"It’s perfect," Klenk told a conference in Hanoi on Wednesday (07 Oct 2009) to promote investment in this central province. Klenk said that for his company, which has invested USD1.6 billion to build a high-tech city in PhuYen, the province had it all, not too densely populated, rich in culture and natural resources, and beautiful.

Natural beauty was indeed trumpeted as one of Phu Yen’s top advantages at the conference organised by the Ministry of Investment and Planning and the Phu Yen People’s Committee.

The province, with a 200km coastline, boasts many beaches and bays, the breathtaking Da Dia Cliffs, and Cape Dien, one of the first places to receive the sunrise in Vietnam.

Tourism was thus targeted as a key sector for Phu Yen’s socio-economic development, said Tran Chien Thang, deputy minister of Culture, Sports and Tourism.

In recent years, Phu Yen tourism has seen an average annual growth of 30 percent-40 percent in both number of visitors and revenue, as well as the development of four- and five-star hotels and resorts.

Thang said the government had designated Phu Yen to host 2011 National Tourism Year and was encouraging travel companies to develop tours to the province. Yet, determined to triple its per capita income to USD3,000 by 2020, Phu Yen aims for much more than just being one of the country’s tourist attractions.

Its outline to call for investments presented at the conference features nine ambitious projects in various areas, including tourism.

These projects range from a USD1.3 billion plan to build infrastructure for the South Phu Yen Economic Zone to a USD10 million project to build a coconut input area and processing factory.

Matthias Duehn, director of the European Chamber of Commerce in Hanoi, said Phu Yen’s goals and potential were real and good.

But when it comes to attracting European investors, the province must ensure three things: sufficient and sustainable infrastructure, an educational system that meets market demand and favourable government policies.

Chair of the Phu Yen People’s Committee Pham Ngoc Chi said as far as infrastructure was concerned, investors could rest assured. He said Phu Yen, with a deep water seaport, a sizable airport and, especially, the upcoming opening of the Hanoi-Tuy Hoa air route, "isn’t as far from the country’s big economic centres as some investors may think

As for favourable government policies’ the conference was assured by Telloil, one of the two investors of Phu Yen’s Vung Ro Oil Refinery, "be bold and come, and all the administrative hurdles, if they arise, will be solved by the local government.