Khanh Hoa okays $1.3 bln in private investments

South-central Vietnam's Khanh Hoa province granted investment certificates or in-principle approval to eight big projects worth VND31.2 trillion ($1.33 billion) on Sunday.

Among the most notable projects is the Cam Ranh Bay urban area project with total registered capital of VND85.2 trillion ($3.63 billion). Covering over 1,250 hectares, it will be home to about 230,779 people, with 8,400 detached houses.

The list includes two social housing projects, namely the Vinhomes Happy Home social housing project worth VND3.76 trillion ($160.24 million) run by Cam Ranh Salt JSC, and the Hung Phu II social housing project worth VND1.01 trillion ($43.21 million) developed by Nguyen Hanh Construction Investment Design Co., Ltd.

The approvals were delivered at a conference to announce Khanh Hoa's 2023 investment plan with Prime Minister Pham Minh Chinh and 1,400 participants from State agencies and the corporate community.

A further 16 projects signed memoranda of understanding for a total investment of VND80.6 trillion ($3.43 billion).

These include the construction and operation of Van Phong International Airport worth VND10 trillion ($426 million) by Van Don Development Investment JSC, and research on the VND11 trillion ($469 million) Dam Mon urban and seaport center by Ha Long Sun Co., Ltd.

FPT Corporation will conduct research on a VND4 trillion ($170 million) software development, education and urban complex, while Vinschool JSC is looking to build an inter-school project worth VND510 billion ($21.73 million).

Thu Do Investment and Trading Joint Stock Company (Capital House Group) will conduct research into a VND600 billion ($25.57 million) social housing project that meets green building standards.

Others include a VND25 trillion ($1.07 billion) high-class golf, entertainment and tourism complex named Hon Lon-Khai Luong planned by Ba Na Cable Car Service JSC; a VND10 trillion ($126 million) hot mineral spring resort and eco-urban area named Co Ma-Tu Bong of Phu Quoc Sun Co., Ltd.; and a VND2.1 trillion ($89.5 million) KN Cam Ranh passenger port (Cam Ranh international marina) of KN Cam Ranh Co., Ltd.

Nguyen Tan Tuan, Chairman of the Khanh Hoa People's Committee, said the province has approved a provincial plan for 2021-2030, with a vision to 2050.

Speaking at the conference, PM Chinh affirmed that Khanh Hoa is a convergence of unique potential, outstanding opportunities, and competitive advantages for sustainable and rapid development. "The province is an attractive destination for domestic and international investors, especially in the areas of service, tourism, marine economy, and cultural development."

"However, Khanh Hoa has not developed on a par with its potential, advantages and strengths. The province needs to make more efforts in exploiting and managing resources associated with protecting and preserving the ecosystem; cooperation with localities in the region; and improving the business environment," the Prime Minister noted.

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 planned, Khanh Hoa as a centrally-run city would bring into play 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.