ince established on March 11, 2005 in accordance with Prime Minister’s Decision No. 50/2005, Dung Quat Economic Zone, Quang Ngai Province has been partly contributing into the development of Quang Ngai’s economy and society and playing a key role for the transformation of provincial industry.
Stages of Dung Quat site’s development
In 2005, the site saw mostly the construction of infrastructure systems, the
site embankment of the Vietnam’s first refinery namely Dung Quat Oil Refinery. It was recorded that the site had only 10 small-scale projects in fields of processing construction material, paper pulp, ect. invested by Vietnamese investors.
The period between 2006 and 2010 was said to have been a sharp increase of investment in the site with as many as large-scale multi-billion USD projects licensed such as Doosan Heavy Industry Complex (Doosan Vina) invested by Doosan Group (Korea), Dung Quat Shipyard, Dung Quat Oil Refinery, and so on.
Compared to previous period, the investment, from 2011 to now, has been moved slowly, but this stage is valued to have been a breakthrough of industrial production, creating high achievement in tax revenue and export turnover.
Particularly, the multi-million FDI project namely Vietnam-Sigapore Industrial Park invested by Sembcorp Group (Singapore), the 1,200 MW Thermal Power Plant with a registered capital of 2.5 billion USD capitalized by Sembcorp Group, and the project of expanding Dung Quat Oil Refinery invested by PVN all are expected to be a launching pad of the sharp development in DQEZ in the next period 2016-2020.
According to a source from DEZA – Dung Quat Economic Zone Authority, the site has so far owned 122 licensed projects worth about 10.4 billion USD.
Of which, there are 22 FDI projects worth over 3.8 billion USD and 100 projects invested by domestic investors with a total registered capital of over 116 trillion VND.
The total implemented capital of all projects has been recorded to be 4.85 billion USD, reaching 46.6 percent of total registered investment.
DQEZ’s contribution to provincial development
The development of Dung Quat Economic Zone has evoked potentials and effectively exploited the advantages of geographical location, natural resources, land and sea ports.
It partly made the transformation of provincial GDP structure by increasing industrial proportion;contributed into poverty reduction; provided high revenue to provincial budget annually; and created jobs for local labors.
The value of industrial production, im-export turnover in Dung Quat site covered over 80 percent of whole the province.
DQEZ is right-now a hub of large-scale industrial production, especially the refining and petrochemical industry – the key targeted industry in the period of modernization and industrialism.It is considered one of the pioneers and economic success in the country. This is the basis for developing DQEZ to be a nucleus growth in Quang Ngai Province and in the key economic central region of Vietnam.
The target of 13 billion USD
A source from DEZA said that it targeted to lure 13 billion USD of investment to the year 2020, of which the total implemented capital is planned to be 10 billion USD.
Moreover, the growth rate of industrial production value and services is estimated to be 3% or 4 per year; tax collection revenue in the province is projected to reach 35,000 billion; goods through the port is expected to achieve 18 million tons per year; 35,000 workers are estimated to have jobs; and im-export turnover is targeted to reach 600-800 million USD.
To achieve above targets, DEZA identified to continually focus on attracting investment; to remove difficulties and problems of businesses related to the inadequacy of mechanisms and policies; to focus on the maximum use of all resources for the investment and development in the zone; to continually promote the role of deep-sea port in attracting investment in heavy industry
projects; to establish the Petrochemical Center and the National Energy Center in the site as approved by the State Government.
Minh Chau
Đăng ký: VietNam News