Business
Vung Ang attracts investments after Formosa incident
  • By Van Dung | dtinews.vn | August 30, 2017 10:53 AM
Businesses have successfully resumed operations in the Vung Ang Economic Zone in Ha Tinh Province after the Formosa pollution incident last year.

Vung Ang Economic Zone was established in 2007 as Vietnam's steel and thermal power centre. It also had a deep water port. It attracted 118 out of 182 investment projects to the province’s economic and industrial zones including 69 domestic projects valued at VND48.3trn (USD2.1bn) and 49 foreign projects worth USD11.6bn.

Some of the most notable projects are USD1.6bn Vung Ang 1 Thermal Power Plant and USD10.8bn Son Duong Port and Integrated Steel Mill Complex. These projects were intended to play an important role in the economic development and help ensure the country's steel and energy security. It has also contributed hugely to the provincial budget. In 2010, it contributed VND719bn (USD31.6m) and VND7.5trn five years later.


  

Vung Ang 1 Thermal Power Plant

However, after the Formosa pollution incident in June 2016 that killed tonnes of fish in the four central provinces, it has been difficult to attract investment and the development process of various projects slowed down.

The authorities of Ha Tinh Province have issued orders to resume key projects and held dialogue with potential domestic investors while inviting foreign investors to Vung Ang. Ha Tinh’s authorities have also tried to provide skilled employees for businesses.

In the first six months, Vung Ang Economic Zone management consulted 1,900 people about job opportunities, an increase of 18.75% compared to last year, and introduced 891 people to various projects, an increase of 64.08% on last year.

Since early 2017, many projects resumed and five new projects with an investment of over VND1.6trn (USD70.4m) were given investment permits.

Hundreds of people returned to their jobs as Human City Company continues the VND1.5trn five-star hotel and office building project. Several investors from Germany, South Korea, Japan and the US have visited and have researched harbour investment projects.

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