Van Phong Economic Zone focuses on attracting investment

In order to effectively implement Resolution No. 09 of the Politburo on constructing and developing Khanh Hoa province to 2030, with a vision to 2045 and Resolution No. 55 of the National Assembly on piloting a number of special mechanisms and policies for the development of Khanh Hoa province, Van Phong Economic Zone (EZ) is focusing on attracting investment to become the new growth pole of the province, one of the three driving forces for economic development of the locality.

Promoting and supporting investment

Resolution No. 09 of the Politburo and Resolution No. 55 of the National Assembly has created a breakthrough mechanism to maximize resources, promote the potential and strengths of the province in the development of Van Phong EZ. In the first 6 months of the year, the Management Board of Van Phong EZ focused on supporting investors to complete construction and put into operation on schedule for a number of large projects to create motivation to promote the development of the EZ. Specifically, Van Phong 1 BOT Thermal Power Plant Project has achieved the implementation progress of 94.86% of the plan; disbursed USD 2.12 billion, reaching 82% of the total registered capital. In May, unit 1 was put into trial operation and now has increased capacity to 100% (660MW); unit 2 has completed 90% of capacity and is expected to officially go into operation in August. Besides, the Van Phong EZ Management Board has supported Hon Ngang - Bai Cat Tham marine eco-tourism area to adjust capital increase, carry out deposit procedures and develop a detailed implementation plan; adjusting the implementation progress of Doc Let Phuong Mai tourist area project; continue to urge and support investors to accelerate the construction of Ninh Thuy Industrial Park (IZ) infrastructure to complete before September 2023.

Hyundai Vietnam Shipyard in the southern area of Van Phong

In the investment promotion work, Van Phong EZ Management Board has organized to welcome and promote investment on the spot many delegations who came to study investment opportunities in Van Phong EZ in many fields. In particular, the Management Board has coordinated with relevant departments and agencies to successfully organize the Conference on Announcement of Planning and Investment Promotion in 2023 (advising the Provincial People's Committee to sign 11 memorandums of understanding at the meeting); organize the business delegation from Ho Chi Minh City went to conduct a field survey in the southern Van Phong area in a series of activities in response to the program of summarizing socio-economic development cooperation between Ho Chi Minh City with the provinces of the South Central Coast; organized the conference to promote cooperation between India and the South Central provinces in 2023…

Prioritizing big projects

To accelerate the development of Van Phong EZ, recently, the provincial People's Committee asked Van Phong EZ Management Board to speed up the progress of zoning planning to serve as a basis for investment promotion and invitation; supporting investors and large corporations to explore investment opportunities in the EZ; continue to support Sumitomo Group to build Van Phong 1 BOT Thermal Power Plant so that it can be put into operation on schedule. In attracting investment, the EZ will selectively attract projects that use land and save energy, use high technology, clean and environmentally friendly technology, have high added value, contributing to promoting fast and sustainable socio-economic development. In particular, priority is given to selecting sectors and project areas in which Vietnam has advantages in terms of tariff and non-tariff barriers and measures from free trade agreements signed, especially new generation agreement.

Van Phong 1 BOT Thermal Power Plant project being accelerated

In the coming time, Van Phong EZ will focus on attracting investment in building an innovation center; information technology field; research, production and high technology transfer in the fields of ocean, maritime, biotechnology, marine medicinal herbs and marine ecology with an investment capital of 1,500 billion VND or more. For the field of investment in construction and business of commercial and financial centers, the investment capital must be at least VND 12,000 billion; area to invest in the construction and business of urban areas must be from 300 ha or the population must be from 50,000 or more. In addition, the clean energy industry, processing industry, high-tech manufacturing, precision mechanics, oil and gas processing, electronics, health care service area in Van Phong EZ will only attracts the projects with an investment capital of over 6,000 billion VND. 

Nguyen Trong Hoang - Head of Van Phong EZ Management Board said that in order to effectively implement Resolution No. 09 of the Politburo and Resolution No. 55 of the National Assembly, in the coming time, Van Phong EZ Management Board will accelerate the work of  construction zone in Van Phong EZ and industrial zones. Van Phong EZ targets to attract new investment with a total registered capital of about 30,000 billion VND in 2023. Besides, the management board continues to inspect and urge the progress of investment in infrastructure construction of Ninh Thuy Industrial Park; support and urge the progress of construction of large projects such as: Van Phong 1 BOT Thermal Power Plant, Hon Ngang - Bai Cat Tham marine eco-tourism area and Doc Let Phuong Mai tourist area. In addition, the management board will advise the provincial People's Committee to approve and announce the priority list calling for investment in Van Phong EZ after the functional zoning plans are approved. At the same time, implement specific mechanisms and policies approved by the National Assembly in Resolution No. 55 (especially the mechanism to attract strategic investors) to attract large investors, help effectively exploit the development potential of Van Phong EZ.

NGUYEN TAN TUAN - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee: Van Phong will develop according to the multi-field model with a leading role in attracting investment and driving economic development for the region and the country as a whole. In which, the marine economy is the foundation with international container transshipment ports and logistics services. In urban areas, tourism services and industry play an important role, combining with the development of other economic sectors. This is also a center of high-class general tourism and entertainment services, with unique, different and modern tourism products and services. By 2030, the land area for construction of functional areas will be about 14,900 ha and the population in Van Phong EZ will be about 350,000 - 380,000 people. Space develops in two directions of north and south. In the north, there will be international high-class tourist city with forms of eco-tourism, entertainment, high-class resort, golf course and casino; the south will develop industrial cities. Developing Van Phong is the effective application and implementation of Resolution No. 55 of the National Assembly, contributing strongly to attracting investment capital, towards the goal of developing Khanh Hoa into a city directly under the Central Government in 2030.

Dinh Lam
Translated by T.T