The central coastal province of Phu Yen is rolling out the red carpet to welcome investors, both foreign and domestic, to develop its industry and tourism sectors, with the hope of creating major changes in economic restructuring.

Top priority will still be given to processing projects in a bid to help the province fully tap its potential for agriculture, forestry and fisheries, according to Dao Tan Loc, chairman of the provincial People's Committee.

There are now nine projects waiting for investors that are estimated to need 80 million USD. They include a 35 million USD project to build a pulp and plank factory with annual output of 15,000 tonnes and 15,000 cubic metres, respectively; a 15 million USD milk processing factory with daily output of 100,000 littres and a 10 million USD fruit juice factory.

The province also needs 90 million USD to carry out 10 industrial projects, including 10 million USD for ceramic production, 10 million USD for garments, textiles and dyeing and 35 million USD for IP development.

Additionally, a 10 million USD project to exploit and process diatomite needs investment.

With 198 km coast line, Phu Yen, 560 km north of HCM City and 400 km south of Da Nang central city, has the potential to develop marine tourism.

The province also introduced to participants a list of 10 resort and hotel projects in need of 29 million USD. Of the figure, 10 million USD is expected to go to building a tourism village in Song Cau district.

The province's Planning and Investment Service pledged a series of investment incentives apart from Government's preferential policy for investors, like tax holidays and soft land rent.

Service Director Luong Ngoc Ai said the province would be in charge of building infrastructure and clearing sites and compensating affected households.

The province also promised land rent exemption for IP tenants from five to 10 years and broker's commission equivalent to 10 percent of land rent for five years.

In reality, the province has earmarked budget for infrastructure construction in three IPs, namely Hoa Hiep 1, An Phu and Dong Bac Song Cau 1.

Hoa Hiep 1 IP, covering 101.5 ha, has lured 21 projects including seven foreign-owned ones with a combined investment capital of 495 billion VND and 79.7 million USD. A total of 24 projects capitalised at 141 billion VND and 6.6 million have been licensed in the 79 ha An Phu IP in the inital stage.

Underway now is infrastructure construction at the 110 ha Dong Bac Song Cau IP and site clearance for the 243 ha Hoa Hiep 2 and the 105.8 ha for Dong Bac Song Cau 2.