Chu Lai Open Economic Zone, driving force of Quang Nam’s economy

(VOVWORLD) - 14 years after its creation, the Chu Lai Open Economic Zone has become a reliable destination for domestic and foreign investors. Its achievements have driven Quang Name’s economic growth.
Chu Lai Open Economic Zone, driving force of Quang Nam’s economy  - ảnh 1 Chu Lai EZ is Vietnam’s first coastal economic zone and the driving force of Quang Nam’s economy. (Photo: Internet)

Built in 2003 in the south of Quang Nam, the Chu Lai Open Economic Zone was Vietnam’s first coastal economic zone. It now covers 32,400 ha and provides a fair investment and trade environment in line with international practices for all forms of domestic and foreign economic trade.

Strategically located midway between Vietnam’s northern and southern regions, the Zone is connected to National Highway 1A, national coastal routes, the trans-national railway, Ky Ha seaport, Chu Lai airport, and the Da Nang-Quang Ngai Expressway.

Pham An, Deputy Director of the Zone’s Management Board, said it is poised to become a center for finance, banking, trading, services, telecommunications, and tourism, and a link for trans-provincial, trans-regional, and international transportation.

“The Chu Lai Economic Zone was established by the government and granted preferential mechanisms. In addition, Quang Nam and leaders of the Chu Lai EZ support enterprises on all issues related to administrative procedures. We plan to streamline procedures and give businesses the most favorable condition. This makes Chu Lai the most attractive investment destination,” An recalls.

Cao Minh Ngoc, Director of the Renewal Technology Solution Company, said his company has invested more than 10 million USD in constructing a waste water treatment plant in Chu Lai.

He adds: “Chu Lai Economic Zone was the first licensed economic park that offers several preferences for enterprises. My company enjoyed corporate income tax exemptions in the first 4 years of operating there. The Zone’s infrastructure is very good and, most importantly, businesses receive maximum support from local administrations at all levels.”

For 14 years, Chu Lai Open Economic Zone has made Quang Nam one of the top 10 contributors to the national budget.

According to An, “Chu Lai Open Economic Zone has attracted 122 investment projects worth 2.6 billion USD, of which 32 are FDI projects worth more than 1 billion USD. Following a recent investment promotion conference, domestic and foreign investors have invested more than 15 billion USD into 32 projects. The Zone has made huge contributions to the province’s economic growth. From 2011 to 2015, Quang Nam had an annual a growth rate of 11%. Last year it grew 14.7%, with Chu Lai Open Economic Zone contributing 682 million USD to the province’s GDP of 924 million USD. Chu Lai accounts for more than 70% of Quang Nam’s total budget revenue.”

Chu Lai Open Economic Zone, driving force of Quang Nam’s economy  - ảnh 2 Truong Hai Auto Corporation (THACO) in Chu Lai EZ  (Photo: Internet)

The Zone’s Management Board is preparing premises and personnel to attract investors, and expanding market shares to Northeastern Asia, Europe, and North America to fully tap the international maritime routes Chu Lai port has opened.

Dinh Van Thu, Chairman of the provincial People’s Committee, says: “In the years to come, Quang Nam will continue boosting its eastern region. This year, we focus on revising Zone’s masterplan; expanding the infrastructure of industrial parks and urban areas; and re-zoning coastal areas.”

Chu Lai Open Economic Zone has been one of Vietnam’s most attractive investment destinations and key economic areas.

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