Phu Yen province to welcome investment flow of $5.6 bln

The south-central province of Phu Yen on Sunday granted in-principal approvals, investment certificates and investment adjustment certificates to 14 projects with total registered capital of nearly VND10.5 trillion ($425.88 million).

The documents were given to investors at a conference announcing the provincial master plan for the 2021-2030 period, with a vision until 2050, and promoting investment in the province this year.

Half of these projects belong to the trade, service and tourism sectors.

Those with registered investment capital of over VND1 trillion ($40.5 million) include the VND2.2 trillion ($89 million) Nui Thom ecotourism area by Sao Phuong Bac Phu Yen JSC; the VND2 trillion Vung Lam resort by Everland Phu Yen JSC; the VND1.05 trillion Hoa Thanh resort by Hoa Thanh Resort Beach Tourist Area Co., Ltd.; and the VND1 trillion Bai Nom ecotourism area by Viet An Phu Yen Housing Trading and Investment JSC.

Local authorities also issued five investment cooperation memoranda worth VND128.8 trillion ($5.22 billion) to investors.

Specifically, steel maker Hoa Phat Group is exploring investment opportunities in three projects, namely Bai Goc Port with expected capital of about VND24 trillion ($972 million); the VND13.3 trillion ($538.6 million) Hoa Tam Industrial Park; and the VND86 trillion ($2.75 billion) Hoa Phat iron and steel complex in Hoa Tam Industrial Park.

N&G Group JSC is eyeing to invest in a VND2.55 trillion ($103.3 million) high-tech industrial park project. TH Group JSC continues to invest in the Phu Yen clean food complex project worth VND1.55 trillion ($62.8 million), while Trung An High-Tech Farming JSC is exploring opportunities to build a VND1.4 trillion ($56.7 million) electricity generation and household waste treatment plant project.

Breakthrough mindset, solutions needed

Under the master plan, Phu Yen province will build and develop South Phu Yen Economic Zone into a multi-industry, multi-function integrated economic zone with a focus on high-tech industries and those associated with seaports. It will concentrate on attracting metallurgy, petrochemical and energy investment projects to Hoa Tam Industrial Park to tap the potential of Bai Goc port.

Speaking at the event, Deputy Prime Minister Tran Hong Ha said that with huge potential for renewable energy (wind power, solar power, new forms of hydrogen energy and green ammonia), Phu Yen needs breakthrough thinking and solutions in attracting and promoting investment in the fields of metallurgy, oil refining, petrochemicals, and shipping.

It should also focus on developing logistics services associated with Tuy Hoa airport, Vung Ro port, Bai Goc deep-water port, and Dong Hoa inland container deport (ICD), in connection with large urban areas and industrial parks.

"Immediately after this conference, Phu Yen must urgently develop an action plan and determine the key contents, progress and resources to implement programs and projects in the master plan," said Ha.

In late 2023, Prime Minister Pham Minh Chinh approved the master plan of Phu Yen province for the 2021-2030 period, with a vision until 2050.

Under the master plan, by 2030, Phu Yen will become a province with modern and sustainable development. Its economic development will be based on maritime advantages with key industries of metallurgy; oil refining, petrochemicals and energy; high quality services and tourism; high-tech agriculture; maritime transport and logistics.

Phu Yen is set to have a diverse and prosperous economy and become a marine economic center of the central coastal region by 2050. It is expected to have a smart, green, sustainable and unique urban system, boasting attractive coastal urban complexes and a healthy environment.