Massive investments flow into Cam Lam district as airport town to take shape in Vietnam's Khanh Hoa province

Hundreds of millions of U.S. dollars are flowing into Cam Lam district, providing a major boost for Khanh Hoa as the province in south-central Vietnam accelerates its plans to develop an international-standard airport town.

The provincial People's Committee recently issued decisions to select investors for four large urban complex projects, with a total investment exceeding VND22 trillion ($862.24 million) in Cam Lam district.

The Cam Tan Urban Complex spans over 290 hectares in Cam Tan and Suoi Tan communes, with a projected population of around 4,020 people and a total investment exceeding VND5.73 trillion ($224.6 million).

The Cam Thuong Urban Complex, at the cost of nearing VND6 trillion ($236.9 million), covers nearly 300 hectares in the same two communes and will be home to 4,010 people.

Located in Cam Tan and Cam Hoa communes, the 300-hectare Cam Hoa Urban Complex will have an investment of over VND5.24 trillion ($200 million) and house 4,410 people.

Lastly, the over VND5.1 trillion ($200 million) Suoi Tan Urban Complex, spanning nearly 240 hectares in Suoi Tan commune, will accommodate around 4,020 people.

The provincial People's Committee also approved a list of projects seeking non-budget investments for the 2025–2030 period, including three projects in Cam Lam.

The most notable is the 10,365-hectare Cam Lam New Urban Area project, with an investment of VND285.3 trillion ($11.18 billion). This major project aims to create a new urban area and world-class entertainment zone, making it one of Khanh Hoa’s flagship initiatives for the 2025–2030 period.

Developing Khanh Hoa’s southern growth pole

Positioned between the coastal towns of Nha Trang and Cam Ranh, Cam Lam benefits from a highly convenient transportation network.

With 13 kilometers of coastlines, the district has attracted significant investment over the past 20 years, leading to the development of numerous resorts that have transformed the area.

In February 2024, Deputy Prime Minister Tran Hong Ha approved a master plan for the new Cam Lam Urban Area until 2045. The planned area covers the entire administrative boundary of Cam Lam district, totaling over 54,719 hectares (excluding the Thuy Trieu Lagoon area).

Under the master plan, Cam Lam is set to become the southern growth hub of Khanh Hoa and the south-central coastal region, contributing to the province’s ambition to become a centrally governed city. Vietnam currently has six centrally managed cities, namely Hanoi, Hai Phong, Danang, Hue, Ho Chi Minh City, and Can Tho.

The district will be developed into a modern, international-standard airport town, focusing on coastal tourism, logistics services, finance, global innovation, education, healthcare, and cutting-edge research. The goal is to create a high-quality living environment with modern infrastructure.

In August 2024, the Khanh Hoa People's Committee approved a zoning plan (scale 1/2000) that covers the coastal sub-area, the central urban sub-area, and the northern urban sub-area of the new Cam Lam town.

The central urban sub-area aims to develop a new political-administrative center for Cam Lam, as well as an innovation hub that is part of a larger regional center.

The northern urban sub-area will focus on developing a new urban center, featuring a chain of golf courses, amusement parks, and specialized parks near Cu Hin Mountain.

Meanwhile, the coastal urban sub-area will serve as a tourism, service, and coastal urban zone, acting as the maritime gateway to the new town.

Real estate market recovery

Nguyen Anh Tuan, vice president of the Khanh Hoa Real Estate Brokerage Association, stated that the local real estate market has emerged from its most challenging period and showed clear signs of recovery in 2024.

The market’s recovery is driven by significant improvements in infrastructure and well-planned, long-term development schemes, such as the Nha Trang master plan for 2040 and the Cam Lam airport town master plan through 2045, he noted.

These initiatives have drawn considerable interest from investors, highlighting the region’s sustainable property market growth potential.

“The real estate market in Khanh Hoa, particularly in hotspots like Nha Trang and Cam Lam, has experienced a notable rise in prices over the past year. This surge has created pressure for both homebuyers and new investors, potentially driving property prices to unsustainable levels, which could pose risks to liquidity and long-term value stability,” Tuan added.

With a strong foundation for recovery in 2024, Tuan believed that the local real estate market will continue to grow substantially in 2025, supported by the ongoing improvements in infrastructure.

Notably, key projects such as the Khanh Hoa-Buon Ma Thuot Expressway and the expansion of Cam Ranh Airport will play a pivotal role in stimulating the market and attracting further investment.