Khanh Hoa province to welcome billions in investment

Khanh Hoa province, well-known for the tourist town of Nha Trang, is set to welcome investments worth billions of USD from foreign and domestic business giants at a conference slated for April 2.

The central coastal province is scheduled to announce in-principle approvals for a 1,250-hectare urban project near Cam Ranh Bay with registered capital of VND85,293 billion ($3.6 billion) and the 89-hectare Dien Khanh administrative urban area with registered capital of VND2,012 billion ($84.88 million).

Other real estate projects include a social housing project in Cam Nghia ward, Cam Ranh town, with registered capital of VND3,756 billion ($158.45 million); the 71.5-hectare VCN eco-urban area, with registered capital of VND8,987 billion ($379.12 million); and the Hon Ngang-Bai Cat Tham maritime eco-tourism resort in Van Phong Economic Zone, with registered capital of VND25 trillion ($1.05 billion).

South Korea’s CS Wind Corporation is set to receive an investment registration certificate or sign a memorandum of understanding (MoU) for a $130 million wind tower and monopile factory, covering 32.22 hectares in Ninh Thuy Industrial Park, Van Phong Economic Zone.

Viglacera, Vietnam's leading manufacturer of building materials, is expected to receive an in-principle approval or sign a memorandum of understanding for its VND1,800 billion ($75.93 million) Doc Da Trang Industrial Park project.

Khanh Hoa province also said it would sign deals on investment promotions with FPT and Mckinsey & Company Vietnam, and an MoU on investment in Vinschool with private conglomerate Vingroup.

The province will also sign MoUs on investment in industrial parks, including a 350-hectare Nam Cam Ranh IP with Trung Nam Construction Investment Corp.; a 480-hectare Ninh Son IP with SSI JSC; 300-hectare Xuan Son with Sinnec JSC; 250-hectare Ninh Diem 1 and 215-hectare Ninh Diem 2 with Becamex IDC; and a 290-hectare Ninh Diem 3 with Sonadezi.

Other key projects include the 750-hectare Ninh Tinh seaport with Saigon Newport Corporation; a 4,800-hectare Hon Lon tourism-urban complex and an airport in Van Thang commune with major realty developer Sun Group; a software-technology urban complex linked with FPT; green social housing with Capital House; and cooperation with Japanese retailer Aeon Mall.

Khanh Hoa plans to attract billions of dollars in 27 major projects in Van Phong EZ 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.

Khanh Hoa recorded gross regional domestic product (GRDP) growth of 20.7% in 2022, the highest pace in Vietnam, amid the country's post-pandemic recovery, according to provincial data.

The province attracted VND61,982 billion ($2.63 billion) in investment for development last year, up 15% year-on-year. Construction accounted for 83.98% of the total. Of this, VND10,455 billion ($445,000) was FDI capital.