Page 2 - VSIP News QII - 2013

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tunities for local workers as well as those
in nearby provinces, said So.
In addition to incentives offered by the
Government, the province has prepared
cleared sites to lure domestic and for-
eign investors. Quang Ngai is striving to
become a modern industrial province
by 2020, said Cao Khoa, chairman of the
province.
So far, Quang Ngai has licensed 282
projects with total registered capital
of VND192 trillion, including 22 FDI
projects worth nearly US$4 billion
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Pham Nhu So, vice chairman of the pro-
vincial government, informed 111 pro-
jects had obtained investment certificates
for development in the economic zone,
with total pledged capital of over US$8.5
billion, of which US$5 billion had been re-
alized.
The province sets a high target for invest-
ment in Dung Quat EZ, regardless of the
falling foreign direct investment (FDI) in-
flow, because many large-scale projects
are being promoted for implementation
in this zone, he said.
For example, the project for expansion of
Dung Quat Oil Refinery with its capacity
raised from 6.5 million to 10 million tons
per year is being promoted by the owner
Binh Son Oil Refinery and Petrochemical
Company. Such a project should cost bil-
lions of U.S. dollars, said So, who is also
head of the Dung Quat EZ Authority.
Earlier, Binh Son estimated the cost of this
project would be around US$2 billion.
In addition, a steel plant with a capacity
of sevenmillion tons a year costing about
US$4.5 billion will be deployed soon by
JFE Steel of Japan.
Other major projects include an Indian-
investedpulpmill with an annual capacity
of 150,000 tons and a 1,200-MW thermal
power plant worth some US$2 billion in-
vestedby Sembcorpof Singapore, the last
“VSIP Quang Ngai
Offers Special Tax
Incentives to Enterprises
named having been awarded a license
last week during Prime Minister Nguyen
Tan Dung’s visit.
Vietnam-Singapore Industrial Park Joint
Venture Co. (VSIP) is developing the ur-
ban, industrial and service complex VSIP
Quang Ngai, assisting the province in in-
vestment attraction.
VSIP Quang Ngai will cover more than
1,700 hectares, including 600 hectares
of industrial space in Dung Quat EZ to be
developed in the first phase.
Enterprises renting workshops in this
area will enjoy corporate income tax ex-
emptions in the first four years and 50%
tax reductions in the followingnineyears.
VSIP Quang Ngai will attract such in-
dustries as food-beverage, fast-moving
consumer goods, electronic parts assem-
bly and others serving the gas & oil and
chemicals sectors.
The Government has put Dung Quat
EZ in the list of six key EZs with priority
to receive investment funds. Therefore,
the province’s infrastructure will be im-
proved in order to attract investors.
With the nod from the Prime Minister,
Dung Quat EZ will be expanded by four
times to become amulti-sector EZ rather
than focusing on only heavy industries.
The expansionwill offer more job oppor-
June 10, 2013. HCMC – Dung Quat
Economic Zone (EZ) seeks to lure over
US$12 billion from now to 2015,
according to Quang Ngai Province at
an investment promotion conference
held in HCMC on Wednesday.
(By Quoc Hung - The Saigon Times Daily)