By the end of last year, the country’s 11 economic zones attracted 238 projects worth 9.9 billion USD. Within this group, 62 projects worth more than 3 billion USD were financed by foreign investors.

The Dung Quat Economic Zone in central Quang Ngai province is taking the lead in attracting investment with 90 projects bringing in 4.4 billion USD.

Dung Quat is followed by Vung Ang in Ha Tinh province, Chu Lai in Quang Nam province, Nghi Son in Thanh Hoa province, Nhon Hoi in Binh Dinh province and Chan May-Lang Co in Thua Thien-Hue province.
Most of the projects focus on the country’s key industries - petrochemicals, seaports, steel and petrol depots - and Nghi Son Economic Zone in Thanh Hoa province is no different.

The Thanh Hoa People’s Committee is currently planning to expand the Nghi Son Economic Zone and intend to submit their plans to the Prime Minister for consideration in early 2009.

According to EZ’s Management Board Head Le Dinh Tho, Nghi Son is one of the country’s most attractive economic zones due to its convenient location near main roads and the ocean.

Tho says its location make it suitable for a deep water port and an oil refinery.

In 2007, out of the 33 domestic and foreign investors who came to view opportunities at Nghi Son, one third chose to invest in the zone, bringing in a registered capital of 2.2 billion USD.

The government has plans to add two more zones to the list of those currently operating in Viet Nam - Hon La Economic Zone in central Quang Binh province and Nam Phu Yen in central Phu Yen province.

However, like industrial and export processing zones, economic zones face difficulties and challenges. Clearing residential or agricultural areas and resettling communities to make way for zone sites posts particular difficulties. In addition, poor infrastructure and a lack of labour present major hurdles in implementing projects.

As a result, the Ministry of Planning and Investment is being called on to build a broad national plan and develop regulations for establishing economci and industrial zones to help them operate effectively.

Institutionalising mechanisms and policies for the zones and giving financial supprot for infrastructure construction are seen as key areas for focus for the ministry.

Viet Nam is estimated to need around 39 trillion VND (over 2.4 billion USD) to develop infrastructure in 13 economic zones between now and 2015.-Enditem
Source: Vnagency