With the advantage of the southern Van Phong area, Ninh Hoa town is a destination for many billion-dollar projects. In the near future, many new projects will come into operation in Ninh Hoa, creating a thrust for the local economy.
With the advantage of the southern Van Phong area, Ninh Hoa town is a destination for many billion-dollar projects. In the near future, many new projects will come into operation in Ninh Hoa, creating a thrust for the local economy.
New growth pole of the province
Before, Ninh Hoa was known as areas specializing in rice and sugar cane cultivation. But now, Ninh Hoa is becoming an industrial growth pole of the province with the nucleus of southern Van Phong. In the period 2015-2020, the industrial production value of the town increases an average of 13.23%/year. It’s an impressive growth, nearly double the average growth rate of the whole province (industrial production value of the province increases about 7%/year). According to the leader of Van Phong Economic Zone, the whole economic zone has attracted 158 investment project (including 129 domestic ones and 29 foreign-invested ones) with a total registered capital of about USD4,1 billion. The implemented capital has been USD1.15 billion, reaching 29% of the registered capital. Ninh Hoa town alone has 94 projects (52 projects put into operation; 42 projects granted investment certificates and in construction) with total registered capital of about VND78,680.7 billion (USD3,57 billion), VND23,753.8 billion (USD1.08 billion) of which is implemented capital. Large-scale projects under construction include BOT Van Phong 1 Thermal Power Plant (USD2.58 billion), Ninh Thuy Industrial Park (VND294 billion), Southern Van Phong General Port (VND984 billion). Before that, big projects such as Van Phong petroleum bonded warehouse (USD125 million USD) and Hyundai Vietnam Shipbuilding Co., Ltd (USD250 million USD) were put into operation.
Hoang Dinh Phi - Head of Van Phong Economic Zone Management Board assessed that industrial projects in Ninh Hoa town with the nucleus of southern Van Phong are really prosperous. A series of projects in operation is a foundation for foreign investors to boldly invest in Van Phong. At the same time, it creates a premise for the Management Board of Van Phong Economic Zone to research and approach a number of large-scale projects to create a driving force for general economic development in order to develop available potentials. In particular, when the economy is strongly affected by the Covid-19 epidemic, Ninh Hoa industry is partly boosting the economy and attracting investment in the whole province.
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| From 2016 to 2019, projects in Van Phong Economic Zone achieved revenue of about USD 1,711 billion, delivering VND20,950 billion to the province’s budget is about, mainly from projects in southern Van Phong.
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At present, Ninh Hoa Branch still has a lot of potentials. With the available advantages and the nucleus of Southern Van Phong, the industry of Ninh Hoa has made a remarkable change, developing in accordance with the approved planning. Among the projects calling for investment, Ninh Tinh Industrial Development Zone (in Ninh Phuoc Commune) with 550ha, Ninh Hai Industrial Complex (in Ninh Hai Ward) with 242ha, Doc Da Trang Industrial Park (in Ninh Tho Commune) with 300ha, Ninh Xuan Industrial Cluster (in Ninh Xuan commune) with 50ha are expected to make a big push for local economic development.
In particular, recently, many large corporations have continued to research and propose large-scale energy technology projects such as Petrolimex Group, Sumitomo Group, Vietnam Electricity, Tuan Dung Trading Group and many corporations from Korea and the US. If LNG power projects are approved, the area will attract billions of dollars in investment. Only Tuan Dung Trading Group and Millenium Petroleum Corporation (USA) have applied for investment in two gas-fired power projects, up to nearly USD19 billion.
Nguyen Vinh Thanh - Deputy Secretary of Ninh Hoa Town Party Committee, Chairman of Ninh Hoa Town People's Committee, said that in the period 2020 - 2025, economic structure of the town has kept shifting towards increasing the proportion of industry - construction and services - tourism, gradually reducing the proportion of agriculture - forestry - fisheries. The production value of industry - construction increases by an average of 13% annually, accounting for 72.18% of the town's economic structure. In the coming years, the town will continue to efficiently exploit the potentials and advantages associated with attracting investment, speeding up growth and comprehensive development. Ninh Hoa will prioritize to attract investment in industries, create a driving force for the development of supporting industries and local industries. Th town will also support investment promotion, creating conditions for all economic sectors to participate in developing production and business.
Dinh Lam
Translated by T.T
