The central coastal province of Khanh Hoa plans to use 1,254 hectares in Cam Ranh town to build a by-the-bay urban area with an investment of VND42,268 billion ($1.73 billion).
The project, covering nine wards in Cam Ranh town, will have technical infrastructure; residential areas for commercial, social and resettlement purposes; schools, healthcare facilities, marketplaces and commercial centers; parks, trees; resort services, a golf course and a theme park.
Khanh Hoa's legislative body, the People’s Council, has approved the reclaiming of land for the urban area project. The provincial People’s Committee will next submit a proposal to the Prime Minister for in-principle approval and then select investors for the project in line with the law.
The project’s duration is 50 years from the date the investors are handed land and relevant documents.
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. It was also specified that urban area projects should accommodate at least 50,000 people or cover at least 300 hectares.
The central coastal province plans to attract billions of dollars into 27 major projects in its Van Phong Economic Zone in the 2023-2024 period.