Investors keen on metallurgy, petrochemical refining potentials in Phu Yen province: mayor

Many major investors are interested in exploring opportunities in metallurgy, petrochemical refining and industrial parks in the South Phu Yen Economic Zone (EZ), a provincial leader said Tuesday.

Ta Anh Tuan, Chairman of the south-central province of Phu Yen, said this at a ceremony held to announce adjustments to the Nam Phu Yen EZ development master plan (until 2040).

“The master plan adjustment is an important basis for the province to remove bottlenecks in attracting investment,” he said, adding it also ensures that the plan matches the national marine economy development strategy.

Under the adjusted master plan, just approved by the Prime Minister, the 20,730 hectare EZ will be developed into a multi-industry and multi-functional zone with a focus on high-tech industries and those that optimize the seaport network advantage.

It will seek to attract petrochemical, metallurgical and energy refining projects to the Hoa Tam Industrial Park and tap the potential of Bai Goc Port.

The EZ will develop there urban centers with six functional sub-areas. First, an urban area north of Tuy Hoa Airport of about 3,820 hectares; second, a coastal tourism and service urban development area covering 3,080 hectares; third, the Hoa Vinh urban area with 2,570 hectares; fourth, a tourism and service development area along the Ban Thach River with 1,860 hectares; fifth, a concentrated industrial development area of 3,150 hectares; and sixth, a southern tourism development area of 6,250 hectares.

Removing bottlenecks

Tuan said that southern Phu Yen was one of the eight key coastal economic zones in the country with a very favorable geographical location and natural conditions to become an important industrial and seaport hub of the south-central coastal and Central Highlands regions.

Along with the Van Phong EZ in neighboring Khanh Hoa province, it will form the large-scale South Phu Yen-North Khanh Hoa economic region, he said.

However, Tuan also acknowledged that the EZ has not been able to attract investment commensurate with its potential and advantages.

Therefore, the province had proposed that the Prime Minister approves the adjusted master plan because it would form an important legal basis to promptly remove bottlenecks and help the EZ attract large investors, he said.

“The South Phu Yen EZ will be the heart and driving force of socio-economic development, greatly contributing to making Phu Yen a province with a diverse and prosperous economy," he said.

Phu Yen Vice Chairman Le Tan Ho said the province registered 288 new firms in the first half of this year with a total registered capital of VND4 trillion ($168.4 million), up 53.5% year-on-year.

The 3,600 operational companies in the province with a total registered capital of VND79 trillion ($3.33 billion) earned revenues of VND16 trillion ($673.54 million) in the first half of this year, employed 70,000 people, and contributed VND1.2 trillion ($50.5 million) to the state budget, he said.