"After 15 years of development, the Dung Quat Economic Zone has promoted economic development in the province and is considered one of the most successful and swiftly developing economic zones in Viet Nam.The economic zone has attracted 113 projects with a total registered capital of US$8.5 billion and disbursed capital worth $5 billion for 73 projects operating in the zone. "— Photo nangluongvietnam

HA NOI (Biz Hub) — Quang Ngai, the central province in Viet Nam, will further develop its industrial sector in a bid to attract more investment in the coming period, stated a provincial official.

During an online dialogue with the Cong thuong newspaper regarding the development of the industrial sector in Quang Ngai held in Ha Noi on Tuesday, Pham Nhu So, the vice chairman of the People's Committee of Quang Ngai Province and the head of the management board at Dung Quat Economic Zone, noted that after 15 years of development, the Dung Quat Economic Zone has promoted economic development in the province and is considered one of the most successful and swiftly developing economic zones in Viet Nam.

The economic zone has attracted 113 projects with a total registered capital of US$8.5 billion and disbursed capital worth $5 billion for 73 projects operating in the zone.

The first heavy industrial centre of Viet Nam was developed at the Dung Quat Economic Zone and has plants of oil refinery, thermo-electric, steel, plastic package, ship building, biofuel, paper and cement, and a system of ports and industrial services.

Last year, the total value of industrial output and commercial services in the Dung Quat Economic Zone reached VND130 trillion ($6.19 million).

Therefore, the province has invested heavily into infrastructure at industrial zones and economic zones and has targeted to achieve a growth rate of 17-18 per cent each year in the industrial sector by 2015, So remarked.

Quang Ngai plans to expand some existing economic zones to attract $5 billion more in investment capital to the industrial zone, he added.

The province has hired a Japanese consulting company to review a plan of the Dung Quat 2 deep-water port to further develop its industrial sector.

A Singaporean group has conducted an investment study in the province in order to build an electric project with a total investment of $2 billion and a Japanese investor also has a plan for building a steel factory, So added.

Tran Dinh Thien, the director of Viet Nam Economic Institute, stressed that Quang Ngai is one of the most attractive places for investment in the central region. According to the provincial competitive index (PCI) in Viet Nam, Da Nang in the central region ranks first, followed by the Thua Thien Hue Province, and Quang Ngai ranked seventh. To reach those places, the city and provinces have policies to improve the business and investment environment.

The Quang Ngai province has the advantage of having deep-water ports, attractive investment incentives, and has restructured its economy to attract more investment, Thien claimed.

Ryuhang Ha, the general director of Doosan Vina Company, emphasised that the company has chosen the Dung Quat Economic Zone to develop its project of producing heavy industrial equipment for the sector of electricity, water, and chemical treatment, since the zone offers favourable conditions in providing services related to deep-water ports that the company needs.

Dung Quat offers fast site clearances and investment incentives for enterprises, including corporate tax and individual tax, he reported.

Vu Quang Vinh, the senior marketing director of Viet Nam-Singapore Industrial Park (VSIP), stated that VSIP has invested in Quang Ngai for developing an industrial park because the province is an ideal place for manufacturing products for the markets in north and south Viet Nam, Laos, north-eastern region of Thailand, and Cambodia.

Nguyen Manh Quan, the head of the heavy industrial department of the Ministry of Industry and Trade, remarked that Quang Ngai has a geographical disadvantage, but its heavy industrial sector has developed and has large projects because the province has created conducive conditions in infrastructure, policies, and administrative procedures. — VNS