There have been 13 investment projects, including 3 foreign direct investment (FDI) projects worth nearly US$300 mln and 10 domestic ones licensed in Nhon Hoi Economic Zone (EZ). Three projects have been started and 5 are to be conducted in the fourth quarter of 2007.
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Chairman of Binh Dinh province People’s Committee Vu Hoang Ha (wearing necktie) introduces functional subdivisions in Nhon Hoi EZ to foreign investors. Photo Cat Hung
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A positive start
Since early 2007, the investment attraction to Nhon Hoi EZ has had positive moves. Many foreign investors from Korea, Japan, America, Thailand, and China visited Binh Dinh to study investment opportunities in Nhon Hoi EZ.
Nhon Hoi EZ Administration has granted 13 investment certificates to investors with investment capital of VND10,500 bln (roughly US$652 mln), in which the FDI projects worth VND4,800 bln ($299 mln) accounts for 46% of the total investment capital.
Investors registered to invest in most functional subdivisions in Nhon Hoi EZ. Particularly, they were issued the license to build the infrastructures in the 1,077 hectare-industrial park (IP) which is being petitioned for more 200 hectare-expansion to meet investors’ demands.
Investors were also licensed to invest in projected tourism areas, such as Trung Luong, Canh Tien, and Vinh Hoi. The investment for the 187 hectare-Tan Thanh area is being registered.
The involvement of biggies
Following the study of Taiwan-based Foxconn Group in Nhon Hoi EZ 2 months ago, to act as the authority of Chairman of Binh Dinh province People’s Committee, Mr. Man Ngoc Ly, head of Nhon Hoi EZ Administration, and Mr. Ly Kim Minh, financial director of Foxconn, on August 29 signed a memorandum of understanding on 3 projects at the headquarter of Ministry of Planning and Investment.
Foxconn will invest three big projects in Nhon Hoi EZ, including a 700 hectare-hi-tech zone, a 300 hectare-block for experts and workers, and a 50 hectate-Nhon Ly-Cat Tien coastal resort. This is the initial step for the Foxconn’s investment project worth $5 bln in Vietnam, in which there will be $1 bln invested in Nhon Hoi EZ.
Acceleration
Although the industrial park (division A) is in the progress of building the infrastructure, some enterprises have been building factories and two tourism projects are being started. In the coming time, there will be 5 other projects conducted, including: Phuong Mai 3 wind power plant on September 12, project for constructing the infrastructure in IP’s division B on September 26, Canh Tien tourism area on October 14, and Nhon Hoi port in late 2007, according to Mr. Man Ngoc Ly.
Binh Dinh attracted 19 FDI projects worth $57.56 in 11 years (from 1995 to 2006). There have been 3 FDI projects worth $300 mln invested in Nhon Hoi EZ in the first 8 months of 2007. |
Thanks to Foxconn Group with the big investment capital, other projects will be quickly promoted, especially those in the IP. Together with two new urban areas invested by Foxconn Group and Housing Development Corporation, series of investment projects will be kicked off by early 2008.
To meet investors’ demands, Nhon Hoi EZ Administration and functional bodies must accelerate to complete the infrastructure in Nhon Hoi EZ. In the short term, it’s necessary to quickly conduct the main road which will have been concreted by 2008. The telecommunication, electricity, and water supply is being conducted at a rapid pace.
The first phase of Nhon Phuoc resettlement area is also being completed for the ground clearance in the IP’s division A and non-tariff area and its second phase will be soon kicked off.
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