Nam Phu Yen Economic Zone is one of eight key coastal economic zones of Vietnam, with a favorable location and natural conditions to become an industrial hub and important seaport of the Southern Central Coast and the Central Highlands. The economic zone is also the “heart” and driving force of Phu Yen development in the coming years, said Mr. Nguyen Xuan Hung, Director of the Phu Yen Economic Zones Authority.
Deputy Prime Minister Tran Hong Ha conducts a survey of Bai Goc port, an important component of the Nam Phu Yen Economic Zone, March 2024
Could you tell us the factors that make Nam Phu Yen Economic Zone attractive to businesses and investors?
Nam Phu Yen Economic Zone is one of eight key coastal economic zones in Vietnam, a connection hub for international shipping and trade and the closest gateway to the sea for the Central Highlands of Vietnam and the junction of Vietnam, Northeast Laos and Cambodia. The economic zone offers access to all types of transportation such as roads, railways, airways and waterways, and enjoys many investment incentive policies from the Government. Nam Phu Yen has Tuy Hoa Airport, Bai Goc deepwater seaport, Vung Ro Port and a passing highway, endowed with various potential advantages for large projects, especially petrochemical refining, metallurgy and energy. Furthermore, Nam Phu Yen Economic Zone is combined with Van Phong Economic Zone (Khanh Hoa province) to form a large-scale Nam (South) Phu Yen - Bac (North) Khanh Hoa economic region to create development links for provinces and cities in the Southern Central Coast and the Central Highlands.
With the efforts of the entire province to improve policy mechanisms, planning, infrastructure investment and investment promotion, after 15 years of operation, what outstanding investment attraction results has Nam Phu Yen Economic Zone achieved?
Since its establishment, Nam Phu Yen Economic Zone has developed significantly with relatively synchronous infrastructure including coastal roads, East - West roads, inter-regional roads and Nam Tuy Hoa Urban Area. Phu Yen Economic Zones Authority has also focused on planning projects, including both subdivision planning and detailed planning, in Nam Phu Yen Economic Zone. To date, the economic zone has attracted 55 investment projects with a total investment capital of VND3,984 billion and US$27 million, which registered to hire 231.5 ha of land. The projects have contributed to the province’s socioeconomic development.
Carrying out Plan 219/KH-UBND dated December 21, 2021 of the Provincial People's Committee on implementation of Action Program 10-CTr/TU dated August 18, 2021 of the Provincial Party Committee on marine economic development associated with strong investment attraction, especially into Nam Phu Yen Economic Zone, the province has managed to entice some large investors to study and propose investment in projects such as 1,080-ha Hoa Tam Industrial Park Infrastructure Investment and Construction Project with a total investment fund of VND13,300 billion, 220-ha Bai Goc Port Project with VND24,000 billion of investment capital, a 498-ha iron and steel complex project in Hoa Tam Industrial Park with a total investment fund of VND86,000 billion, and a 251.6-ha high-tech industrial park project with VND2,550 billion of investment.
According to the approved Phu Yen Provincial Plan for the 2021 - 2030 period, with a vision to 2050, Phu Yen province will tap local potential advantages to boost economic development with three pillars: Industry (metallurgy, petrochemical refining and energy), high quality service tourism, high-tech agriculture, and maritime transport and logistics. Particularly, Nam Phu Yen Economic Zone will be the heart and driving force to promote the province’s socioeconomic development. Could you please tell us more about this development vision?
Phu Yen Provincial Planning for the 2021 - 2030 period, with a vision to 2050, states that Nam Phu Yen Economic Zone with the core of Bai Goc deepwater port and Hoa Tam Industrial Park will promote the local advantage of proximity to international maritime routes to entice investors of metallurgy, petrochemical and energy projects.
The revised master construction planning of Nam Phu Yen Economic Zone to 2040 approved by the Prime Minister (Decision 1226/QD-TTg dated October 24, 2023) states that constructing and developing Nam Phu Yen Economic Zone into a multi-industry, multi-functional economic zone, driven by high-tech industries and seaport-related industries, focusing on attracting petrochemical refining, metallurgy, energy and other projects into Hoa Tam Industrial Park to unlock the potential of Bai Goc Port as per Decision 1579/QD-TTg dated September 22, 2021 of the Prime Minister on approval of Vietnam seaport system development planning in the 2021 - 2030 period, with a vision to 2050. The economic zone will create a strong catalyst for breakthrough socioeconomic development in the Southern Central Coast and form development links for provinces in the Southern Central Coast and the Central Highlands.
Accordingly, Nam Phu Yen Economic Zone will be the heart and driving force to promote the province's socioeconomic development, with the development of industries and seaports being the nucleus of growth, creating new motivation for the province's socioeconomic development in the coming time.
To enhance the appeal of Nam Phu Yen Economic Zone, what solutions will Phu Yen Economic Zones Authority advise to facilitate businesses and investors?
To effectively exploit and promote potential advantages, draw investment flows and support investors and businesses to study and register investment projects in Nam Phu Yen Economic Zone, the Phu Yen Economic Zones Authority will focus on carrying out following key services and solutions in the coming time:
First, urgently developing zoning plans and detailed plans for functional areas of Nam Phu Yen Economic Zone to provide a framework for attracting investment in projects.
Second, promoting investment attraction into Nam Phu Yen Economic Zone according to the list of investment attraction projects in the 2024 - 2030 period as approved by the Provincial People's Committee (in Decision 236/QD-UBND dated February 29, 2024), focusing on dynamic investment projects such as Hoa Tam Industrial Park infrastructure projects, Bai Goc Port infrastructure project, the iron and steel complex in Hoa Tam Industrial Park, high-tech industrial parks, petrochemical refinery complex (eight million tons a year) in Hoa Tam Industrial Park.
Third, supporting investors and businesses to promptly remove difficulties and obstacles in investment registration, implementation and operation, especially in land compensation and site clearance to speed up project implementation.
Fourth, coordinating with the Department of Labor, Invalids and Social Affairs and local vocational schools to train skilled workers for motivational projects when they are deployed.
Fifth, speeding up administrative reform, especially administrative procedure reform associated with digital transformation to create the most favorable conditions for businesses when they invest in Nam Phu Yen Economic Zone.
Thank you very much!
By Duy Anh, Vietnam Business Forum
Vietnamese
October 2024
Hanoi