The provincial People’s Committee said on Monday that the Politburo had agreed that the economic zone should benefit from mechanisms and incentives available to free trade zones and the highest incentives permitted under the Law on Urban Development. The proposed incentives are intended to accelerate investment in refining, petrochemicals, shipbuilding and energy infrastructure, while addressing constraints related to land, planning, administrative procedures, technology and skilled labour.
Dung Quat, a major industrial hub in central Vietnam supported by deep-water port facilities, currently has 296 active projects with total registered investment of more than 19.27 billion USD. Under its development targets for 2030, the complex aims to meet all demand for petroleum products in the Central Highlands and central region and at least 30% of national demand. The complex aims to attract 5 billion USD in domestic and foreign investment by 2030, account for 30 per cent of Quảng Ngai province’s economic growth and create 5,000 additional jobs. It plans to maintain crude oil reserves equivalent to 20 days of production and petroleum product stocks equivalent to 20 days of consumption, with total final energy output reaching around 8 million tonnes of oil equivalent. By 2045, it targets $50 billion in investment and aspires to become a leading innovation hub for energy and materials, while strengthening national energy security.
