Hoa Phat Group, Vietnam’s largest steel maker, wants to invest around VND120,000 billion ($5.16 billion) in a port and industrial park in the central province of Phu Yen.
Research and project investment proposals for the Bai Goc deep-water seaport and Hoa Tam Industrial Park were discussed in a recent meeting between Tran Huu The, Chairman of Phu Yen, and company leaders.
Implementation, scheduled to commence right after land allocation and receipt of construction permits, will take about 36 months.
The projects are expected to contribute about VND6,000 billion ($258.28 million) to the budget and generate over 12,000 jobs.
Industrial real estate and seaports are priority investment areas as identified by the province, according to Phu Yen Economic Zones Management Authority.
“To ensure that the projects are constructed as soon as possible, the province will form a working group led by its standing vice chairman who will be in charge of monitoring and directing the process,” The said.
The deep-water seaport at Bai Goc is planned to handle cargo for Hoa Tam Industrial Park and the 20,730-hectare South Phu Yen Economic Zone north of the port, while serving as a transshipment and storage hub.
Hoa Tam holds many advantages in attracting investors in heavy industries like oil refining and petrochemicals. The 1,080-hectare industrial park has favorable access to both existing and future transport infrastructure including railways, national highways, and national roads, and is 17 kilometers from Tuy Hoa Airport.
Phu Yen aims to develop itself into a multi-sector, multi-functional economic zone with an emphasis on high-tech and seaport industries.