Van Phong EZ to make use of resources
Khanh Hoa is expected to attract more investment capital flows into the central province’s Van Phong Economic Zone, according to a series of government policies.
Through several official resolutions for this decade and beyond, the south-central province is eligible to adopt special incentives to lure investors into its economic zone (EZ). Meanwhile, decentralisation will enable the province to effectively mobilise and use resources. With the new competitive edge, Van Phong EZ will become a driving force for the development of Khanh Hoa, and the south-central region in general.
In February, the Management Board of Van Phong EZ worked with a series of corporations interested in investing in the zone. After grasping the needs of investors, the board will research the planning of functional areas in Van Phong EZ and other zones in the province.
Many large corporations and strategic investors have proposed ventures in Van Phong EZ. They are engaging in diverse industries with the potential for strong development, such as petrochemical refinery, liquefied natural gas import terminal, clean energy, port and international transshipment, high-class marine urban area, and luxury resorts.
Chau Ngo Anh Nhan, deputy director of Khanh Hoa Department of Planning and Investment, said that the local authority was actively completing the plans that will lay a basis for attracting investment.
“Khanh Hoa sets 2023 as the year of investment attraction. It is the important year for the province to achieve its socioeconomic development plan for the 2021-2025 period. The province focuses on attracting foreign-invested projects to Van Phong EZ. Besides the marine economy, the province also approaches potential new investors in other industries in line with the local development orientation,” Anh Nhan said.
Over a dozen potential investors have made proposals to invest in Van Phong EZ, including Dong Phuong Petroleum, Stavian Chemical, Trung Nam Construction Investment, Becamex IDC, Sinnec, and Saigon Newport Corporation. These businesses and others want to invest in refining and petrochemicals, energy, industry, seaport construction, and more.
While those are based in the south of the area, northern Van Phong is alluring services, tourism, airport, and seaport investors such as Sun Group, Novaland, and FPT.
The management board has issued plans to organise the implementation of major tasks for the year. In particular, it is aiming to attract new investment of about $1.27 billion. At the same time, the board will also select investors for projects in Van Phong EZ after the general planning and construction subdivision planning are approved.
The management prioritises projects in the fields of energy, petrochemical refining, trade and services, high-class tourism, urban areas, and seaports.
In addition, the board also supports the attraction of secondary investment in Ninh Thuy and Suoi Dau industrial parks. Another task is accelerating the construction progress of several large projects, such as the Van Phong 1 build-operate-transfer thermal power plant and the Hon Ngang-Bai Cat Tham tourist area.
According to the management board, it has worked with investors to explore their demands and expectations. They have also collected information to create a list of priority projects for investment. The projects in the zone should be in line with the required direction of Khanh Hoa Party Committee. Meanwhile, they should reflect the actual needs of investors to bring the projects into operation.
Van Phong EZ has attracted 155 ventures with the total registered investment capital of about $4.1 billion so far, and the disbursed foreign capital has reached $2.5 billion. Currently, 97 ventures are already in operation, while the remaining 58 have been granted investment certificates and are under construction.
