The Vung Ro Port in the South Phu Yen Economic Zone. — Photo congluan.vn

The south-central province of Phu Yen is encouraging domestic and foreign businesses to invest in Hoa Tam Industrial Zone, Bai Goc Port and a hi-tech park all located in its southern area, according to the provincial People’s Committee vice chairman Nguyen Chi Hieu.

Hieu told online newspaper baodautu.vn that many investors have shown interest so the province needed to develop criteria to select investors with experience, financial capacities and effective project plans.

The committee has assigned Phu Yen Economic Zone Authority to draw up a draft set of criteria for selecting investors and granting in-principle approval for these projects, the vice-chairman said, adding that the board was collecting opinions from relevant departments and localities on the draft.

As of last year, the province's economic and industrial zones had lured 100 projects with a total investment of nearly US$520 million, statistics from the committee revealed.

Of the total, 75 projects have been operational, generating more than 8,000 local jobs while the remaining projects are fulfilling investment procedures.

The province is determined to improve its business climate and attract capable investors who can help exploit its untapped potential, local authorities have said.

With a strategic geographical location, Phu Yen has a road system that is part of the national north-south route as well as railway, aviation, and sea routes. It also boasts diverse natural resources to develop the sea-based economy, tourism, hi-tech agriculture, mining, and renewable energy. — VNS