Quang Ngai authorities have granted approval for a South Korean investor to invest in the VND1,298 billion ($55.87 million) Binh Hoa-Binh Phuoc Industrial Park in the central province's Dung Quat Economic Zone.
The 249.5-hectare project, located in Binh Hoa, Binh Phuoc and Binh Thanh communes, Binh Son district, is divided into two phases. Phase 1 would implement an area of roughly 142.3 hectares from now until the second quarter of 2024, while phase 2, handling the rest, would be deployed from the second quarter of 2024 to the fourth quarter of 2025.
It aims to mainly draw South Korean investors in such fields as textile dyeing, garment, footwear, jewelry, precious stone, crafts, petrochemicals, paint, chemicals, electronics, construction materials, and auto parts.
Jeon Hyun Jung who represents the Korean investor said they promised to begin executing the project shortly.
The 45,332-hectare Dung Quat Economic Zone in Quang Ngai province borders East Sea, internationally known as South China Sea, to the east, the North-South Railway to the west, and Quang Nam province to the north.
Quang Ngai has a strategic position in Vietnam's Central Key Economic Zone and the East-West Economic Corridor, with a convenient system of roads, railways, waterways, and airways.