Quang Ngai calls for investment from the US
The central province of Quang Ngai has called for investment and cooperation from US businesses in energy, oil refining and industrial environment treatment technology, and to join the second phase of the Dung Quat Refinery upgrading and expansion project.
The cooperation and investment proposals were discussed at an investment promotion event by the central provincial working team in Houston, Texas last week with the participation of 32 businesses and groups including Baker Hughes, Energy Transfer, Energy Capital Vietnam, ExxonMobil and Globalinx Group.
Vice chairman of the provincial People’s Committee Vo Phien urged energy groups from the US to speed up investment and cooperation in the Dung Quat Economic Zone – which has been designed as a key ‘green’, ‘smart’ and sustainable industrial complex by 2045 – and Binh Son Oil Refinery plant (BSR).
He also suggested support for industrial environment treatment technology at the Dung Quat EZ and other industrial parks to meet the standards of the 26th UN Climate Change Conference of the Parties (COP26).
Head of the Dung Quat EZ and Industrial Zones managing board Ha Hoang Viet Phuong said the province planned to develop the Dung Quat EZ as a multi-sector industry and sea-based economy centre on a total of 45,332ha.
Phuong stressed the zone would focus priorities in renewable energy and a circular economy with the focus on core industries of oil refining, steel, shipyards, sea ports and high-tech industries.
He also introduced preferential policies for investment promotion and procedures for US businesses investing in the province.
Investors would also enjoy a 10% tax rate for 15 years, a four-year tax exemption and a 50% cut in income tax for the following nine years, he said.
He added that the tax exemption regulations would add a five-year free import tax on materials and semi-finished products for investors.
Khuong Le Thanh, a member of the Binh Son BSR Executive board, said the second phase of the Dung Quat refinery project would be built on 108.2ha with an investment of US$1.8 billion, and it will help increase capacity of the refinery plant from 6.5 million tonnes of crude oil to 8.5 million tonnes per year.
Thanh said BSR, which is now refining 85% of domestic crude and 15% of crude exports, could process crude oil and marine fuel oil (MFO) for export.
According to a report from the Dung Quat EZ, 346 projects have been in effect with an investment of nearly US$18 billion, including 58 foreign direct investment (FDI) projects worth US$1.84 billion.
The Dung Quat EZ is an investment destination for the Vietnam-Singapore Industrial Park (VSIP) and the Republic of Korea heavy industries Doosan Enerbility Vietnam (Doosan Vina) with total investment of US$739 million.
The provincial delegation paid a working visit to the technology centre of Backer Hughes and the oil refinery and petrochemical centre of ExxonMobil.
The province also invited the US groups and businesses to visit the Dung Quat EZ and industrial zones for further investment and cooperation in the coming time.
