Dung Quat IZ attracts $8 billion investment

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VietStock FI English - 72 month(s) ago 10 readings

As of early 2012, the Dung Quat Industrial Zone (IZ) has granted licences to 111 projects with total registered capital of $8 billion, of which $4.8 billion has been disbursed.

To date, 67 projects have been put into operation, with 31 operating effectively, including a Vietnam National Oil and Gas Group oil refinery project, a Dung Quat shipbuilding project and a Doosan Heavy Industries Vietnam (Doosan Vina) project.

Nguyen Hoai Giang, General Director of the Binh Son Refinery-Petrochemical Company that manages and operates the Dung Quat Oil Refinery, said after two years of operation, the plant has produced more than 10 million tonnes of various types of oil.

This year the Binh Son Company aims to store 6.5 million tonnes of crude oil and produce and sell nearly 6 million tonnes of other kinds of oil to earn VND108,355 billion ($5.16 billion) and contribute more than VND15,000 billion ($714 million) to the State Budget. The company will also increase the Dung Quat Oil Refinery’s capacity to 10 million tonnes of crude oil per year, and diversify its products to meet increasing demands.

On the fourth day of the Lunar New Year (January 26), nearly 1,800 Dung Quat Shipbuilding Industry Company officials and labourers resumed work on 104,000-tonne ships, aiming to deliver them to their new owners this year.

Hang Ha Ryu, General Director of Doosan Vina, said the company has targeted $200 million in export earnings in 2012, up $126 million compared to 2011. Nearly 2,000 officials, engineers and workers resumed work on major signed contracts after the Tet holiday.

On January 30, all companies in the Dung Quat IZ began normal operations, hoping to earn VND150,000 billion ($7.14 billion) from industrial production and $250 million from exports. The IZ plans to contribute about VND15,000 billion ($714 million) to the State budget and generate 1,500 new jobs in 2012.

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