It is also the first place in Vietnam allowed to apply new mechanisms to create a favourable investment environment for both domestic and international businesses. With those advantages, Chu Lai has been an attractive destination for investors.
So far, Chu Lai is home to over 100 investment projects with a combined registered capital of over 2 billion USD. Many are valued in the millions of US dollars. These projects have paid 10,000 billion VND to the local state budget, accounting for 60% of the province’s budgetary income. This source of income has covered half of Quang Nam Province’s investment needs.
Besides new opportunities emerging from Vietnam’s integration process, Chu Lai Open Economic Zone has also confronted a lot of challenges in the course of construction and development. For example, the financial mechanism for the economic zone still has issues and infrastructure remains still weak.
Chu Lai Open Economic Zone will continue to be developed as a general economic zone with the automotive engineering industry a centre-piece. The EZ will also focus on developing service sectors like tourism, transportation and commercial services. The authority will improve investment attraction mechanisms as part of attempts to attract more domestic and foreign infrastructure investors.
Chu Lai Open Economic Zone is Quang Nam’s key project for promoting its comparative advantages and internal sources. The zone will hopefully play a key role in Quang Nam’s development as an industrialised province by 2020.
