Khanh Hoa on Monday inaugurated a VND1 trillion ($42.5 million) coastal route, which is expected to promote investment in the south-central province’s Van Phong Economic Zone (EZ).
The road, stretching from National Highway 1 to Dam Mon Peninsula in Van Ninh district, is about 14.3 kilometers long and 34 meters wide with six lanes.
Work on the road started in 2016, with Van Phong Economic Zone Management Board as investor.
Once put into use, the road is hoped to connect Hon Lon Island with other islands in Van Phong Bay and gradually complete infrastructure for the northern area of the Van Phong EZ, thus making the economic zone more attractive to investors.
Speaking at the inauguration ceremony, Chairman of Khanh Hoa province Nguyen Tan Tuan expressed his hope that the route would improve regional transport connectivity and attract investment in large projects in the Van Phong EZ.
“Once proving effective, it will help Khanh Hoa realise its goal of becoming a centrally-run city in the near future,” he said.
Van Phong Economic Zone covers an area of about 150,000 hectares, according to the master plan of Khanh Hoa People's Committee. It 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 into 27 major projects in Van Phong EZ during the 2023-2024 period.
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.
Recently, the provincial Party Committee adopted an orientation for building a list of prioritized projects for investment in Van Phong Economic Zone by 2025, with orientation to 2050, including 30 projects and project groups in six prioritized fields under the National Assembly’s resolution.
The province has just approved the first 31-kilometer section of the 117-kilometer Khanh Hoa-Buon Ma Thuot Expressway project. With a total investment of more than VND5.3 trillion ($225.48 million), the section will connect the south-central provinces with the Central Highlands.
Khanh Hoa-Buon Ma Thuot Expressway will need around VND22 trillion ($936 milion) and allow vehicles to travel at a maximum speed of 100 kph. The expressway will begin at the intersection between National Highway 26B and National Highway 1 in Khanh Hoa and end at the intersection with Ho Chi Minh Road in Buon Ma Thuot town, Dak Lak province.
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, VND10,455 billion ($445,000) was FDI capital.