It also aims to handle 25 million tonnes of cargos through its port and generate approximately 20,000 jobs for local people.
The zone has set a target to raise its industrial production value to 17-19 per cent per annum in the next three years.
The targets were unveiled in the Dung Quat IZ master plan for the 2012-2015 period approved by the provincial people’s committee.
Quang Ngai will develop Dung Quat into a multi-sectoral economic zone, with a particular focus on developing petrochemistry, chemicals, mechanical engineering, shipbuilding, metallurgy, the light industry, and the Dung Quat deep seaport.
It will turn Dung Quat into an industrial-urban area- and service centre of the central key economic zone, surrounded by satellite urban areas such as Van Tuong and Doc Soi.
The IZ will become a major international transit hub of the central and central highland regions.
To this end, the province will introduce policies on investment attraction, urban development and finance, increase investment promotion and management, post-investment assistance, and mobilise capital sources for infrastructure development in the zone.
It will enhance the planning and management capacity, develop human resources, generate jobs, speed up land clearance and compensation, and accelerate administrative reform to create an attractive investment climate.
In the second half of this year, Quang Ngai will facilitate the implementation of big projects in the IZ. They include the Dung Quat Oil Refinery expansion project, the Vietnam-Singapore Industrial Park Quang Ngai project, the Guang Lian-Dung Quat steel mill project, the Kumho-Dung Quat Heavy Industries Factory project, the 1,200MW Semcorp thermal power plant project, and the Doosan Vina Heavy Industries expansion project.
Over the past 15 years, the Dung Quat IZ has attracted 115 projects with a total registered capital of more than $8 billion.