Friday, August 31, 2007

$5 Billion injected into Vietnam's Dung Quat Economic Zone

VietNamNet Bridge – By mid August 2007, Dung Quat Economic Zone (EZ) had attracted $5.4bil in capital from 119 investment projects, according to the Dung Quat EZ Management Board.

The 119 investment projects include 34 operational projects and 45 projects under construction.

Dung Quat EZ has become very attractive in the eyes of investors since the government has tried to turn Dung Quat into the dominant EZ in the central region and the Central Highlands by offering many investment incentives.

The driving force of the Dung Quat EZ is the Dung Quat oil refinery, which has given the EZ a new face in the last two years.

According to the Quang Ngai Department for Labour, War Invalids and Social Affairs, the total number of employees working in Dung Quat EZ has reached 21,966: 14,590 workers in the construction sector and 7,376 workers in enterprises. More than 50% are residential workers.

Chairman of the Quang Ngai People’s Committee Nguyen Xuan Hue said that the Dung Quat EZ had been highly praised thanks to its potentials and competitiveness.

Investors have said that they once hesitated to make heavy investment here as they did not see transparent legal framework. Currently, as investors do not have anxiety about the legal framework, they are not delaying their investment any more.

It is expected that in the near future, the rapid development of Dung Quang EZ will lead to a serious shortage of labour force. Experts have urged the Quang Ngai People’s Committee to draw up a long-term strategy on local labour force development.

Many investors in the Dung Quat EZ now need skilled labourers but the supply is limited. The Dung Quat Vocational Training School plays the major role in providing human resources for the Dung Quat EZ. It can train around 1,000 workers in long-term courses and 1,000 in short-term courses every year.