A view of Nghi Son EZ. — Photo baothanhhoa

It will include 66,497ha of the mainland and island and 39,502ha of the water surface, the decision, announced by the central province's authorities on June 28, said.

The mainland and island will comprise the entire Tinh Gia district, three communes of Nong Cong District and three communes of Nhu Thanh District.

The EZ will be expanded to transform it into a multi-sector industrial area, with focus on petrochemical refineries and basic industries such as steel, shipbuilding and repair, electricity and construction material production, as well as consumer goods and processing of agro-forestry and fisheries products.

The EZ's targets towards 2025 are to improve its business climate, implement key socio-economic infrastructure projects and attract more domestic and foreign investors.

Beyond 2025, it is hoped the zone will see comprehensive development in industry and services, and in commercial, financial, cultural-social and tourism sectors, while ensuring security and defence.

Green and modern urban areas will also be developed within the Nghi Son EZ.

On the same day, the local authorities announced the PM's approval of the revised development plan for industrial zones in Thanh Hoa towards 2020. Under the plan, three industrial zones will be expanded. These are the Bim Son IZ (from 450ha to 1,000ha), Lam Son-Sao Vang IZ (from 200ha to 2,000ha) and Le Mon IZ (from 62ha to 87.6ha).

The plan will add five new IZs in the province with a total area of more than 1,000ha.

Addressing a ceremony held to announce the PM's decision, Chairman of the provincial People's Committee Nguyen Dinh Xung said the expansion of the Nghi Son EZ and revised planning of IZs in Thanh Hoa would open more opportunities for the province's development, but would also bring certain challenges.

He said the management boards of EZ and IZs and relevant agencies should to continue improve the business and investment environment, and take measures to invite more investment to IZs and EZs.

They were also instructed to review, adjust and complete policies relating to relocating residents and supporting job replacement when their land were revoked for the expansion of EZs and IZs.

The Nghi Son EZ, established in mid-2006, is about 200km to the south of the capital city of Ha Noi. It is now home to 134 projects, including 124 domestic projects, with a total registered investment of VND96.9 trillion ($4.44 billion).

In 2014, the zone attracted 41 new domestic projects with a total registered capital of more than VND3.1 trillion ($142 million), and three foreign-invested projects worth $40.5 million. In the same year, it generated VND18 trillion ($825 million) in revenue and created jobs for about 63,000 people.

The Nghi Son EZ also houses the Nghi Son seaport and the Nghi Son oil refinery and petrochemical complex, the largest of its kind in Southeast Asia and the largest foreign direct investment project in Viet Nam, with a registered capital of more than $9 billion. — VNS