The central region, which took the brunt of the past war and has been constantly hit by natural disasters, boasts great potential for economic development. However, it needs a new way of thinking on development, requiring close cooperation between regional provinces.
With its 1,400km-long coastline, the region has great potential for developing its tourism services, the aquaculture sector and building deepwater seaports. Lying along Highway 1A and the Ho Chi Minh Highway, it acts as the main artery of the trans-Asia Road and the end of the road for the East-West Economic Corridor. It also has a vast area of forests, fertile land and four world heritage sites.
Along with its abundant workforce, the central region attracts a great number of domestic and foreign investors. Currently, it has 9 economic zones (EZs) and 22 industrial parks (IPs) including well-known ones such as Chan May in Thua Thien-Hue province, Chu Lai in Quang Nam province, Dung Quat in Quang Ngai province, Nhon Hoi in Binh Dinh province and Van Phong in Khanh Hoa province. In 2007, the region licensed 140 investment projects with a total registered capital of US$4.2 billion, making up 28 percent of the country’s total capital from newly licensed projects.
Investment projects have given the central region a facelift. From an impoverished province, Phu Yen has become one of the few areas in the central region taking the lead in attracting foreign investment. Big projects such as the Vung Ro oil refinery, a petrochemical complex and the Nam Tuy Hoa deluxe tourist resort have turned rural poor areas into new urban areas.
Dung Quat EZ in Quang Ngai province, which was the scene of intensive bombardments during the past war, is becoming one of the most dynamic and modern economic zones in the region.
Meanwhile, Khanh Hoa province has generated tens of thousands of jobs for local people after putting into operation big tourism development projects such as Vinpearl Land and Dam Mon.
Over the past 10 years, Da Nang City has attracted more than VND52.5 trillion in investment capital into its economic zones, generating jobs for tens of thousands of people. Many high-rise buildings, technology centres, entertainment and tourist resorts have been built.
Theo Source: VOV
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