A promising boom in investment in Chu Lai

Tuesday, january 01, 2019 12:27

(QNO) - The Chu Lai Open Economic Zone (OEZ) (Quang Nam province) is hoped to attract more large projects after the decision to adjust the planning has been announced. There are now “leading cranes” expanding their investment scale, creating catalysts for other projects in Chu Lai.

Tam Hiep sea port.
Tam Hiep sea port.

Scaling up

Automotive industry, automotive supporting industry, and aviation are the focus in the planning adjustment of the multi-sectoral economic zone. In 2018, at least 550 Vietnamese brand buses produced in Chu Lai were exported to AFTA (ASEAN Free Trade Area). Thaco, “the leading crane”, is evaluated as a major and modern automobile production base in ASEAN with a full range of automobiles (trucks, buses and cars) at different segments. In Thaco's post-2018 development strategy, Thaco-Chu Lai will be an urban-industrial zone in 5 years. At that time, there will be an automotive- mechanical industrial park, an industrial park specializing in agriculture and forestry, a system of ports, logistics and urban areas, apartments for experts and workers here.

Besides Thaco, there are several big and effective investors among 111 projects operating in the Chu Lai OEZ, such as Panko Company with the projects on float glass, garment and textile, garment and textile supporting industry. Other investors from South Korea, Germany, Sri Lanka ... are willing to increase their investment capital to expand production. According to Chairman of Panko Corporation Choi Young Joo, Panko has decided to expand investment not only in textile and garment but also in high-tech agriculture. Amann Vietnam (under Amann Group – Germany) with the 14-million-USD project on a sewing thread factory in Tam Thang Industrial Park will come into operation in June 2019. There will be 250 employees working here.

Hyosung Corporation (South Korea) officially started the first phase of the 210-million-USD project on fabric, nylon and steel fibers in December 2018. It covers an area of 13ha. The total value of the project is USD 1.3 billion. It will be built in an area of 100ha.

“Catalyst” for investment

The Decision to adjust the planning of the Chu Lai OEZ is known as a catalyst for investment attraction. Right on the day of its announcement, 5 investment licenses were given to 3 enterprises (2 domestic and 1 FDI ones). They are the projects on expansion of the Chu Lai automotive- mechanical industrial park; an industrial park specializing in agriculture and forestry, deep-water ports, producing materials for smart assembly construction; and a complex of liquefied gas processing plants. According to Thaco’s chairman Tran Ba Duong, these projects will come into operation in 2019. They will help solve the problems of consuming agricultural products in Central Highlands and Central Vietnam, of receiving 50,000- ton vessels.

Besides, the 25-million-USD project on Chu Lai Nui Thanh urban waste and environmental waste treatment will be carried out at the beginning of 2019.

The first phase of Vinpearl Nam Hoi An resort project will soon be put into operation. In addition, it should be prepared to carry out some other projects such as BRG Group’s complex of high-end villas and hotels; PPC An Thinh International Resort Complex; Opal Ocean View; MBLand’s high-end complex of tourism, sports, entertainment and traditional villages; and TUI BIUE hotels.

According to economic planners, the new plan will lead to an investment boom in Chu Lai. There will be a strong wave of investment into this area. Quang Nam hopes the planning adjustment will attract more investors to this area. It is necessary for Quang Nam promote investment promotion. The Chu Lai OEZ has great expectations of investors with economic potential such as Exxon Mobil (USA), Hyosung (South Korea), Mitsubishi (Japan), Ratchaburi Energy Company (Thailand), New Zealand Aviation School, Mitsui Group (Japan), Amann (Germany), UMS Group (Singapore), Asian Development Bank (ADB), and PHI Group.

The Chu Lai OEZ with its synchronous infrastructure and the target of sustainable development will hopefully attract at least USD 500 million in 2019.
 

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