In particular, with the orientation of taking industrial development as the main pillar and tourism and services as the driving force for growth, Dung Quat Economic Zone still has a lot of room to develop these areas.
To date, Dung Quat Economic Zone has attracted 350 valid investment projects, with total registered capital of about 396.8 trillion VND.
After more than 27 years of establishment and development, Dung Quat Economic Zone has made remarkable progress; it is considered one of the country’s pioneering and successful economic zones, while also being the centre of industrial production and the driving force for socio-economic development of Quang Ngai Province and the key economic region of the central region.
“Good land” attracts investment
Now, those who have the opportunity to visit Dung Quat Economic Zone cannot help but be overwhelmed by the scale and modernity of the Hoa Phat Dung Quat 1 Iron and Steel Complex, with a capacity of 6 million tonnes per year, which has come into operation; the Hoa Phat Dung Quat 2 Iron and Steel Complex project is under construction with a capacity of 5.6 million tonnes of high-quality hot-rolled steel coil per year, with a total investment of VND85 trillion.
Along with the contribution to the budget revenue of Quang Ngai Province, creating jobs for 18,000 workers, of whom Quang Ngai people account for the majority of the Hoa Phat Dung Quat Iron and Steel Complex invested by Hoa Phat Group, it is impossible not to mention the importance of the Dung Quat Oil Refinery.
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| Dung Quat Oil Refinery, the "magnet" attracting investment to Dung Quat Economic Zone. |
Since its official operation in 2009, Dung Quat Oil Refinery has made a big difference in economic growth, turning Quang Ngai from a poor, purely agricultural province into a province providing a large source of revenue for the country.
The “magnet” of Dung Quat Oil Refinery has brought more and more domestic and foreign investors to Dung Quat Economic Zone.
According to Deputy Head of the Management Board of Dung Quat Economic Zone and Quang Ngai Industrial Parks Nguyen Hai Truong, so far, Dung Quat Economic Zone has attracted 350 valid investment projects, with total registered capital of about 396.8 trillion VND, including 66 FDI projects. To date, the implemented capital is about 12 billion USD.
Dung Quat's huge advantages for investors
Talking about the strengths and potential of Dung Quat Economic Zone, many economic experts believe that the main traffic system in Dung Quat Economic Zone is invested relatively synchronously, can connect multi-modally by road, rail, waterway and air, closely linked with Chu Lai Open Economic Zone (Quang Nam) to effectively exploit the strengths of the sea.
The distinct advantage of Dung Quat Economic Zone is that it has a deep-water seaport, with a system of specialized ports, a general port invested synchronously and modernly, can receive ships with a tonnage of up to 200,000 DWT, promptly meeting the needs of transporting import and export goods of enterprises in Quang Ngai Province and neighbouring provinces.
In addition, Dung Quat has beautiful beaches, along with many scenic spots, conveniently connected to the island district of Ly Son, which is attracting the attention of many large investors to develop urban, service and tourism areas.
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| Deep-water seaport, a distinct advantage of Dung Quat Economic Zone. |
According to Nguyen Hai Truong, to concretise the prime minister’s Decision 168/QD-TTg on approving the overall adjustment project of the General Planning for Dung Quat Economic Zone to 2045, so far, 4 out of 11 subdivision planning projects have been approved by competent authorities; it is expected that the remaining subdivision planning projects will be approved by the first quarter of 2025.
Thus, after completing the planning of all subdivisions, Dung Quat Economic Zone will have a relatively large land fund for industrial, urban and service development, opening opportunities to attract investment.
Industrial development as the main pillar
From the general orientation of the country, region, and Quang Ngai Province and the current potential and strengths, Quang Ngai Province is focused on building Dung Quat Economic Zone into a specialised, green, smart and sustainable economic zone. In which, industrial development is determined as the main pillar, service tourism is the driving force for growth, and urban development will be the bridge connecting the economic pillars of organic symbiosis.
To effectively implement this key strategy, Quang Ngai Province will promote the development of transport infrastructure such as: building direct connection axes with seaports, airports, and coastal areas; forming key tourism centres; linking internal road traffic with national traffic (North-South Expressway, National Highway 1).
At the same time, the province will form service urban areas and tourism urban areas according to the model of smart urban areas and ecological urban areas; link urban development with housing development for workers, resettlement, and social security for people in the project area; and preserve and restore the ecosystem in the area.
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| Industrial development as the main pillar of Dung Quat Economic Zone. |
To effectively exploit the potential and advantages available in Dung Quat, the management board of Dung Quat Economic Zone and Quang Ngai industrial zones have proposed key solutions.
Specifically, organising and strictly and effectively implementing the approved plans, including Quang Ngai Provincial Plan for the period 2021-2030, with a vision to 2050; and adjusting the overall Master Plan for Dung Quat Economic Zone Construction to 2045, zoning plans, national and regional plans, and national and regional technical and specialised plans.
Focusing on mobilising and effectively using resources to invest in and develop a shared infrastructure system with regional and inter-regional connectivity. Coordinating and connecting with localities in the region to promote investment, mobilise and allocate resources, and promote socio-economic development. Forming industry clusters at the provincial and regional level. Promoting the application of information technology and proposing the development of information systems, data, and exchange of economic and social information between localities in the region, along with programmes to implement digital transformation in the region.
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| Nguyen Hoang Giang, Chairman of the Quang Ngai Provincial People's Committee, surveys the specialised port infrastructure of Doosan Vina in Dung Quat Economic Zone. |
Investing in and developing Dung Quat Economic Zone to become one of the key coastal industrial centres of the North Central and Central Coast regions; forming a container route at Dung Quat Port; and focusing on site clearance to create clean land funds to attract strategic investors.
Continuing to prioritise resources and attract enterprises to invest and do business in technical infrastructure of economic zones, industrial parks, and industrial clusters. Mobilising resources to develop the transportation system according to the plan, prioritising key projects with spillover effects. Synchronising construction planning with land use planning and traffic planning
Supporting investors in carrying out procedures related to approving investment policies for the VSIP 2 Quang Ngai Industrial-Urban and Service Park project and the Hoa Phat Dung Quat Steel Products Factory project, and urging the progress of implementing key large-scale industrial projects
“Dung Quat Economic Zone Management Board is ready to open its doors to welcome resources from enterprises investing in Dung Quat, with a consistent viewpoint of accompanying, listening, sharing and supporting enterprises and investors to develop sustainably, produce and do business effectively, contributing to the socio-economic development of the province,” Nguyen Hai Truong committed.
