US$1.76 billion invested in Chan May-Lang Co economic zone

As much as 1.76 billion USD has been poured into 43 projects in the Chan May-Lang Co Economic Zone in the central province of Thua Thien-Hue so far.

In 2018, the economic zone’s management board targets to lure additional 18 projects with total registered capital of VND5 trillion (US$220.1 million) in industry, tourism, industrial infrastructure, non-tariff area and urban area.

The occupancy rate at the zone is expected to increase to 32% next year.

The economic zone is currently drawing the attention of ten large investors like J.W Co., Ltd from the Republic of Korea’s project to develop automobile spare part plant and Sunjin Group’s three large projects: distributing warehouse and gasoline business in Chan May port, bus production in non-tariff zone and an entertainment complex in Lap An lagoon.

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Chan May-Lang Co Economic Zone from above. (Photo: Vietnam National Administration of Tourism)

The achievements were spurred by the management board’s efforts to create favourable conditions and address bottlenecks for the investors to ensure that the projects are implemented in a timely manner. 

Regarding large projects, working groups are set up to join hands with relevant authorities to handle issues arising from land clearance process.

The US$875 million Laguna Lang Co resort developed by Singaporean Banyan Tree Group has just been completed and put into operation. Meanwhile, Vicoland Group has fulfilled the construction of 40 villas in the Mediterraneo resort.

According to Nguyen Que, head of the Chan May-Lang Co Economic Zone Management Board, with strategic position as a significant gate of the East-West Economic Corridor together with rational development strategies and streamlined mechanisms, Chan May-Lang Co will develop into a proactive and modern economic zone in the central region.

Chan May-Lang Co Economic Zone was established under the Prime Minister’s Decision 04/2006/QD-Ttg. It spans 27,108 hectares over Lang Co town and Loc Thuy, Loc Tien, Loc Vinh communes in Phu Loc district.

VNA