Tailored mechanism for petrochemical refining and energy centre: Deputy PM

Hanoi, February 11 (VNA) - Standing Deputy Prime Minister Nguyen Hoa Binh held a working session with authorities of central Quang Ngai province on February 10 to discuss the national petrochemical refining and energy centre project at the Dung Quat Economic Zone.

The project was approved by the Ministry of Industry and Trade (MoIT) on December 19, 2023. Previously, on December 5, 2025, Prime Minister Pham Minh Chinh chaired a meeting of the Government’s standing members to discuss proposed mechanisms and policies to step up the project.

Provincial authorities have recently teamed up with Binh Son Refining and Petrochemical JSC (BSR), along with relevant agencies, to review the needed policies and mechanisms. So far, Quang Ngai has suggested that the MoIT lead the effort in finalising the project proposal and submitting it to the proper authorities.

Vice Chairman of the provincial People’s Committee Do Tam Hien highlighted the centre’s important role not just for Quang Ngai but for Vietnam overall. The locality has secured sufficient land to maintain momentum and channelled resources into compensation, site clearance, and resettlement, all of which are key steps for the project.

In his speech, Binh stressed the critical need for a strategic investor in the venture. The Vietnam National Industry –Energy Group (Petrovietnam) will serve dual roles as project owner and the lead entity for management, investment attraction, and operations, necessitating tailored mechanisms and policies for the state-owned group.

According to him, the project brings a major opportunity for Quang Ngai, given that few locations are selected to host a national-scale centre equipped with integrated ports and offshore oil and gas pipeline linkages to the mainland. Therefore, Quang Ngai must seize this opportunity by fully harnessing local and national resources to maximise the centre's potential.

He assigned Quang Ngai to work closely with Petrovietnam to review land-use planning and existing projects before groundbreaking. Regarding power planning, which falls under the MoIT's purview, adjustments to the Power Development Plan VIII are required, along with plans to supplement the list of energy projects within the centre. Relevant agencies were also requested to study and propose incentive mechanisms aligned with those already in place for domestic economic and commercial zones./.