Phu Yen province recently confirmed that a US$3.2 billion oil refinery project of UK Technostar Management in Vung Ro is set to get off the ground this August. When fully operational, it should contribute about $111 million per annum to the state budget and generate jobs for roughly 1,300 laborers. The new refinery
Phu Yen province recently confirmed that a US$3.2 billion oil refinery project of UK Technostar Management in Vung Ro is set to get off the ground this August. When fully operational, it should contribute about $111 million per annum to the state budget and generate jobs for roughly 1,300 laborers.
The new refinery will allow Vietnam to greatly reduce its dependency on foreign oil.
In the past week, the Binh Dinh provincial People's Committee also worked with Thailand's Petroleum seeking for a $27 billion Nhon Hoi oil refinery project.
The central coastal region has been "awakened", and these projects are contributing to reshaping the oil refinery industry in the entire nation.
The US's Exxon Mobil recently announced it is planning to invest in a gas-power complex project in the region to bring gas ashore and build gas and power plants. With a scheduled investment capital outlay of $20 billion, the economic benefits are bound to reverberate throughout the region.
Additionally, preparations for constructing two nuclear power plants in Ninh Thuan province are underway.
The provinces of Quang Nam, Danang, Hue, Ninh Thuan and Binh Thuan provinces are increasingly becoming more attractive to domestic and foreign tourists. There are a series of tourist resort projects underway along the coastline.
The largest project in this area is South Hoi An in Quang Nam province, which is still being constructed at a total cost of $4 billion.