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Mineral sector draws foreign investment, creates employment
Mineral resource projects are attracting foreign direct investment as most of the country’s potential remains untapped and abundant, according to officials.
The Ha Tinh People’s Committee has recently granted the Taiwanese Formosa group a licence to build a steel complex and a deep water port in the province.
The US$7.88 billion project, the largest foreign-invested project in the country, will focus on mineral resources exploitation and processing.
To be built in the Vung Ang Economic Zone in Ha Tinh Province, the project includes a steel and iron complex with a capacity of 7.5 million tonnes a year in the first phase and a deep water port in the province.
In the second phase, the steel and iron complex is expected to produce 15 million tonnes per year. Work on the project is scheduled to start next month.
Tens of thousands of labourers are expected to find jobs and several businesses from different parts of the country will engage in the exploitation and processing of mineral sources.
The Nui Phao Canadian–invested project, which has capital of $400-600 million, will tap and process alloy metal in Thai Nguyen Province.
Local government officials said when completed the project would greatly contribute to social and economic development in the local province as well as the northern mountainous area.
Exploitation of bauxite ores in the Central Highlands province of Lam Dong has already begun.
The Viet Nam Coal and Mineral Resources (VCMR) Group plans to join with foreign companies to build infrastructure for exploiting and processing bauxite ores in the province.
Lam Dong, known for its rich bauxite ore deposits, has promised to become an attractive destination for businesses to invest in tapping and producing mineral resources, creating favourable conditions for the province’s economic growth in the coming years.
The VCMR Group has also invested in the metallurgy industry in the northern mountainous province of Lao Cai to make copper and silver on an industrial scale.
Investment officials said the mineral resources industry needed an adequate investment and modern technology to fully tap the potential in localities, provide jobs for labourers and spur economic growth in mountainous areas.
VNN
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