Vietnam’s Largest Deep-water Port Town is Set to Become a Thriving City with Investments from Korean Chaebols: Latest Project Involves Nearly 10 Trillion VND for Fuel

Previously, this chaebol has invested $3.5 billion in projects in various major cities such as Hanoi, Ho Chi Minh City, Dong Nai, and Ba Ria - Vung Tau.

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Hyosung Group Continuously Chooses Phu My Town for Large Projects

On January 31st, the Chairman of the Provincial People’s Committee, Nguyen Van Tho, and leaders of departments and agencies met with representatives of Hyosung Group to receive a report on investment in the HVO production project (also known as renewable diesel, sustainable aviation fuel produced through the processing of oil and fat from hydro catalysts) at Phu My 2 Industrial Park, Phu My Town.

The project has a total investment of nearly 400 million USD on an area of 8.4ha, with an expected production volume of 234 million tons of sustainable aviation fuel per year.

Hyosung representatives stated that this is one of the projects that uses new technology in Vietnam, producing environmentally friendly products by using refined bio-based raw materials such as used cooking oil, fish oil, palm oil, and animal fat.

This technology helps reduce carbon emissions by 73-84% compared to conventional fuels. Hyosung representatives also clarified the production process and committed to environmental protection during the project implementation and operation.

Nguyen Van Tho expressed his gratitude to Hyosung Group for researching and continuously choosing Ba Ria-Vung Tau as the location for large-scale projects.

Regarding the HVO production plant, the Chairman of the Provincial People’s Committee stated that with the project’s use of modern technology and production of green fuels, which are environmentally friendly, the provincial leadership supports the implementation of this project.

“However, this is still a new field in Vietnam, and the implementation needs to comply with the relevant regulations, especially those related to technology and the environment,” said Nguyen Van Tho.

The Chairman of the Provincial People’s Committee assigned the Department of Planning and Investment, the Department of Science and Technology, the Management Board of Industrial Parks, and related units to study regulations and support Hyosung Group in completing investment documents and procedures. At the same time, he requested the enterprise to be proactive and accelerate the project progress to put the plant into operation according to the plan.

Prior to this, Hyosung Vietnam Co., Ltd. (Hyosung Group, South Korea) expressed its plan to invest in a fiber and carbon material production plant in Phu My 2 Industrial Park with a total investment of nearly 1 billion USD, of which the initial investment is about 160 million USD.

Hyosung Group, established in 1962, is a leading Korean corporation in the production of power transformers for export to 70 countries worldwide. In Vietnam, the group has invested 3.5 billion USD in projects in major cities such as Hanoi, Ho Chi Minh City, Dong Nai, and Ba Ria – Vung Tau. In Ba Ria – Vung Tau alone, Hyosung Vietnam has the Polypropylene (PP) production plant and the Hyosung LPG underground storage cavern, which have been put into operation at Cai Mep Industrial Park with a total investment of nearly 1.4 billion USD.

Phu My Town is About to Become a City

Phu My Town has the deep-water port cluster of Cai Mep – Thi Vai, accounting for 9 out of 15 industrial parks in Ba Ria – Vung Tau province.

In 2023, the Internal Affairs Department of Ba Ria – Vung Tau province reported the decision to establish the Phu My City project and its subordinate wards. The Internal Affairs Department believes that Phu My Town meets all 11 criteria for establishing a city within the province. The three communes of Tan Hai, Tan Hoa, and Toc Tien in the town meet all 17 criteria for establishing wards. This is an important step to realize the resolution of the 6th District Party Congress to strive to build the town into a city associated with the strengths of industry, seaport, by 2025.

Prior to this, Phu My Town was established in 2018 on the basis of the entire administrative boundaries, population, and current status of Tan Thanh District, Ba Ria – Vung Tau province. The town covers an area of 333.8 km2 with a population of 180,000 people (as of 2019). Phu My Town is conveniently located, bordered by Ho Chi Minh City to the west, Bà Rịa and Vũng Tàu City to the south, and Đồng Nai province to the north. This place is oriented to develop 5 economic spearheads of Ba Ria – Vung Tau province, including industry, seaports, port-related services, high-tech tourism, and applied agriculture.

Of these, the seaport industry is emphasized. The western area of Phu My is surrounded by the Thi Vai River with a convenient deep-water channel system for the development of deep-water ports, particularly the Cai Mep – Thi Vai deep-water port cluster. This is the only deep-water port cluster in Vietnam with mother vessels carrying containers directly to Europe and America without transshipment through a third country. It has 35 ports and is among the top 19 largest seaports in the world.

Among them, Tan Cang – Cai Mep International Terminal (TCIT) is the largest port, accounting for nearly 53% of the market share from 2011 to 2021. The port has a total investment of 100 million USD. When it was put into operation in 2011, TCIT was Vietnam’s first deep-water container transshipment port.

Phu My Town has the highest concentration of industrial parks in Ba Ria – Vung Tau province, with a system of 9 operational industrial clusters covering an area of up to 50 km2. The industrial parks in Phu My focus on various sectors, notably electricity, gas, and nitrogen.

SOURCEcafef
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