The central coastal province of Khanh Hoa, famous for beach town Nha Trang, has adopted an investment promotion plan that includes high-tech investments for the Van Phong Economic Zone (EZ).
For the Van Phong EZ, the province seeks investments of VND1.5 trillion ($60.88 million) in innovation centers, research & development (R&D) centers, information technology as well as transfer of advanced maritime and biotechnology technologies.
The province also seeks investments worth VND12 trillion ($487 million) for trade and financial centers as well as development of urban areas of at least 300 hectares that house 50,000 dwellers each.
Other priority areas that Khanh Hoa has identified include hotels, resort complexes and integrated entertainment zones as well as a golf course with investments worth VND25 trillion or more.
It also seeks investments worth at least VND6 trillion ($243.5 million) for projects in clean energy, hi-tech processing and manufacturing, precision mechanics, petrochemicals and electronics.
Priority is also given to infrastructure works related to airports, seaports, wharves and logistic services with investments of at least VND2.3 trillion ($93.3 million); and construction and operation of non-tariff zones with investments of VND6 trillion or more.
The Van Phong EZ has a combined area of 150,000 ha – 70,000 ha of land and 80,000 ha of sea – about 30 kilometers north of Nha Trang town. It was intended to become one of the three special economic zones in Vietnam under a bill green-lighted by the Politburo, the highest decision-making body in the country. But the parliament decided to suspend the bill after protests across the country.
The province has also outlined investment guidelines for Nha Trang town and the Cam Ranh bay. An international hospital and a solid waste treatment plant in Nha Trang are open for investment.
In the Cam Ranh bay region, home to the country’s six Kilo-class submarines, the local government intends to turn Cam Ranh town into a tourism-logistics area and for Cam Lam district to become a world-class airport and ecotourism township.
To encourage investments, the provincial government will prepare detailed plans and specify projects for implementation each year. It will also establish a steering committee for investment promotion, increase dialogue with businesses to promptly remove hurdles and speed up crucial infrastructure works.
In 2023, the province attracted 17 non-budgetary investment projects with a combined registered capital of VND100.86 trillion ($4.1 billion) and allowed capital additions worth VND41.1 trillion ($1.67 billion) to 19 existing projects.