Major potential investment areas are petrochemistry, shipbuilding, mechanical engineering, manufacturing of equipment for heavy industry, and automobile assembly.

A memorandum of understanding (MoU) on cooperation and development to this effect was signed by DEZA Management and representatives from the Korea Industrial Complex Corps. (KICOX) and Ulsan city, an industrial powerhouse, in Quang Ngai province on February 25.

DEZA will create a ready-to-use land fund of approximately 50ha at the Pho Dong Industrial Park within the Dung Quat Economic Zone (DEZ) for heavy industry and mechanical engineering projects. It will also offer upmarket places and preferential land rentals to businesses introduced by KICOX.

In addition, it will organise training courses on technical affairs and the Korean language for local workers.

In turn, KICOX will provide businesses from the RoK and the Ulsan region in particular with information about Dung Quat Economic Zone, its investment mechanism and preferences.

Both sides will jointly hold employment fairs for their businesses to explore and establish partnerships.

The MoU will be implemented over two years.

Since its establishment 15 years ago, DEZ in the central province of Quang Ngai has attracted 111 registered investment projects with a total capitalisation of nearly US$8 billion. Of the total, 67 projects, valued at nearly US$5 billion, have been operational, making a significant contribution to the provincial economy.

The zone is luring investment in heavy industrial projects from RoK companies such as Doosan-Vina, Kumwoo, KIC, Yong Ho Vina and Uneed Electro.

Ulsan Eco-Industrial Zone was established in 1964, specialising in machinery manufacturing, equipment and components for heavy industry. Currently as many as 1,200 businesses are operating in the zone.