The massive plant will be built by Petrovietnam and three foreign partners. Construction is set to begin within a month after the partners signed an agreement on April 7.

An estimated 20,000 people will be moved and hundreds of acres of land will be cleared in the Nghi Son Economic Zone by June next year.

Petrovietnam holds a 25.1 percent stake in the plant, Japanese refiner Idemitsu Kosan Co. and Kuwait Petroleum International hold 35.1 percent each, and Japan's Mitsui Chemicals has 4.7 percent.

The first stage of the country's largest project -- the Nghi Son Refinery and Petrochemical Complex -- will cost an estimated $6 billion and could take up to five years to complete.

Once it's operational, the refinery will be able to produce 200,000 barrels a day or 10 million tons a year of oil. The crude will be supplied by Kuwait Petroleum Corp. and Kuwait Petroleum International.