Quang Ngai, attractive destination for investors

16:32 | 28/05/2015 Economy

(VEN) - The central province of Quang Ngai has one economic zone (EZ), four central industrial zones (IZs), and 16 craft village IZs. The Dung Quat EZ was designed to be built into an open industrial city, an oil refinery center, and a center for industrial and sea port services in the key economic zone of the central region. Notably, the province’s IZs are becoming attractive investment destinations for investors in electronic parts, automobile assembly, construction, food processing, exported wood, leather, footwear, and garments.

Quang Ngai, attractive destination for investors

A VSIP representative receives the investment certificate

Driving force from Dung Quat Oil Refinery

IZs in the province including Tinh Phong-Quang Ngai IZ (on an area of 141.72 hectares), Quang Phu (120.41ha) and Pho Phong (143.7ha) have attracted 92 projects with a total capital of VND6.5 trillion, generating jobs for 14,000 laborers. Most of these have been operating efficiently.

Deputy Head of the Quang Ngai Province IZs Authority Le Hong Ha said that on April 5, 2015, two Japanese companies – Sumida Electronic Vietnam Ltd and Kizuna JSC were granted investment licenses in the province’s Tinh Phong IZ, totaling nearly VND300 billion. Ha added the goal of the authority was to attract VND1 trillion in capital during 2015 to make breakthroughs for the local IZs.

The 1,120ha Vietnam-Singapore Industrial Park (VSIP) in Quang Ngai has attracted 10 foreign-invested projects in the fields of food processing, soft drinks, electronics, automobile assembly, construction materials, garments, leather, and footwear with total capital of approximately VND4.5 trillion.

Since the Dung Quat Oil Refinery became operational, it has become a strong driving force in the province’s socioeconomic development and for the whole central region in general. In addition, Quang Ngai has favorable conditions in terms of road and air routes, and the Dung Quat deep-water seaport. The area’s infrastructure has been invested and the investment environment has received more interest from relevant sectors and agencies, which has drawn great attention from domestic and foreign investors.

Quang Ngai has a population of 1.5 million with more than 50 percent at working age. Labor recruitment here has been conducted with the close coordination of training schools and vocational training facilities. Therefore, the labor resources of Quang Ngai are abundant and meet the requirements of enterprises.

Vo Duy Linh, the Director of Quang Ngai Forster Electronic Co., Ltd in Tinh Phong IZ said that his company is a wholly Japanese enterprise which officially came into operation in October 2012. Investment in the Tinh Phong IZ, the company received great support from the local authorities. Forster Quang Ngai has so far attracted 2,300 local laborers, 90 percent of whom are female.

Simplifying administrative procedures

Quang Ngai Province has been offering support policies to make its investment environment more open and transparent, as well as simpler administrative procedures, more reasonable land rental prices, and charges for use of technical infrastructure. All these measures are aimed at creating trust and greater peace of mind among investors doing business in the province.

The Quang Ngai Province IZs Authority has endeavored to simplify unnecessary administrative procedures./.

By Thang Long 

Theo ven.vn