Vung Ang Economic Zone attracts three new projects

The projects will be developed at Vung Ang Economic Zone in Ky Anh township, online newspaper baohatinh.vn reported.

They include a timber processing project funded by Ho Chi Minh City-based An Viet Phat Energy Co at a cost of more than 1.28 trillion VND (55 million USD). It will comprise two factories – the first producing lumber and plywood in Ky Thinh ward with an annual capacity of 240,000 tonnes and the second producing compressed wood pellets with an annual capacity of 150,000 tonnes.

The second project, worth 201 billion VND (8.65 million USD), will be backed by Central Industrial Chemicals JCS, which is based in the province. It will include the development of chemical and petrochemical warehouses in Vung Ang Depot which will be able to store 30,700 cubic metres of products.

PCG Phu Vinh has been approved to develop a system providing liquefied petroleum gas and liquefied natural gas for Phu Vinh Industrial Zone with total investments of 164 billion VND (7 million USD).

Vice Chairman of the provincial People’s Committee Duong Tat Thang said he hoped that once operational, these projects would make big contributions to the State budget and create more local jobs.

The central province has set a target of luring 150 projects with total registered capital of about 2.5 billion USD by the end of this year, according to the committee.

The locality is now home to 1,183 projects, 1,108 of which were financed by domestic businesses with a total capital of more than 107 trillion VND (4.6 billion USD) while the remainder, worth more than 12 billion USD were funded by foreign companies.

To date, 17 countries and territories have pumped investments into the province including Japan, the Republic of Korea, mainland China, Taiwan, Singapore, Hong Kong, Germany, the UK and the US.