Once envisioned as a catalyst for economic growth in the northern part of Binh Thuan Province, south-central Vietnam, Tuy Phong Industrial Park remains unfinished after more than 10 years, failing to attract secondary investors.

Established in late 2013, the industrial park spans 150 hectares in Tuy Phong District, with 97.9 hectares designated for commercial use.

As of now, only 59.56 percent of the registered VND370-billion (US$14.6 million) investment has been realized, amounting to VND220.36 billion ($8.7 million).

Strategically located along National Highway 1, near the North-South Expressway and Vinh Tan International Port, the industrial park was expected to become a major economic driver for this underdeveloped area.

However, the provincial administration reported that the infrastructure remains incomplete, and no secondary investors have been attracted so far.

Initially, the developer promised to fully occupy the site by 2025.

At various public meetings, residents of Vinh Hao and Vinh Tan Communes in Tuy Phong voiced their concerns over the project's slow implementation, arguing that the underutilized land represents a waste of local resources.

Many residents urged both the developer and local authorities to accelerate progress and attract businesses to create jobs, increase incomes, and boost economic development in the northern part of the province.

In response, local authorities pledged to review and address the prolonged delays at the industrial park.

At a recent meeting on industrial investment progress, Nguyen Hoai Anh, secretary of the provincial Party Committee, emphasized that industrial development is a key economic pillar, contributing significantly to the province's gross regional domestic product.

However, he acknowledged the slow infrastructure development and low occupancy rates, with most investments being small-scale projects.

Currently, seven out of nine industrial parks in Binh Thuan are under development, covering nearly 1,400 hectares. 

As of early 2024, six industrial parks were put into operation, with an overall occupancy rate of 35.35 percent.

Regarding large-scale industrial projects like Son My 1 and Son My 2, which cover 1,538 hectares with a registered investment of VND4.017 trillion ($159 million), they are still in the pre-investment phase -- focusing on land clearance and lease agreements -- and have yet to commence infrastructure development.

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