After ten years of building and development, the 22.78 hectare Vung Ang Economic Zone has gradually been built into an industrial, commercial and service center and a modernly and sustainably developed urban area in the north central province of Ha Tinh, said the provincial Economic Zone Management Board.
The Government will continue giving capital priority to building of technical infrastructure of the key coastal economic zone in the phase of 2016-2020, according to the board.
The Vung Ang is now home to over 500 businesses and 109 projects which have been licensed with VND46,146 billion (US$2.07 billion) and US$11,469 million in registered capital.
Projects at the zone have been implemented and operated with a growth in production and trading.
The Vung Ang EZ submitted VND12,571 billion to the state budget in the phase of 2011-2014. The contribution amount was VND8,027 billion in 2014 and VND7,470 in 2015 accounting for 62 percent of the province’s total budget revenue.
As of April this year, the zone has had 21,860 workers with the average income of VND6.8 million a person a month.
In the future, the Vung Ang is expected to be a steel refining center with its capacity of 22.5 million tons a year, thermal power center with the capacity of over 7,000 MW and oil refinery center having the capacity of 16 million tons a year. In addition, the Son Duong deep seaport complex will receive vessels of up to 300,000 tons.
The total investment capital in Vung Ang EZ is expected to approximate US$30 billion.