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  Foreign Investment

Dung Quat IZ to become a non-tariff EZ

The Politburo in late July agreed with the Government to turn the Dung Quat Industrial Zone into an economic zone, according to the Dung Quat IZ Management Board.

Once this task is completed, Dung Quat will be expanded and allowed to enjoy preferential mechanisms similar to the Chu Lai Open Economic Zone.

Specifically, its area will increase from 13,000ha at present to 20,000ha. The zone will open to various industries, not only for petrochemistry.

Though it is not an open economic zone, Dung Quat will also have a non-tariff area like in Chu Lai and investors in the zone will enjoy the same preferences as those in Chu Lai.

Government bodies are compiling legal documents for this transformation to occur as soon as possible, said Tran Le Trung, Head of the Dung Quat IZ Management Board.

So far, apart from technical infrastructure built by State capital, the Dung Quang IZ has attracted 38 projects totalling over VND31.33tril. Ten of them are operational and 11 are under construction.

Besides licensed projects, there are 42 others registered to operate in the IZ, with capital totalling VND19.887tril. Twelve have been approved totalling VND1.258tril.

Vietnam Net - (20/08/2004)

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