HÀ NỘI — Quy Nhơn City-based Phú Mỹ Group JSC has received in-principle approval from the Bình Định People's Committee to develop the first phase of Phú Mỹ Industrial Zone in the province.

The project, expected to cost over VNĐ4.56 trillion (US$62 million), will span over 437ha in Mỹ An and Mỹ Thọ communes, Phú Mỹ District. 

The zone's development will be carried out in two phases over five years, with construction beginning in early 2025. Its core infrastructure, including power and water supply systems, wastewater treatment and transportation networks, is expected to be completed by late 2027.

Additional technical infrastructure and landscaping will follow, ensuring full operational capacity by early 2029.

The provincial Department of Planning and Investment said this year Bình Định will continue efforts to attract domestic and international investors with strong financial capabilities.

Key investment sectors include high-tech industries, processing and manufacturing and supporting industries, all aimed at enhancing economic competitiveness and industrial value.

Additionally, the province plans to boost infrastructure development, high-end tourism, modern logistics and urban expansion, further solidifying its position as a growing economic hub.— VNS