Realty firm Phat Dat eyes 805-hectare urban, industrial area in central Vietnam

Phat Dat Real Estate Development Corporation plans to invest in an 805-hectare service, urban and industrial area within the Dung Quat Economic Zone (EZ) in the central province of Quang Ngai.

According to Phat Dat’s proposal sent to provincial authorities, the facility, named Phat Dat-Dung Quat, will cover 495 hectares in zone 2 and 310 hectares in zone 4 in the Binh Thanh area of the economic zone. Quang Ngai authorities have asked Dung Quat EZ to check and make recommendations for the proposal.

According to the Dung Quat EZ plan for 2045 announced in March, the 45,332-hectare EZ will cover 33,581 hectares of land, 1,492 hectares of Ly Son island, and 10,711 hectares of water surface.

With a target of growing into a sea-based economic hub, the EZ will allocates 14,000 hectares for urban area development and 713 hectares for tourism activities. Major economic activities there include an oil refinery, chemicals, steel, shipbuilding, and a deep-water seaport.

The 45,332-hectare Dung Quat Economic Zone in Quang Ngai province borders the 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 network of roads, railways, waterways, and airways.

Earlier this month, Quang Ngai gave an in-principle nod to Messer, a German industrial gas producer, to build a $133 million factory in the Dung Quat Economic Zone.

The most recent industrial park project in the Dung Quat EZ was a South Korean investment of VND1.3 trillion ($55.87 million) in the Binh Hoa-Binh Phuoc Industrial Park. Receiving approval in June 2022, it aims to mainly draw South Korean investors in fields such as textile dyeing, garments, footwear, jewelry, precious stones, crafts, petrochemicals, paint, chemicals, electronics, construction materials, and auto parts.

In 2022, Phat Dat posted an after-tax profit of VND1.16 trillion ($49.45 million), failing to fulfill its target. "However, this was the best result the firm could achieve amid the gloomy economic picture," said CEO Bui Quang Anh Vu.

Phat Dat, listed on the Ho Chi Minh Stock Exchange as PDR, closed the Monday session at VND17,700 ($0.75), up 4.73%.