Major firms eye investment in 27 projects in Khanh Hoa province

Many large firms have expressed an interest in investing in 27 projects in Khanh Hoa province, an economic hub in south-central Vietnam.

Among them are Sun Group, Novaland, FPT Corporation, Trung Nam Group, and Hoa Phat Group.

Sun Group is interested in a project to develop the Hon Lon-Khai Luong high-class tourism, resort, entertainment and golf course complex, which covers 1,200 hectares in Van Thanh commune, Van Ninh district.

It also plans to partner with FPT Corporation and Sovico Group to invest in the Ho Na-Mui Doi resort complex in Van Ninh district’s Van Thanh and Van Tho communes.

Sun Group, Imex Pan Pacific Group (IPPG), Stavian Group, GFS Land, Novaland and Dat Tam Investment Corporation wish to pour cash into the 155-hectare Mui Da Son Ecological Urban Area project in Van Thanh commune, Van Ninh district.

Meanwhile, the Tuan Le-Hon Ngang tourism, service and urban area project has caught the eyes of Sun Group, IPPG Group, a joint venture between Novaland and Dat Tam Investment, and FPT Corporation. This project is expected to span 600-1,300 hectares in Van Thanh and Van Tho communes, Van Ninh district.

Sun Group, IPPG and Sovico Group are also looking at the 2,100-hectare Co Ma Tu Bong Ecological Urban Area in Van Tho commune, Van Ninh district; while a joint venture between DHA Group and TTC Group is eyeing the Nha Phu Lagoon eco-urban and resort complex project covering 9,000 hectares in Ninh Ich and Ninh Phu communes, Ninh Hoa township.

Besides tourism and real estate, many investors are interested in the fields of electricity production, industrial parks, and seaport infrastructure.

Sumitomo Corporation, Eneos Holdings and J-Power Group of Japan; Trung Nam Group; Millennium Energy and Quantum Group of the U.S; Sovico Group; and state-run Petrovietnam are targeting a 100-hectare gas power plant and LNG storage project in Ninh Phuoc commune, Ninh Hoa township.

Hoa Phat Group and Viglacera Yen My JSC are showing interest in the Ninh Xuan Industrial Park project, which covers 1,200 hectares in Ninh Xuan commune, Ninh Hoa township.

Meanwhile, Long Thanh Golf Investment and Trading JSC wants to invest in the Van Phong international transshipment port project spanning 750 hectares in Van Thanh commune, Van Ninh district.

Trung Nam Group and Orient Oil and Gas JSC are paying attention to a 50-hectare green hydrogen gas and fuel cell factory in Ninh Phuoc area, Ninh Hoa township.

Luring investment to Van Phong EZ

According to the Khanh Hoa People's Committee, in the first six months of 2023, Prime Minister Pham Minh Chinh approved two important plans for the province, including the Provincial Master Plan for the 2021-2030 period, with a vision to 2050, and adjustments to the general planning for the Van Phong Economic Zone (EZ) to 2040, with a vision to 2050.

The committee has also asked the Prime Minister to approve adjustments to the general planning for Nha Trang town to 2040; and speed up the preparation of Cam Lam urban planning for 2021-2030 and planning for subdivisions in the Van Phong EZ.

"The approved plans have attracted large corporations to the province to seek investment opportunities in urban, industrial and service projects. Among those are FPT Corporation, Capital House, Trung Nam Group, Sun Group, a joint venture between Shinec and Saigon Securities (SSI), and the University of Economics Ho Chi Minh City," said the committee.

In particular, Quantum Group wishes to invest in the My Giang Power Plant Complex with a total capacity of 6,000 megawatts in the Van Phong EZ, according to the committee.

In the first half of the year, Khanh Hoa lured eight non-state budget investment projects worth over VND4.08 billion ($172.5 million) in total. The province also signed memoranda of understanding with 16 strategic investors with total registered capital of more than VND80 trillion ($3.38 billion).

In 2024, Khanh Hoa plans to attract selective investments in projects that use land economically, save energy, use high and environmentally friendly technology, and bring added value.

For the Van Phong EZ, the province will focus on attracting investment in commercial and financial center projects worth VND12 trillion ($507.2 million) or more; and hotel, resort, entertainment and golf course complexes of at least VND25 trillion ($1.05 billion).

Projects to develop airports, ports and port areas; logistics services for seaports; and infrastructure in non-tariff zones in the EZ will also call for investment.

Meanwhile, Nha Trang town plans to attract investment in an international hospital project in My Gia urban area and the Vinh Luong solid waste factory project in Luong Hoa village, Vinh Luong commune.

Van Phong is one of three key economic zones in Khanh Hoa province. According to the master plan of the Khanh Hoa People's Committee, the 150,000-hectare zone plays a leading role in attracting investment and is a driving force for the economic development of neighboring regions and the whole country.

Khanh Hoa plans to attract billions of U.S. dollars in 27 major projects in the Van Phong EZ during the 2023-2024 period.

As of October 2022, the EZ had attracted 155 projects with total registered capital of $4.1 billion, including 30 foreign-invested ones, according to its management board. Disbursed investment capital has reached $2.5 billion, with 97 operational projects.

In late March, Prime Minister Chinh approved adjustments to the general plan for the Van Phong EZ to 2040 with a vision to 2050, under which it will be developed into a sea-based economic hub with seaports, urban areas, an airport, and casinos. It will have 19 subdivisions covering a total area of 75,166 hectares with zones designated for the development of seaports, logistics services, urban areas, and resorts.

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.

The coastal province is calling for private investments in 122 projects until 2025, with a vision to 2030.

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 VND61.98 trillion ($2.63 billion) in investment for development last year, up 15% year-on-year. Construction accounted for 83.98% of the total. Of this, VND10.46 trillion ($441.74 million) was FDI capital.