Dung Quat Economic Zone to receive special incentives for industrial development

The Politburo of Vietnam has approved a policy direction to apply special mechanisms and high-level incentives to the Dung Quat Economic Zone in Quang Ngai province. This initiative aims to transform the area into a national center for oil refining, petrochemicals, shipbuilding, and energy.

The proposed framework allows Dung Quat to adopt policies similar to those used in the free trade zones of Hai Phong and Da Nang, alongside the highest incentives permitted under the Law on Urban Development. These measures are intended to attract large-scale industrial projects and address existing bottlenecks regarding capital, land, planning, administrative procedures, technology, and human resources.

The Politburo has instructed the Government Party Committee to coordinate with the National Assembly to include these provisions in the agenda for the second session of the 16th National Assembly. This will provide the legal basis for the Government to formally decide on the specific mechanisms and policies. The goal is to expand the value chain from oil refining to chemicals, shipbuilding, energy storage, supporting industries, and logistics, with potential investment targets reaching $50 billion.