Goods are being loaded at a port in Quang Nam. The central province is calling for investments in a $1 billion gas power plant in the Chu Lai Open Economic Zone. — Photo ipaquangnam.gov.vn

QUANG NAM (Biz Hub) ― The People's Committee of the central province of Quang Nam has established a working group to attract investment for a US$1 billion gas power plant in the Chu Lai Open Economic Zone.

The committee's Vice Chairman, Dinh Van Thu, will head the zone's management board in promoting the programme; selecting a site for construction, guiding investment procedures and proposing incentives for investors.

The factory will span 500ha in the Binh Phuc or Binh Giang communes in Thang Binh District. Construction is expected to be complete within five years by a joint-venture or wholly-foreign invested enterprise.

According to the committee, developments will include a pipeline system to carry gas from the East Sea, storage, gas processing facilities, power generation and fertiliser production factories.

The province has taken steps to provide favourable policies for the project, including an 11-year exemption on land and water-surface rent, and a gradual corporate income tax rate of 20 per cent within a 10 year period.

Fixed assets such as machinery and equipment will be exempt from import duties, and site clearance and compensation costs will be partially subsidised by local authorities. ― VNS