Vietnam’s Dung Quat refinery contributes over $10bn to state budget

The event was attended by Deputy Prime Minister Pham Gia Tuc along with central and provincial leaders.

Luong Kim Son, head of the Dung Quat Economic Zone and Industrial Parks Management Authority, reported that after three decades of development, Dung Quat has become a multi-sector economic hub and the main growth driver of Quang Ngai.

The refinery, now undergoing expansion with an investment of $4.54 billion, remains its centerpiece.

Additionally, Hoa Phat Group, a leading Vietnamese steelmaker, has invested $7.47 billion in two steel complexes with a combined capacity of more than 11 million metric tons per year.

Economic and industrial zones across Quang Ngai have attracted more than 440 projects with total registered capital of nearly $20 billion, of which $14 billion has been disbursed.

These include 63 foreign direct investment projects worth over $2.5 billion.

About 350 projects are currently operational, employing more than 81,000 workers.

Son said the zones contribute over 70 percent of the province’s economic growth, exports, and budget revenue, while driving job creation and industrial restructuring.

With investments in petrochemicals, metallurgy, machinery, energy, seaports, and logistics, Dung Quat is evolving into a major production hub in central Vietnam.

Deputy PM Tuc praised the establishment of Dung Quat three decades ago as a strategic move to unlock the economic potential of the country's central coast.

He urged Quang Ngai to accelerate its transition toward a green, circular economy, upgrade existing industrial parks into eco-industrial zones, and selectively attract clean, high-tech projects with high added value.

He also emphasized the need to boost science, technology, innovation, and digital transformation; apply artificial intelligence to transport, seaports, energy, and environmental management; and develop smart logistics and digital supply chains.

Quang Ngai should leverage its deep-water port and multimodal transport links to build Dung Quat into a national and regional logistics hub.

Quang Ngai should continue administrative reforms, create a more open investment environment, and promptly remove obstacles hindering businesses’ growth, he added.

Deputy PM Tuc stressed that industrial growth must go hand in hand with social progress and environmental protection, particularly housing for workers and support for families displaced by development.

Nguyen Duc Tam, chairman of the provincial administration, pledged to focus on green growth, digital transformation, logistics, institutional reform, and improving livelihoods, aiming to make Dung Quat a green, smart, modern economic zone by 2045.