Chairman of the Phu Yen People’s Committee Pham Ngoc Chi has stated the province will simplify its administrative procedures and make site clearances easier and will provide incentives for investors doing business in the coastal southern central province.

Addressing the Phu Yen investment-tourism promotion conference held in Hanoi on Oct. 7, Chairman Chi called on businesses to invest in petrochemicals, mining, minerals processing, coastal tourism, agro-forestry-fisheries industries, hydro-electricity and transport.

At the meeting, Deputy Prime Minister Nguyen Sinh Hung called on domestic and foreign investors to put their money into central Vietnam, including Phu Yen province.

To ensure and promote a high, sustainable economic growth, the Phu Yen People’s Committee drew up a list of 34 key projects calling for investment in 2009 and 2010 with a totally estimated capital of 3.86 trillion USD.

The targeted projects have a capital scale of between 5 and 30 million USD, and focus on garments and textiles, footwear, the dairy industry, and coconut plantation and processing.

The province has so far attracted nearly 190 projects, including 33 foreign invested ones, with a total registered capital of over 16.6 trillion VND and 7.9 billion USD.

Phu Yen ranked seventh amongst the top 10 destinations for foreign investment in Vietnam , according to the Ministry of Planning and Investment’s review on 20 years of attracting foreign investments (1988-2008).

To make the province more attractive in luring in investment, the Vietnam National Administration of Tourism plans to help travel agents develop tours that focus on Phu Yen, and expand overland tours from Laos , Cambodia and north-eastern Thailand to Phu Yen and other coastal southern central provinces via the border gates in the central and Central Highlands regions.

Vietnam Airlines used this opportunity to announce its plan to open a direct route from Hanoi-Tuy Hoa-Hanoi three times a week from Oct. 24, making it easier for investors to seek out partners and do business.

With nearly 200km of coastline and beautiful bays and beaches, Phu Yen has a lot of potential and advantages to develop its economy, particularly tourism. The province’s Xuan Dai Bay is being filed for UNESCO’s recognition as one of the world’s most beautiful bays.

Phu Yen has completed its basic infrastructure system with a convenient transport network, a modern sea-port, ship-yards and other forms of commerce./.