News about economic zones

The Politburo has agreed to let the Dung Quat Economic Zone apply the policies used in the Hai Phong and Da Nang free trade zones, plus the highest incentives under the Urban Development Law, as a basis for the government to set specific rules for a national refining, petrochemical, shipbuilding and energy hub. The zone has 296 valid projects with registered capital of VND 421,683 billion (about US$19.27 billion), 217 of which are already operating. The Dung Quat refinery, with a capacity of 6.5 million tonnes of crude a year, meets over 30% of national fuel demand and has paid more than VND 245,000 billion into the state budget since 2009. The hub targets meeting at least 30% of national fuel demand by 2030, attracting US$5 billion in investment and creating 5,000 jobs, with US$50 billion targeted by 2045. The special mechanism is expected to remove obstacles in investment, land, planning and administrative procedures.