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Chan May - Lang Co EZ pulls in $1.6 billion

Released at: 15:47, 08/12/2015

Chan May - Lang Co EZ pulls in $1.6 billion

Total capital at Thua Thien Hue economic zone a result of efforts by Management Board to target FDI.

by Hoai An

The management board of the Chan May - Lang Co Economic Zone in central Thua Thien province has granted investment certificates to three projects this year and adjusted the registered capital of one project, for a total of VND8.7 trillion ($389 million) in capital.

Thirty-nine projects have been registered at the economic zone to date, with total capital standing at VND39 trillion ($1.6 billion). Notable projects include the Laguna Lang Co Integrated Resort on an area of 280 ha and with investment of $875 million by the Laguna Vietnam Company under the Banyan Tree Group, and PVOil’s oil depot expansion project on 1.5 ha and a 30,000 DWT oil port, with total capital of VND500 billion ($22.3 million).

Mr. Nguyen Que, Head of the Management Board acknowledged that the implementation of FDI projects at Chan May - Lang Co as well as in Thua Thien Hue province as a whole faces many challenges. Projects have been of relatively small scale and did not contribute greatly to boosting socio-economic growth in the province. Most FDI projects in Hue focused on the tourism, industry, and construction sectors and there were few projects in high technology or from Europe. 

In order to support enterprises in their investment, the Management Board has focused on creating favorable conditions, guidelines and procedures and removing difficulties and obstacles to help projects go into production and business as quickly as possible.

The Management Board continues to reform administrative procedures, including publishing information electronically, reducing the time to issue business registration certificates to within two working days and providing investment incentives within four working days. It also supports training and the supply of human resources for businesses.

In 2016 the economic zone aims to attract six to eight projects in industry, tourism, and urban infrastructure, with total capital of VND3.5 trillion to VND4 trillion ($155.8 million to $178 million).

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