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FDI projects advance in Phu Yen
Foreign direct investment (FDI) in the central province of Phu Yen has increased in both quantity and quality, according to the provincial Department of Planning and Investment.
Since the first foreign invested project implemented in the province in 1991, the number of foreign invested projects has rapidly increased, helping to industrialise the province.
According to the Department, when the province was re-established in 2000, it had 10 foreign invested projects with a total registered capital of 54 million USD.
However, in the 2001-05 period, when the Law on Foreign Investment in Vietnam was revised, FDI in the province boomed. Twenty six new projects with registered capital of 183 million USD were licensed.
Since then the province has developed a reputation for attracting foreign capital, especially through major projects such as building the Vung Ro Oil Refinery Plant, backed by the UK ’s Technostar Management and the Russian Telloil company with total investment of 1.7 billion USD. Other large projects include the recent Hoa Tam petro-chemical industrial zone as well as another petro-chemical project by the Naphtha Cracking Petrochemical group of Singapore , with both a combined total initial investment worth 11 billion USD.
The province now has 25 foreign invested projects with actual total investment of more than 1.9 billion USD from investors from 18 countries and territories. Among these investors, Russia and the UK top the list, with total combined capital of 1.7 billion USD.
The foreign-invested work in Phu Yen focused in industrial projects, including 12 projects currently with total investment of 146 million USD, an oil and gas project with total capital of 1.7 billion USD and three fisheries projects worth 23.8 million USD.
The foreign-invested projects now create an annual income of more than 150 million USD for the province, with export value gaining more than 90 million USD and creating jobs for 3,000 local labourers with average income of 1 million VND a month.
The department said that although the foreign invested projects’ contribution to local GDP was still small, these projects had actively contributed to transforming the provincial economic mechanism to focus on the development of industry and services, and reduce a past focus on agriculture.
“When the foreign invested projects in oil and gas are put into operation, the province will become a new oil and gas centre of the country,” said an official from the department.
VNA
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