Additional US$120Mln Licensed in Central EZ

Ten investors May 16 received investment licenses for projects worth a combined US$120 million in the rapidly growing Dung Quat economic zone, home to Vietnam’s first oil refinery, in central Quang Ngai province, state media reported.

 

The investment, with up to eight domestic projects, brought the total number of valid foreign and domestic invested projects in the zone to 120, capitalized at US$5.4 billion. This promises a bright future for Dung Quat’s investment attraction.

 

Dung Quat EZ, well-known for big projects such as Vietnam National Oil and Gas Group’s US$2.5 billion oil refinery, Tycoons Group’s US$1 billion steel project and Vietnam Ship Industry Corporation’s US$700 million ship building complex, is becoming an idea location for foreign investors.

 

Enterprises in the zone obtained industrial production value of VND122.4 billion (US$7.6 million) and export turnover of US$8.8 million between January and March this year, fulfilling 22 per cent and 29.6 per cent of the year’s plan respectively.

 

So far, 33 projects are already operating in the economic zone.

 

By late last year, some 500 foreign and 1,000 local workers lived and worked in the zone. The number is forecast to reach 25,000, including 5,000 foreigners by 2010, and 100,000, including 10,000 foreigners by 2015. (Vietnam Economic Times, VNA)