$8 billion to be pumped into Vietnam’s Central Coast

Seven international partners will support the investment in infrastructure, transport, urban development, and climate response.

Nearly US$8 billion will be pumped into Vietnam’s Central Coast region to support the socio-economic development of the region towards sustainability and climate adaptation.

An overview of the signing and awarding ceremony. Photo: Trung Nhan/The Hanoi Times

The value was announced at a signing ceremony held on February 5 between the Ministry of Planning and Investment and international partners.

Accordingly, the local authorities granted investment certificates and approved investment policies and investment cooperation for domestic and international investors.

Among the investment deals, seven development partners are committed to providing a total capital of more than US$1.7 billion in 45 projects. The partners included the Asian Development Bank (ADB), the French Development Agency (AFD), the International Fund for Agricultural Development (IFAD), the Japan International Cooperation Agency (JICA), the Export-Import Bank of Korea (KEXIM), the Korea International Cooperation Agency (KOICA), and the World Bank.

The local authorities also granted 16 investment certificates totaling $5.6 billion and five MOUs on investment cooperation with a capital of nearly US$700 million at the event.

At the ceremony, Quang Ngai provincial authorities licensed a logistics project worth $17 million to SIS Quang Ngai, and approved the investment policy in Hoa Phat Dung Quat high-grade rolled steel mill project, with a capital of VND3.2 trillion ($133 million).

A signing ceremony of MOU on investment cooperation was also held between the provincial authority and the VSIP II Quang Ngai Industrial – Urban and Service Park project, with an estimated investment of $270 million.

At the event, Thanh Hoa Province licensed a project worth VND2.4 trillion ($100 million) in Nghi Son Economic Zone.

Meanwhile, Ninh Thuan authorities approved an investment policy for a new urban area project along Dinh River costing VND1.7 trillion ($70 million).

Minister of Industry and Trade Nguyen Hong Dien also handed over a decision approving the investment policy for a project to build a combined gas turbine thermal power plant using liquefied natural gas (LNG) with a total investment of $2.1 billion in Ninh Thuan.

Prime Minister and representatives from ministries and localities attend the event. Photo: Cong Thuong Newspaper

Wrapping up the conference, Prime Minister Pham Minh Chinh asked ministries and 14 localities in the region to urgently develop programs and action plans focusing on refining institutions, regional planning, and policies on regional linkage; restructuring the economy; and promoting marine economy, digital transformation, developing circular economy, tourism, forest economy, and agriculture.

He highlighted three drivers of growth which are consumption, investment and export, urbanization, and investment in regional socio-economic infrastructure, especially the road system linking to the ports, the East-West economic corridor, and connecting to the Central Highlands.

Regarding investment promotion, the Prime Minister requested to instill the concept of "cooperation and development" in attracting investment, ensuring "equality, mutual development, mutual benefit, and social responsibility".

The Central Coast region includes 14 cities and provinces namely Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri, Thua Thien-Hue, Danang, Quang Nam, Quang Ngai, Binh Dinh, Phu Yen, Khanh Hoa, Ninh Thuan, and Binh Thuan.