Khanh Hoa economic zone targets mega projects, billions of dollars

The central coastal province of Khanh Hoa plans to attract billions of dollars into 27 major projects in Van Phong Economic Zone in the 2023-2024 period.

In June, the National Assembly, the country's highest legislative body, issued a resolution on distinct mechanisms and policies for Khanh Hoa to be implemented on a pilot basis to attract only mega projects.

The resolution specified that investment capital for projects in maritime research and development, technology transfer and information technology must exceed VND1,500 billion ($62.83 million). The corresponding figure for financial and commercial centers to be built in 2023-2024 was set at VND12,000 billion.

It was also specified that urban area projects should accommodate at least 50,000 people or cover at least 300 hectares.

Investment capital for high-end golf courses, entertainment and resort projects must be VND25,000 billion ($1.05 billion) at a minimum. Likewise, the figure for clean energy, precision mechanics, electronics, high-tech manufacturing and processing and oil processing projects is VND6,000 billion.

Per the resolution, the province seeks investors for many commercial center and urban area projects, including the VND15,000 billion ($628 million) Dam Mon financial-commercial center; the 4,800-hectare Hon Lon high-end services complex (VND99,000 billion); and the 1,300-hectare Tu Bong 1 and 2 urban area projects (VND90,000 billion each).

Four industrial projects calling for investments are: the VND100,000 billion ($4.19 billion) Nam Van Phong oil refinery; the Nam Van Phong 1 and Nam Van Phong 2 petrochemical complexes (VND60,000 billion each); and a green hydrogen and next-generation battery factory (VND48,000 billion).

On infrastructure, Khanh Hoa prioritizes a VND10,000 billion ($419 million) civil airport for charter flights, a VND3,000 billion international tourism seaport and the VND45,000 billion Nam Van Phong general port.

The Van Phong Economic Zone has so far attracted 155 projects with a total registered capital of $4.1 billion, including 30 foreign-invested ones, according to the economic zone management board. Disbursed investment capital has reached $2.5 billion, with 97 operational projects.

Khanh Hoa enjoyed a gross regional domestic product (GRDP) growth of 20.48% in the first nine months of the year, a decade-high record, per official data. The industry and construction sector and the service sector grew 25.23% and 26.19%, respectively.