The Dung Quat Economic Zone (DEZ) in central Quang Ngai province will activate a number of projects to stimulate the industry from 2016-2020.

Vice Chairman of the provincial People’s Committee Pham Nhu So revealed some of the DEZ major projects, including the expansion of the Dung Quat Oil Refinery with a total investment of USD 1.84 billion, the 1,200 megawatt Semcorp thermal power plant worth USD 2.3 billion, and other potential petrochemical and gas projects.

After 15 years of inception and development, the zone has significantly contributed to local economic growth. Once a predominantly agricultural province, Quang Ngai has turned to developing industry and services, and strives to become a modern industrial locality in 2020.

Dung Quat Oil Refinery. Photo: VNA

Under the 2011-2015 industrial development strategy, the DEZ is attracting investment in support industry, oil refinery, mechanics and manufacturing. It targets a total draw of about 13 billion USD and handling around 25 million tonnes of cargo through its port in 2015.

In 2014, DEZ exports comprised up to 80 percent of the provincial export revenue, valued at USD 650 million, primarily from foreign direct investment (FDI) projects.

By the end of 2014, the zone granted investment licenses to 121 projects with a total registered capital of USD 10.4 billion, nearly USD 4.85 billion of which was disbursed.

The Dung Quat Oil Refinery in particular processed over 33 million tons of crude oil in five years of operation, meeting over 30 percent of the nationwide oil and petrol demand. The plant earned more than VND 619 trillion (USD 29.1 billion) in revenue and contributed over VND 100 trillion (USD 4.72 billion) to the State budget.

Source: VNA