Economic zones to receive State funds

The Prime Minister has approved a proposal to prioritise five coastal economic zones around the country to receive support from the State budget during 2013-15.

Chu Lai Port in the Chu Lai-Dung Quat Economic Zone

The recipients are the Chu Lai-Dung Quat Economic Zone in the central province of Quang Ngai, the Dinh Vu-Cat Hai zone in the northern port city of Hai Phong, the Nghi Son zone in the central province of Thanh Hoa, the Vung Ang zone in the central province of Ha Tinh, and the Phu Quoc-Nam An Thoi Islands in the southern province of Kien Giang Province.

The allocation, to be provided by the State with 65 per cent of their estimated total funding requirements over the next three years of VND2.6 trillion ($124 million), will be overseen by the Ministry of Planning and Investment.

The State funding aims to bring into full play the potential of these selected economic zones to contribute to national economic growth as well as drive the development of other economic zones, according to the ministry.

Poor-quality planning, over-rapid development and dispersed investment have been blamed for hindering growth of 15 coastal economic zones nationwide. Together, the zones cover a total area of over 662,000ha.

The nation has invested about VND11 trillion ($524 million) in developing the infrastructure of these zones over the past decade.