projects (27 projects, including 22 operational projects) and automobile engineering projects (33 projects in operation). Other groups of projects are being prepared and accelerated in the 2021-2025 stage.

In Decision 1737/QD-TTg on general construction planning of Chu Lai Open Economic Zone to 2035, with a vision to 2050, Chu Lai Open Economic Zone will be a multi-sector coastal economic zone, one of major development centers of the central key economic region, with comprehensive development according to urban development planning, automotive mechanical engineering, gas - electricity, garment - textile centers, high-tech agriculture. This will be a tourist service center, developed with Chu Lai Airport and Ky Ha - Chu Lai Seaport.

In order to achieve these goals, in the coming time, the authority will zone areas for given purposes, and invest in technical, economic, cultural and social infrastructure systems. “Chu Lai Open Economic Zone has most favorable conditions to become a vibrant, influential multi-industry coastal economic zone that produces a high effect on Vietnam and ASEAN. In the future, the economic zone is confident to draw many foreign transnational investors with strong finance and huge influence on regional development. Chu Lai OEZ always welcomes investors and pledges to join forces with investors to achieve success and integrate the Industrial Revolution 4.0,” he said.

Source: Vietnam Business Forum