Aspiration to turn Vung Ang Economic Zone into a growth engine center

The provincial planning for the period 2021-2030, with a vision to 2050, identifies Vung Ang Economic Zone as the driving force for growth. Ha Tinh is implementing fundamental solutions to realize this important goal.

"Locomotive" of Ha Tinh industry

In 2023, despite facing many difficulties after the COVID-19 pandemic, the global economic recession and the impact of the Russia-Ukraine conflict, Ha Tinh has always applied many flexible methods, both creating the best environment for investors to implement projects in the area and continuing to implement new "inviting" and attraction policies. In particular, Vung Ang Economic Zone (EZ) continues to be an attractive destination for investors. With its potential, advantages and synchronous investment attraction mechanisms and policies, Vung Ang EZ is gradually realizing its aspiration to become a large-scale EZ with many pillars in post-steel, logistics and seaport services... Every year, Vung Ang EZ contributes about 90% of the export turnover of goods and makes a large contribution to the provincial budget revenue.

The Formosa Son Duong Steel Complex and Deep-water Port project coming into operation has created strong growth momentum for Ha Tinh industry.

The Formosa Ha Tinh Steel Complex and Son Duong Deep-water Port of Hung Nghiep Formosa Ha Tinh Steel Company Limited is the largest FDI project in Vietnam with a total investment of nearly 12.8 billion USD. The project creates a strong growth momentum for Ha Tinh's industry. In 2023, the enterprise will continue to maintain a stable production chain, contributing up to 90% of import-export taxes and being one of the 5 largest domestic tax payers in the province.

In addition to the above large-scale project, a series of important investment projects in areas such as: industrial park infrastructure business, new energy, liquefied natural gas, seaport exploitation and logistics services... have been and are being implemented in Vung Ang Economic Zone. Specifically: Vung Ang 1 Thermal Power Plant, Vung Ang 2 Thermal Power Plant, Vung Ang Petroleum and Gas Depot, North Central Liquefied Gas Depot, Lithium Battery Production and Trading Plant...

2023 marks a milestone in the growth of Ha Tinh's industry when on August 28, VinES Vung Ang Battery Factory (Vingroup Corporation) produced the first battery packs for VinFast's VF6 car line. With a total investment of over VND 3,684 billion, the project has been put into stable operation and increased capacity according to the roadmap, not only increasing revenue for the enterprise but also creating jobs for a large number of local workers, contributing to the development of Ha Tinh's industrial index, increasing the electricity load in the area.

Aspiration to turn Vung Ang Economic Zone into a growth engine center

On the construction site of Vung Ang 2 Thermal Power Plant.

Also in 2023, the "super project" Vung Ang 2 Thermal Power Plant will enter its peak phase with the completion of many important items.

Mr. Hoang Trong Binh - Deputy General Director of Vung Ang 2 Thermal Power Company Limited said: “The shape of Vung Ang 2 Thermal Power Plant - using the most modern coal-fired thermal power technology in the world has gradually become clear. The total capacity of the plant reaches 1,330 MW, with a total investment of 2.2 billion USD. The important turning point is that at the end of December 2023, the plant will connect to electricity and test run some important equipment. The enterprise plans to put unit 1 into power generation in June 2025 and strives to connect unit 2 to the national grid in October 2025, contributing to promoting the country's economic development".

According to the industry, in the first 3 years of the 2021-2025 period, Vung Ang Economic Zone has attracted 17 new investment projects with a total registered capital of over 2.7 billion USD, reaching over 79% of the target of attracting new investment capital in the 2021-2025 period.

Mr. Le Trung Phuoc - Head of the Provincial Economic Zone Management Board emphasized: “The Board has promoted the “one-stop-shop - on-site” mechanism, quickly resolved administrative procedures, and provided public services in a timely manner. At the same time, proactively grasped difficulties and obstacles in the institution to advise competent authorities to consider and make appropriate adjustments; creating conditions to unblock resources and support effective investment activities in the area. In addition to attracting new projects, resolving existing problems of ongoing projects is also highly focused. The Provincial People's Committee has established a working group to review and advise on handling issues at investment projects. This is a “bridge” between investors and State management agencies to accompany and support investors in resolving difficulties in accordance with the law, and soon put projects into effective operation”.

Towards the goal of becoming the province's growth engine center

The provincial planning for the period 2021-2030, with a vision to 2050, identifies: Vung Ang Economic Zone with the core of the Formosa Iron and Steel Complex, the Vung Ang - Son Duong deep-water port cluster as the growth engine of the province. Vung Ang Economic Zone will be the center of steel industry, supporting industry, post-steel manufacturing, thermal power and deep-water seaport of the Central region and the whole country, and is one of the three international maritime trade hubs of Vietnam. With the "plus points" of geographical location, open mechanisms and policies, and the determination to "roll out the red carpet" for investors, it is expected to open up many development opportunities for Vung Ang Economic Zone in the future.

Aspiration to turn Vung Ang Economic Zone into a growth engine center

Bustling production atmosphere inside VinES Battery Factory.

The encouraging sign is that recently, many large domestic and foreign investors are exploring opportunities in Vung Ang Economic Zone. Specifically: VFT Industry UG Company (Germany) proposed a carbon-neutral stainless steel factory project; GULF Energy Development Group (Thailand) is studying investment in liquefied natural gas (LNG) power projects, LNG transportation, trading and distribution. In addition, PetroVietnam Gas Corporation proposed to invest in LNG natural gas port warehouse; PetroVietnam Power Corporation proposed to study the Vung Ang LNG Power Plant project... In particular, the project to invest and trade in infrastructure of Vinhomes Vung Ang Industrial Park, with an area of nearly 1,000 hectares, is speeding up the process of approving the investment policy.

Mr. Le Trung Phuoc - Head of the Provincial Economic Zone Management Board emphasized: The research and expansion of Vung Ang Economic Zone has been identified in the Provincial Planning and the expansion project is being developed with the expectation of creating new development space. Compensation and site clearance work has received special attention from all levels and sectors. The Provincial People's Council has issued specialized resolutions and allocated funds to speed up the progress of compensation, support and resettlement in Vung Ang Economic Zone. The province has actively handled difficulties in implementing projects within its authority, promptly advising the Central agencies on solutions to create the most favorable conditions for projects to continue production and business in accordance with the provisions of law. These are important premises for Vung Ang Economic Zone to promote its role as a "development driving force" of Ha Tinh.

Aspiration to turn Vung Ang Economic Zone into a growth engine center

Panorama of Vung Ang 2 Thermal Power Plant (Ky Loi commune, Ky Anh town).

Ha Tinh continues to diversify investment promotion and attraction activities, be more proactive in promoting and introducing the potential of Ha Tinh and Vung Ang Economic Zone to domestic and foreign investors. At the same time, select projects with spillover effects and the potential to become driving forces for economic growth. Urge to speed up procedures for projects that have signed investment cooperation memorandums of understanding; support investors after licensing, create a safe, transparent, equal and sustainable investment environment.

Thu Phuong

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