Dung Quat EZ was once considered an ideal investment destination when it was opened years ago by the Quang Ngai provincial authorities. However, except for a few profitable projects, others have been left half-finished. The Dung Quat EZ Management Board has granted investment licenses to 115 projects which have total registered capital of $8 billion. Of these, 70 projects have become operational, creating 14,000 local jobs.
However, most of the area in the EZ remains fallow land because of the lack of investors. Van Tuong City, the only city in Vietnam put under the management of commune authorities, has been left idle over many years. Many investors registered to develop projects there, but have not begun the projects.
Dozens of half-finished construction works can be seen in Dung Quat, which have been left idle. One of them is a complex of hotel, restaurant and amusement park in Van Tuong City. The investor reportedly spent nearly VND100 billion on the project, but then stopped the construction. Many investors have been allocated land to develop projects. However, analysts noted that many of the investors registered just to “take the place”, and hope they can transfer the projects later to other investors to get money.
