Vung Ro oil refinery project is expected to begin in August, according to People's Committee of Phu Yen Province. The central coastal provinces have attracted foreign direct investment in big projects, boosting their socio-economic development. — Photo vnexpress.net

HA NOI (Biz Hub) — Vung Ro oil refinery project, with nearly US$3.2 billion investment from the UK's Technostar Management Ltd, is expected to begin in August, according to People's Committee of Phu Yen Province.

At the moment, Phu Yen has handed over more than 134 hectares of land at Bai Goc port to Vung Ro Petroleum Ltd. The remaining land of the project, which covers over 400 hectares, will be cleared soon so that the investor can start the project.

Nguyen Ngoc An, deputy chairman of the People's Committee, expressed his expectations on the project's contribution to the socioeconomic development of the province. He committed to bringing the best conditions for investors to begin the constructions.

As planned, when put into operation, Vung Ro oil refinery will contribute to the state budget approximately $111 million per year and provide jobs for 1,300 employees. The refinery will also provide oil for Vietnamese market, which now depends mostly on exports from abroad.

Dau Tu (Investment) newspaper reported that not only Phu Yen but also other central coastal provinces have attracted billion-dollar foreign direct investment (FDI) projects.

Last week, the People's Committee of Binh Dinh Province met Thailand's top energy firm PTT to discuss on Nhon Hoi oil refinery. The Thai investor is expected to invest $27 billion in the project.

"Once Nhon Hoi oil refinery project is passed, it will bring many advantages to attract investment in the supporting industry for oil refinery and related services," stated Man Ngoc Ly, head of the management board of Nhon Hoi economic zone.

Along with Dung Quat oil refinery in Quang Ngai Province and Nghi Son oil refinery in Thanh Hoa Province, the constructions of these projects will contribute to shaping oil refinery industry in Viet Nam.

Tran Duy Dong, deputy head of the Economic Zone Management Department under the Ministry of Planning and Investment, stated that the central coastal area had potential to attract investment and develop other industries such as electricity, iron and steel, tourism and seafood processing.

Le Van Dung, deputy head of the Dung Quat Economic Zone, stated that projects including Guang Lian steel and Semcorp thermoelectricity will boost the socioeconomic development of Quang Ngai Province in particular and of the central coastal area in general.

For Semcorp thermoelectricity, the People's Committee of Quang Ngai Province will complete necessary procedures and hand over the site to investors in 2016 so that construction can be completed and operations can begin in 2019, according to the committee's acting chairman Le Quang Thich. — VNS