Phu Yen province plans to develop its Nam Phu Yen Economic Zone with a focus on high-tech and seaport-related industries.
The Ministry of Construction is appraising the south-central province's draft plan, which will also seek prime ministerial approval.
The 20,730-hectare economic zone is adjacent to Da Rang River to the north, Van Ninh district of Khanh Hoa province to the south, East Sea (internationally known as South China Sea) to the east, and North-South Expressway to the west.
Nam Phu Yen Economic Zone is set to develop into six functional areas, according to draft amendments to the planning of the zone.
The first is an urban area north of Tuy Hoa Airport, aimed to become "an airport urban area" with eco-tourism development by Ba River. The second is a coastal service-tourism-urban area, while the third includes Hoa Vinh urban area and industrial production in the northeast.
The fourth includes a service-tourism area by Ban Thach River with orientations to build a model of semi-flooded ecotourism service; river eco-tourism, gardens and eco-farms; and high-tech agro-fishery facilities downstream of Ban Thach River.
The fifth is a concentrated industrial development area, with a focus on high-tech manufacturing, while the sixth in the south is devoted to diversified, high-quality tourism development.
Phu Yen province noted strengths of the economic zone, comprising of connections to an airport, national expressways, North-South Railway, Vung Ro and Bai Goc seaports, Deo Ca Tunnel, the coastal economic corridor, among others.
Provincial authorities noted challenges, including the slow progress of site clearance, lack of giant companies setting up shop, underdeveloped port and logistics infrastructure, the small-scale market in Phu Yen, lack of skilled workforce, lack of outstanding incentives, and others.
Backing the draft plan, officials of the Ministry of Construction urged Phu Yen province to develop the economic zone as well as focus on forest protection, urban growth, and water supply and discharge infrastructure.
As of September 29, Nam Phu Yen Economic Zone has attracted 53 investments covering 301.62 hectares, with total registered capital of $20.88 million and VND5,287 billion ($221.4 million), according to provincial data.