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HCMC – Vietnam is expected to introduce special mechanisms and policies to accelerate the development of a national refining and energy center in the Dung Quat Economic Zone in the central coast province of Quang Ngai.
Prime Minister Pham Minh Chinh chaired a meeting on April 3 to review several important issues, including policy proposals for developing a national refining and energy center in the Dung Quat Economic Zone in Quang Ngai Province.
As Vietnam moves into a new phase of high and sustainable growth alongside an energy transition, the need to develop large, integrated and globally competitive energy industrial hubs has become increasingly urgent.
The development of the national refining and energy center in the Dung Quat Economic Zone is identified as a priority to ensure energy security, boost the maritime economy and drive industrialization.
The project aims to establish an integrated energy industrial hub covering refining and petrochemicals, natural gas, LNG, power generation and renewable energy, aligned with circular economy and low-carbon development.
There will be a complete value chain from the import, storage and processing of oil and gas to energy production and related industrial products, serving both domestic demand and export markets.
The center will also incorporate new technologies such as green hydrogen, green ammonia, carbon capture and other clean energy solutions to support the energy transition.
It will require diversified funding from state and private sources, including domestic and foreign investors, through both direct and indirect investment channels.
PM Chinh emphasized that the review and proposal of mechanisms and policies to promote the development of the National Refining and Energy Center at Dung Quat are well grounded in both practical and political foundations.
He said that existing mechanisms and policies should be implemented proactively by ministries, agencies and local authorities within their authority.
The meeting also reached consensus on developing and proposing special mechanisms and policies. For matters under the National Assembly’s jurisdiction, pilot mechanisms will be proposed, with the Ministry of Industry and Trade leading the review and finalizing documents for a draft resolution.
The Quang Ngai government was tasked with coordinating with the Ministry of Industry and Trade and relevant ministries to finalize documentation, conduct detailed impact assessments for each policy, and engage with investors.
