Consortium to invest $3.6 bln in Cam Ranh Bay urban area

A consortium led by Cam Ranh Investment JSC, Vinhomes, and VinES Energy Solutions has been named the only investor that meets the preliminary requirements regarding capacity and experience to implement a mega urban area project by Cam Ranh Bay in the south-central province of Khanh Hoa.

According to information revealed on Thursday by the provincial People’s Committee, its Chairman Nguyen Tan Tuan has assigned the Khanh Hoa Department of Planning and Investment to guide the consortium to prepare and submit a proposal for investment approval in line with the Law on Investment.

The "Urban Area by Cam Ranh Bay" project is expected to cover 1,254 hectares with an initial investment of VND85.29 trillion ($3.64 billion), including VND997.3 billion ($42.53 million) for site clearance.

Approved by Prime Minister Pham Minh Chinh on April 1, 2023, it is set to feature a housing complex, a public service area, parks and green spaces, a trade center, resort facilities, a golf course, and a theme park. Its construction is scheduled to take place from 2023-2027.

The project, spanning 10 wards and communes in Cam Ranh town, is expected to accommodate some 231,000 people, featuring 10,732 villas, 8,474 semi-detached houses, and 19,816 social housing units.

Khanh Hoa province is home to Nha Trang, one of the world’s most beautiful bays. It is located about 450 kilometers north of Ho Chi Minh City, Vietnam’s southern economic hub, and is well-known for its long beach, islands, and islets.

In June 2022, the National Assembly, the country's highest legislative body, issued a resolution on specific mechanisms and policies for Khanh Hoa to be implemented on a pilot basis to attract only mega projects. It also specified that urban area projects should accommodate at least 50,000 people or cover at least 300 hectares.