Investors propose to implement projects in South Phu Yen Economic Zone

Thursday, May 11, 2023 17:41

Planning map of Bai Goc Port. — VNA/VNS Photo

Many investors have proposed the south-central Phu Yen Province to approve investment policies, heard a conference held on Wednesday by the provincial Party Committee to collect opinions on the implementation of projects in Hoa Tam Industrial Park, which belongs to South Phu Yen Economic Zone.

Hoa Phat Group proposed to invest in four projects in South Phu Yen Economic Zone including an infrastructure business project in Hoa Tam Industrial Park, Bai Goc Port, Hoa Phat Iron and Steel Complex in Hoa Tam Industrial Park and a Commercial - Service Area.

The investment progress of the project is 36 months after being granted the investment policy and handing over the land.

Particularly, the project for the Commercial - Service Area is implemented synchronously with the investment of Hoa Phat Iron and Steel Complex in Hoa Tam Industrial Park and other secondary projects.

The total investment for four projects of Hoa Phat Group is estimated at about VND120 trillion (US$5.1 billion).

Labour demand for steel factories is about 12,000 people; in which, local labour accounts for 80-90 per cent. The average income of employees is about VND12 million per person per month.

The group wishes the province to update the proposals for these projects in the General Plan of Southern Phu Yen Economic Zone and the Planning of Phu Yen Province to facilitate implementation.

PETMAL Oil Holdings from Malaysia proposed to the province to build a modern refinery and petrochemical complex with a capacity of 8 million tonnes of crude oil per year.

Total project investment is expected to be about $5 billion. The land use area is 500ha and the water surface area is about 500ha.

During the operation phase, the petrochemical complex project will need about 1,200 direct workers and create indirect jobs for about 5,000 people and hundreds of product distribution services.

It is expected to contribute to the local budget about VND20 trillion after the project is put into operation.

Bai Goc Port in South Phu Yen Economic Zone had many advantages, therefore, the province determined to attract investment, said Ta Anh Tuan, chairman of the provincial People's Committee.

The proposed projects were large-scale, so the implementation process would also be difficult from the time the investment licence was issued until the project was formed, he said.

Therefore, it needed co-ordination, high determination and a clear and unified view with investors to implement, said Tuan.

The implementation process must be clear, transparent and in accordance with the provisions of law, he added.

The general view of the province is not to trade off the environment for economic development. For investors, it is also necessary to have a very clear commitment to the locality in terms of finance and implementation time; and avoid wasting resources and time. — VNS

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