Khanh Hoa lays out timetable for mega projects

Khanh Hoa province in south-central Vietnam plans to select investors for a series of mega projects, said deputy director of the provincial Department of Planning and Investment Chau Ngo Anh Nhan.

He said a VND4 trillion ($170.25 million) urban area project with education, technology development and software production segments in Nha Trang town is expected to have its general planning approved this month.

A memorandum of understanding (MoU) for the project's implementation has been signed between FPT Corporation and Khanh Hoa province.

According to Nhan, a VND510 billion ($21.7 million) international school in Nha Trang, with Vinschool - a subsidiary of Vietnamese conglomerate Vingroup - as investor, could be approved in April 2024.

A VND294 billion ($12.5 million) training and research center of the University of Economics Ho Chi Minh City is scheduled to be put into operation in the fourth quarter of 2025.

The Cam Ranh international marina project is expected to see its investors approved by provincial authorities in November 2023. An MoU on the VND2.19 trillion ($93.2 million) project has been signed between Khanh Hoa province and KN Cam Ranh Co., Ltd.

A VND600 billion ($25.5 million) project to build social housing that meets green building standards in Nha Trang will be invested by Capital House Group following approval in April 2024.

Notably, authorities will select investors for the 1,000-hectare Dam Mon high-class multi-purpose urban area and the 1,200-hectare Co Ma-Tu Bong multi-purpose urban area in March and June 2024, respectively.

Meanwhile, the 1,600-hectare Hon Lon high-end tourist, entertainment and golf course complex and the 400-hectare high-class service, tourism and entertainment complex on Khai Luong mountain will have their investors approved in September 2024.

Previously, Khanh Hoa province and Ha Long Sun Co., Ltd. signed an MoU on investment in building the VND11 trillion ($468.2 million) Dam Mon seaport-urban center.

The locality also inked another on investment research for the VND10 trillion ($425.6 million) Co Ma-Tu Bong hot mineral spring eco-urban area with Phu Quoc Sun Co., Ltd.

The province and Ba Na Cable Car Service JSC have signed an MoU on investment in the VND25 trillion ($1.06 billion) Hon Lon-Khai Luong high-class resort, entertainment and golf course complex.

Khanh Hoa is calling for investment in two key projects. The International Hospital project at Lot BV03, My Gia Urban Area will conduct land auction and investor selection procedures in September and October this year; while the Vinh Luong solid waste treatment plant project will have its investor selected and approved in March and April 2024.

At a conference to announce Khanh Hoa's 2023 investment plan in early April, the province granted investment certificates or in-principle approval to eight big projects worth VND31.2 trillion ($1.33 billion). A further 16 projects signed MoUs for a total investment of VND80.6 trillion ($3.43 billion).

Khanh Hoa province on the central coast and Quang Ninh in the north are set to become Vietnam’s sixth and seventh centrally-run cities by 2030. The country’s five current centrally-run cities are Hanoi and Hai Phong in the north, Danang in the central region, and Ho Chi Minh City and Can Tho in the south.

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

As a centrally-run city, Khanh Hoa plans to tap the full potential of its location to become a smart, sustainable city seen as a center for international sea tourism and services.

In June 2022, 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.