Thang Long - Hanoi

Vung Ang economic zone grows into national industrial centre
21/07/2013 | 18:00:31
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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 Laos.

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 billion USD.

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
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