Major firms eye investment in Van Phong economic zone

Thirteen “big names” have expressed an interest in investing in the Van Phong Economic Zone (EZ) in Khanh Hoa province, an economic hub of south-central Vietnam.

Among them are Sun Group, Novaland, FPT Corporation, Trung Nam Group, Becamex IDC and Saigon Newport Corporation.

The Van Phong EZ Management Board plans to work with eight investors who wish to invest in priority projects in the South Van Phong area and industrial parks in the province from February 7-10.

Specifically, it will discuss with Orient Oil and Gas JSC on petrochemical, energy and industrial projects; with Stanvian Chemical and Stavian GFS Land on petrochemical and industrial projects; and with Trung Nam Group on energy and industrial projects.

Sonadezi Corporation, Becamex IDC, SSI Securities Corporation and Sinnec JSC will work on industrial park development, while Saigon Newport Corporation will focus on seaport development.

From February 14-15, the board will work with five businesses interested in implementing projects in the North Van Phong area, including Novaland, Tam Dat Investment JSC, FPT Corporation and Flamingo Holding Group JSC for urban and tourism projects; and Sun Group for tourism, service, airport and seaport projects.

According to the board, the working sessions aim to grasp the needs of investors. They will also look at a list of prioritized projects for investment in the Van Phong EZ in line with the orientation approved by the provincial Party Committee.

At the sessions, investors will give an overview of their projects, including project scale, land use, and estimated total investment capital. They will present preliminary assessments of environmental impacts and the socio-economic efficiency of their projects, said the board.

According to Chau Ngo Anh Nhan, deputy director of the provincial Department of Planning and Investment, Khanh Hoa defines 2023 as a year of investment attraction to realize the province’s socio-economic development plan for 2021-2025.

The province will focus on effectively attracting FDI projects, especially to the Van Phong EZ, in order to develop the marine economy, he added.

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

Khanh Hoa plans to attract billions of dollars into 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.