Nguyen Dinh Thong, deputy director of the provincial Department of Planning and Investment, confirmed the news with the Saigon Times today, November 12, saying PVN and the province had agreed to all of the financial obligations associated with the park before its handover. This was regarded as key to resolving the bottlenecks in the handover process.

The local government is now considering steps to call for investors in the industrial park. Thong noted that the park specialized in the oil and gas sector. However, following the handover, the province will make investment adjustments in line with its development goals.

The 285-hectare park is in a prime location, suitable for developing the marine economy, especially the oil and gas industry.

PetroVietnam Construction JSC (PVC), a subsidiary of PetroVietnam, obtained an investment certificate to set up the industrial park in March 2011. However, the park only had one project, to build a welded steel pipe plant, in late 2014.

Therefore, the Government agreed in principle to hand over the park to the provincial government in line with a master plan for developing industrial parks until 2015 with a vision toward 2020 in October 2014.