The 7-year-old Vung Ang Economic Zone (EZ) in the central province
of Ha Tinh has gradually taken shape as a large-scale industrial
centre serving both the central region and the country at large.
The Government has selected Vung Ang as one of five key coastal
economic zones for priority investment in the 2013-2015 period.
At an advantageous location for transport and steel industry, the EZ
has become the home of many important national projects in energy, steel
and oil refining.
The Vung Ang-Son Duong deep-sea port,
the deepest in the northern central region, can accommodate ships
of up to 300,000-500,000 tones. It is also located on the main maritime
routes to South Asia, North America and Europe. In addition, Vung
Ang is the gateway to the sea of the land-locked neighbouring country of
Sixty kilometres to the north of Vung Ang EZ is the Thach Khe iron mine, which is one of the largest in Southeast Asia .
The mine has reserves of 544 million tonnes of iron, accounting for 60
percent of total national iron reserves. Infrastructure at the mine is
under construction, paving the way for the steel industry to develop in
Vung Ang EZ.
More than 200 businesses have been licensed to do
business and invest in Vung Ang EZ with a total registered capital of 16
A number of key projects are close
to completing , including the 1,200 MW Vung Ang 1 thermo-electric power
plant, which has an investment capital of 1.5 billion USD, and the Son
Duong Formosa steel and seaport complex, which has received initial
capital worth almost 10 billion USD.
Many other large-scale
projects are completing procedures for investment licences such as a
12.4 billion USD refinery, a 5 billion USD steel plant and the 2.5
billion USD Vung Ang II thermo-electric power plant.
Additionally, a large number of potential domestic and foreign
investors are also seeking business opportunities in the zone.
According to Le Trung Phuoc, Deputy Director of the Ha Tinh Department
of Planning and Investment, the locality attaches importance to
attracting investment from multinational groups, aiming to access their
new technologies and learn more about management.
At the same time, small- and medium-sized businesses are encouraged to invest in supporting industries and services.-VNA