Central province of Vietnam pledges best incentives to EZ investors
The government of central Khanh Hoa province was committed to offer the most favorable conditions for investors to conduct projects in local Van Phong Economic Zone, the provincial mayor has said.
Vo Lam Phi, chairman of the Khanh Hoa People’s Committee said work on several investment projects worth billions of US dollars had recently started in the economic zone on the northern coast of the province.
Phi said the government had allowed Van Phong EZ to give the highest incentives to investors as well as to apply liberal management policies suiting international rules.
The Van Phong EZ covers 150,000ha of land and water surface in Van Phong Bay.
Close to international sea lanes to Europe-North Asia, Australia-South East Asia and North Asia, Van Phong is viewed as an international transit point as the 45,000-ha bay has an average depth of 20-27m and 6km-wide navigational passage.
The area has ideal conditions for the construction of container and oil transit ports and specialized ports for such major industrial fields as thermopower, shipbuilding, petrochemical and steel mills.
Prime ministerial decision dated April 25, 2006 specifies that Van Phong EZ would be a general economic zone with the international container port playing a key role plus the combination of different sectors like industry, tourism, services, and aquaculture.
To serve the Van Phong EZ Khanh Hoa had mapped out mammoth projects to build an international port terminal, water reservoirs, power network, roads, and residential areas.
According to the Van Phong EZ Management Unit, currently 18 large projects are being implemented there, including the construction of a luxury resort, residential areas, and a petrol and petrol and oil terminal.
Recently many giant economic groups visited Van Phong EZ to survey conditions to conduct their projects there.
They include Japan’s Sumitomo with a $4 billion project to build a 2,640MW coal-fueled power plant, and the Republic of Korea’s POSCO with an $11.5-billion project to set up a steel factory with annual capacity of 4-8 million tons.
Other foreign investors include Singaporean chemical products maker SP with a $1.2 billion petrochemical plant project and South Korean shipbuilding company STX with a $500 million shipyard project.
Sumitomo is also asking for Vietnamese government permission to join hands with the Vietnam National Shipping Lines (Vinalines) to build and exploit the international transit port terminal with estimated capital of $196 million for the initial phase.
In addition, several Vietnamese businesses have applied to conduct tourism, seaport, industrial and aquaculture projects worth hundreds of billion dong (VND1 billion = $62,562).
Vo Lam Phi, chairman of the Khanh Hoa People’s Committee said work on several investment projects worth billions of US dollars had recently started in the economic zone on the northern coast of the province.
Phi said the government had allowed Van Phong EZ to give the highest incentives to investors as well as to apply liberal management policies suiting international rules.
The Van Phong EZ covers 150,000ha of land and water surface in Van Phong Bay.
Close to international sea lanes to Europe-North Asia, Australia-South East Asia and North Asia, Van Phong is viewed as an international transit point as the 45,000-ha bay has an average depth of 20-27m and 6km-wide navigational passage.
The area has ideal conditions for the construction of container and oil transit ports and specialized ports for such major industrial fields as thermopower, shipbuilding, petrochemical and steel mills.
Prime ministerial decision dated April 25, 2006 specifies that Van Phong EZ would be a general economic zone with the international container port playing a key role plus the combination of different sectors like industry, tourism, services, and aquaculture.
To serve the Van Phong EZ Khanh Hoa had mapped out mammoth projects to build an international port terminal, water reservoirs, power network, roads, and residential areas.
According to the Van Phong EZ Management Unit, currently 18 large projects are being implemented there, including the construction of a luxury resort, residential areas, and a petrol and petrol and oil terminal.
Recently many giant economic groups visited Van Phong EZ to survey conditions to conduct their projects there.
They include Japan’s Sumitomo with a $4 billion project to build a 2,640MW coal-fueled power plant, and the Republic of Korea’s POSCO with an $11.5-billion project to set up a steel factory with annual capacity of 4-8 million tons.
Other foreign investors include Singaporean chemical products maker SP with a $1.2 billion petrochemical plant project and South Korean shipbuilding company STX with a $500 million shipyard project.
Sumitomo is also asking for Vietnamese government permission to join hands with the Vietnam National Shipping Lines (Vinalines) to build and exploit the international transit port terminal with estimated capital of $196 million for the initial phase.
In addition, several Vietnamese businesses have applied to conduct tourism, seaport, industrial and aquaculture projects worth hundreds of billion dong (VND1 billion = $62,562).