Khanh Hoa province attracts $4.16 bln in 2023 investments, mega projects dominate

Khanh Hoa province in central Vietnam has attracted 17 non-state budget investment projects worth nearly VND101 trillion ($4.16 billion) so far this year, with the bulk of it coming from four mega projects.

According to the provincial People's Committee, the mega projects are the VND85.29 trillion ($3.64 billion) "Urban Area by Cam Ranh Bay"; the VND7.45 trillion ($307.25 million) Vinpearl Phu Quy residential area; a VND3.76 trillion ($155.07 million) social housing area in Cam Nghia ward, Cam Ranh town; and a VND3.25 trillion ($134 million) plant to treat and recycle household waste in Cam Lam district.

Khanh Hoa has also approved 19 existing projects to raise additional capital of more than VND41.1 trillion ($1.69 billion).

Among these, the Bai Cat Tham tourist area project will increase its investment capital by VND21.3 trillion ($878.44 million); the Champarama Resort & Spa project by VND8.2 trillion ($338.18 million); the Mipeco Nha Trang Urban Area project by VND1.95 trillion ($80.42 million); and the Vinwonders Nha Trang Cultural Park project by over VND1.55 trillion ($63.9 million).

The province has approved investment plans for three new projects worth VND2.45 trillion ($101 million) that are currently completing procedures for auctioning land use rights and selecting investors.

Khanh Hoa has hosted many delegations from major companies in the last two years including Sun Group, Flamingo Holdings, Saigon Securities Inc. (SSI), Phuong Dong Petroleum Tourism JSC, Shinec JSC, Saigon Newport Corporation, and Sonadezi Corporation.

The companies were invited to explore investment opportunities in the province, especially the Van Phong Economic Zone.

In April this year, the provincial administration signed 11 memoranda of understanding with major investors for projects in the Van Phong EZ and industrial parks, notably two seaport and one airport.

The province aims to complete mapping the subdivision plan and adjustments to the district-level land use plan for the Van Phong EZ before the second quarter of 2024.

Once this is done, it plans to issue a list of projects calling for investment.

Van Phong is one of three key economic zones in the province. According to a provincial master plan, the 150,000-hectare zone will play a leading role in attracting investment and become a driving force for economic development of the province, neighboring localities and the country as a whole.

The province has targeted attracting billions of dollars for 27 major projects in the Van Phong EZ during the 2023-2024 period.

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