In 2017, Dung Quat Economic Zone (EZ) and Quang Ngai Industrial Parks (IPs) started its cause of attracting investors with the advent of Hoa Phat Group investing in Hoa Phat Dung Quat Integrated Iron and Steel Complex with a total registered capital of VND60 trillion. This heralded a new cycle of accelerating investment attraction-the basis for the continued development of Dung Quat Economic Zone – the nucleus of economic growth in central Vietnam.
Complete infrastructure and mechanism
Planning is always seen as a key work by Dung Quat Economic Zone and Quang Ngai Industrial Parks Authority. To date, Dung Quat Economic Zone has completed the detailed planning of functional zones, including Van Tuong Urban Area – a modern project to fit the global urbanisation trend.
Reforming the management model, carrying out cooperation mechanism and settling documents and procedures according to the one-stop single-window mechanism has helped investors to quickly resolve requirements of investors. In particular, the operation of One-stop Single-window Office at VSIP Quang Ngai Industrial Park is always highly appreciated by investors.
Investment attraction gathers pace
In particular, the authority recently granted a licence to VND60-trillion (US$2.7 billion) Hoa Phat Dung Quat Integrated Iron and Steel Complex, invested by Hoa Phat Group. This is considered a breakthrough in investment attraction into Dung Quat Economic Zone. Additionally, Dung Quat Economic Zone and Quang Ngai Industrial Parks Authority is promoting a number of energy and petrochemical projects with potential investment value of billions of US dollars. Moreover, Dung Quat oil refinery project is being upgraded and expanded with a supplemented capital of US$1.82 billion.
Up to now, 138 enterprises have been operating 163 projects, including VSIP Quang Ngai Industrial-Urban-Service Complex; Hoa Phat Dung Quat Integrated Iron and Steel Complex; Dung Quat Industrial-Urban Zone; Doosan Vina Heavy Industries Plant that manufactures mechanical products such as boilers, cranes, water filters for fresh water; post-petrochemical, plastic resins and packaging projects; wood chip factories; garment, footwear, textile dyeing projects; bottled drinking water projects; shipbuilding and ship repairing project; port, transportation and warehousing services projects; restaurants, hotels and others.
In 2016-2020, Dung Quat Economic Zone and Quang Ngai Industrial Parks expect to draw US$3-5 billion of investment capital, with 60 per cent – 70 per cent disbursed. The industrial production growth will stay at 3-4 per cent a year; cargo throughput at their ports exceeds 17 million tonnes a year; and export turnover will exceed more than US$500 million. By 2020, Dung Quat Economic Zone and Quang Ngai Industrial parks will pay VND35 trillion to the State Budget and generate about 35,000 jobs.
While speeding up infrastructure investment, Dung Quat Economic Zone and Quang Ngai Industrial Parks always focus on their environment, human resources and services; carry out environmental monitoring, analysis and supervision in the economic and industrial parks and their vicinities; and collect and treat solid and liquid wastes.
Regarding human resources, tenants in Dung Quat Economic Zone and Quang Ngai Industrial Parks are employing over 30,000 workers. Dung Quat Economic Zone has two human resources training centres for businesses inside and outside the economic zone (Dung Quat Technique and Technology College and Dung Quat Labour Training and Supply Centre). Thus far, these establishments have trained over 16,000 students, including 2,174 highly skilled welders for tenants in Dung Quat Economic Zone and Quang Ngai Industrial Parks.