The 538-ha project, in the Hoa Tam industrial park in Dong Hoa district, is expected to stimulate local socio-economic development.
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With a design capacity of processing 8 million tonnes/year, it aims to process and distribute petrochemical products, apart from importing and exporting oil and gas products.
Vice Chairman of the Phu Yen provincial People’s Committee Le Van Truc said despite numerous difficulties caused by the global economic downturn, Phu Yen has worked closely with relevant ministries and agencies to keep the project up and running.
The Vung Ro project, using the latest in state-of-the-art technologies in the world, has received incentives from the Government, such as preferential tax rates and financial assistance in infrastructure construction, Truc said.
Nguyen Chi Hien, Director of the Phu Yen provincial Department for Planning and Investment, said the project will attract investors in the fields of petrochemical and support industries, and create jobs for local workers.
Most recently, he said, a business delegation from Belarus has visited Phu Yen to seek investment opportunities, showing their keen interest in the oil and gas industry.
