Binh Dinh province okays investment plans for two to-be-auctioned projects totaling $314 mln

The Binh Dinh Economic Zone Administration (BEZA) has approved the investment plans for two to-be-auctioned projects covering nearly 70 hectares in the Nhon Ly-Cat Hai beach tourist area in Quy Nhon town, said its head Dang Vinh Son.

Land use rights of the two projects, with a total investment of VND7.7 trillion ($313.77 million), will be put up for auction to develop beach resorts, restaurants, marine amusement parks and other ancillary services.

Each project will be divided into two areas with resort villas and multi-purpose hotels with a maximum of 10 floors.

Project No. 2 (2-1), spanning more than 28 hectares, will have 1,544 real estate products and cost over VND3.2 trillion ($130.4 million).

Meanwhile, Project No. 2 (2-2) will cover 40 hectares with a total investment of more than VND4.5 trillion ($183.37 million), offering 1,911 units. In addition, it will also house a 6.2-hectare walking street.

The People's Committee of Binh Dinh province has also approved plans to auction land use rights in 2023 at land lots managed by BEZA, including the 9.55-hectare Eo Gio eco-tourism area; a 1.2-hectare parking lot at Ky Co Tourist Area; the 19.8-hectare Golf Academy resort villa area; and the southwest urban area of Nhon Ly commune with 20.36 hectares.

Earlier this month the province’s Investment Promotion Center announced that it would auction the land use rights of a prime plot next to Quy Nhon beach on October 28.

This land lot, called K200, will be used to implement a VND2.5 trillion ($102.5 million) project to build a 5-star hotel, office and trade-service center, a provincial official said.

It covers nearly 11,000 square meters on An Duong Vuong street in Quy Nhon town. Of this, about 6,000 square meters has been assigned for construction and the remaining area for parks, yards and internal roads. The site has been cleared and its starting price is about VND250 billion ($10.25 million).

According to Son of BEZA, investor selection must be carried out in accordance with the law and ensure the principles of equality, publicity and transparency.

“The important and final goal is to select investors with the financial capacity and experience for project implementation,” he said.

He said that amid production and business difficulties, the number of investors wishing to invest in tourism, service and real estate business projects is very limited.

Therefore, the BEZA has regularly organized conferences and seminars to provide project information for investors, especially domestic and foreign investment associations, he stated.

It has invited potential investors to survey investment locations and provided them with full information on planning, the socio-economic situation, social infrastructure and labor resources in the locality, Son added.

“The administration will continue to promote administrative procedural reform and provide the best and fastest support for investors in project implementation and operation," Son promised.