The Dung Quat Economic Zone (DEZ) with the 3 billion-USD Dung Quat Refinery as its heart can be said to be the driving force of economic development in the central province of Quang Ngai.

The DEZ has also attracted several large-scale projects, thus becoming one of the central region’s most attractive investment destinations, contributing to economic development in the locality and the region at large.

The first 10 months of this year saw 10 projects granted licences to operate in the Zone with a combined capital of over 1 trillion VND (47 million USD), a ccording to Le Minh Huan, Chairman of the provincial People’s Committee. Three of these projects are invested by foreign investors.

Three other projects worth over 4,000 trillion VND (188 million USD) are expected to be granted licences in the remaining months of the year, Huan added.

After 18 years of development, the zone has attracted 120 projects with a total registered capital of 8.5 billion USD and disbursed capital worth 4.85 billion USD.

In 2013-2014, the Zone’s management board enhanced its investment promotion efforts, both domestically and abroad, by participating in workshops to introduce the park to leaders in the support industries and agricultural sector in Japan and the Republic of Korea (RoK).

At the same time, many delegations from the Japan External Trade Organisation (JETRO), and businesses from Japan, the RoK, the US and Singapore, along with other international and domestic firms, undertook fact-finding tours to the province to seek investment opportunities in the DEZ as well as in other local industrial parks.

Yasuzumi Hirotaka, CEO of JETRO said following his tour that Quang Ngai is one of the most popular destinations for Japanese firms to invest in, and his agency would serve as a bridge to introduce the locality’s potential to more Japanese investors.

There have been positive signals in attracting investment into the DEZ in recent times, as a number of international businesses have affirmed their intention to deploy large-scale projects in the zone in many fields, especially thermo-electric power generation, gas-power, and wood-pulp.

Japan’s Sojitz Group is planning to team up with India’s JK Group to build a wood-pulp plant in the DEZ with a capacity of 150,000 tonnes per year.

At the same time, preparations are under way for two key projects worth approximately 4 billion USD, which are the Dung Quat Thermal Power Plant (2.2 billion USD) and the expansion of the Dung Quat Oil Refinery (1.8-2 billion USD).