Investment flow to Vietnam’s Dung Quat Economic Zone tops $10.5bn in 20 years
The management board for Quang Ngai Province’s Dung Quat Economic Zone and the provincial administration held a ceremony on Tuesday to mark the 20th anniversary of the zone’s establishment and to celebrate the success it has achieved over the last two decades.
After 20 years of activity, Dung Quat has attracted 20 projects worth a combined US$10.5 billion, including 28 foreign direct investment (FDI) projects totaling almost $4 billion and 104 domestic projects totaling close to $6.5 billion.
In 2006, then-Prime Minister Nguyen Tan Dung decided to transform Dung Quat from an industrial zone into an economic zone.
From 2006 to 2010, the construction of Dung Quat Refinery, the first oil refinery in Vietnam, and several other large-scale projects, formed the foundation of the economic zone, enabling Quang Ngai to leap forward in industrial output and export revenue.
The EZ also helped Quang Ngai become one of the top ten revenue producing provinces for the country’s national budget.
From 2011 to 2015, the economic zone attracted a growing number of investors and total capital investment grew from $4 billion to $10.5 billion. Of the 132 projects at Dung Quat, 82 projects have been commissioned, with a total capital investment of $5 billion.
In 2015, the value of total output from the industrial, commercial, and service sectors reached $3.9 billion, with industrial output topping $3.7 million and commercial and service value accounting for $161.4 million.
With its impressive performance, Dung Quat generated $1.1 billion in revenue for the national budget in 2015.
The economic zone also created jobs for 15,000 workers, 78 percent of whom are from Quang Ngai Province.
The infrastructure at Dung Quat has also met investors’ needs, with 130 kilometers of roads, sewer systems, resettlement areas, dams, electricity and water supply facilities, and other social infrastructures, such as schools, hospitals, sports, and cultural centers.
Dang Van Minh, vice-chairman of the People’s Committee of Quang Ngai, underlined that Dung Quat, now considered a successful economic zone, is gradually becoming a driver of growth and an economic and industrial center in central Vietnam.
For its achievements, the Dung Quat Economic Zone management board has been awarded a First-Class Labor Order by the central government.
