An image of Nghi Son Oil and Gas Logistics Centre in Nghi Son Economic Zone. — Photo thanhhoaonline.net

HA NOI (Biz Hub) — Prime Minister Nguyen Tan Dung has decided to expand the Nghi Son Economic Zone from 18,600ha to 106,000ha in central Thanh Hoa Province.

The decision is expected to spur socio-economic development and create opportunities for the province's industrialisation and modernisation.

Established nine years ago, the zone has so far attracted 138 projects, with total registered capital of more than US$16 billion. More than 90 per cent of the area features detailed planning, and 75 per cent of the land has been rented.

A number of key projects, such as the Nghi Son Refinery and Petrochemical Complex (NSRP), Nghi Son Thermal Power Complex, Cong Thanh Cement Factory, and Nghi Son Deep Water Port, have been set up here.

The NSRP is one of the largest foreign-invested projects in Viet Nam, with capital of $9.2 billion. It's scheduled to begin operations by early 2017. Seen as a key project for energy security, it is expected to boost the country's self-supply of petrol from the current 30 per cent to 70 per cent in the future.

Meanwhile, the Nghi Son Thermal Power Complex holds total investment capital of $4.5 billion and has a capacity of 2,400MW.

The complex's Nghi Son 1 thermal power plant, invested in by the Electricity of Viet Nam, has been generating power from two turbines since mid-2014. Meanwhile, construction on the Nghi Son 2 thermal power plant, jointly invested in by Marubeni Group from Japan and Kepco from South Korea under the form of a Build-Operate-Transfer model, will begin early next year.

The Nghi Son Deep Water Port has the potential to become one of the largest seaports in Viet Nam, with a designed capacity for vessels weighing 70,000 deadweight tonnes and for loading and unloading a hundred million tonnes per year. The transport ministry expects the port to rival the growth rate of any other port in the country.

Based on the Government's approval for expanding the zone, the zone's management board said it would create a master plan and detailed plan of the functional area. The plans will be submitted to the prime minister next year.

The board will continue constructing the infrastructure, focusing on support for major projects such as the NSRP, Nghi Son 2 Thermal Power Plant and the Nghi Son Iron Cast and Steel Complex to ensure their construction progress remains steady, as a way to attract other projects in subsidiary and high tech industries. — VNS