Seventy projects awaiting investors in Phu Yen province

The south-central Vietnamese province of Phu Yen is calling for investment in 70 projects in the 2024-2030 period, including mega projects in the fields of oil refining, iron and steel.

Of the wish list, 33 projects will be located in South Phu Yen Economic Zone (EZ), and 37 outside the economic zone.

Among those in the EZ and involving metallurgy and energy is a $5 billion petrochemical refinery complex covering 350 hectares in Hoa Tam Industrial Park (IP).

The complex is designed to have an annual capacity of 8 million tons, cashing in on the increasing demand of Vietnam and the world for high quality petroleum products.

A 498-hectare iron and steel project, also in Hoa Tam IP, has an expected investment capital of VND86 trillion ($3.49 billion). Part of the complex will be a steel factory with an annual capacity of 6 million tons.

Another is a $1.8 billion LNG warehouse project in Dong Hoa township.

There are three projects awaiting investment in the fields of transportation, seaports, and logistics. They include the 220-hectare Bai Goc Port project in Dong Hoa township, with investment capital of VND20 trillion ($811.2 million); the Logistics Center project associated with an inland container depot serving Vung Ro Port and Bai Goc Port also in Dong Hoa; and another to upgrade and expand the 697-hectare Tuy Hoa Airport.

Industrial park infrastructure projects include the 1,080-hectare Hoa Tam Industrial Park worth VND13.3 trillion ($539.44 million); the 472-hectare, VND3.8 trillion ($154.13 million) Hoa Thanh Industrial Park; the 454-hectare Hoa Xuan Tay Industrial Park capitalized at VND3.65 trillion ($148 million); and the 420-hectare, VND3.38 trillion Hoa Xuan Dong Industrial Park.

There are five projects in the fields of trade, tourism and services, including the 201-hectare, VND20 trillion ($811.2 million) Vung Ro Bay luxury resort in Dong Hoa township; and the 338-hectare Bien Ho-Da Bia tourist area worth VND13.3 trillion ($539.4 million), also in Dong Hoa.

In the field of urban areas-social housing, Phu Yen is inviting investors for 12 projects, including a 284.3-hectare coastal urban service area worth VND37 trillion ($1.5 billion); a 125-hectare new urban area worth VND15 trillion ($608.4 million) in Phu Lam and Phu Thanh wards, Tuy Hoa town; and the VND9 trillion ($365 million) South Tuy Hoa new urban area, covering 69.7 hectares.

Among the projects outside South Phu Yen EZ, there are two projects in the fields of industry, infrastructure, and industrial clusters; two in logistics; nine in urban area development and social housing; 13 in trade, services and tourism; eight in agriculture; two in education and socio-culture; and one in information technology and science-technology.

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, Phu Yen will embrace modern and sustainable development. Its economic development will be based on maritime advantages and 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 liveable environment.