The government aims to turn coastal Van Phong Economic Zone in south central Vietnam into a high-end entertainment and tourism hub, with modern, distinctive services.
This is part of an adjusted master plan for Van Phong until 2040, with a vision to 2050, that Deputy Prime Minister Le Van Thanh signed on Wednesday.
The plan envisages the EZ as a dynamic economic center that will develop high-level, new business areas. In particular, the entertainment and tourism sector in Van Phong “will have its own brand, boasting high quality and a competitive edge internationally."
Services include MICE (meetings, incentives, conventions and exhibitions), casinos, and cultural or science events. Other modern services would involve aviation, seaports, finance, and e-commerce.
The government wants Van Phong to develop in an environmentally friendly manner, offering distinctive investment opportunities and serving as an economic growth locomotive for neighboring areas and the country.
Towards that goal, a marine economy will serve as the foundation for an international container transshipment port. Logistics, services, tourism and manufacturing will play a key role.
According to the master plan, tourism service and marine eco-tourism areas will include the south of Hon Gom Peninsula and Hon Lon Island, the Diep Son Island tourism complex, the Tuan Le - Hon Ngang - Da Son Cape tourism complex, Dai Lanh, Doc Let, and the southeast of Ninh Phuoc.
The center of Hon Gom Peninsula would be connected to an international transshipment port, logistics, service, and a tourist port. Manufacturing areas will include Van Thang, Doc Da Trang, Ninh Thuy, and Van Luong.
Multi-functional urban areas will include Vinh Yen, Nam Tu Bong to Co Ma pass, Dai Lanh, Van Gia Town and its vicinity, Ninh Hoa town center, Doc Let and surrounding areas, the northeast of Ninh Hoa, and Xom Quan.
Established in 2006 on 150,000 hectares, Van Phong EZ is in Van Ninh district and Ninh Hoa town. Its current population is 240,000, expected to rise to 350,000 - 380,000 by 2030, and half a million at the highest by 2040.
As of 2021, the EZ attracted more than 150 investment projects with registered capital totaling over $4 billion, including over 120 domestic projects and 30 foreign-backed equivalents.
Van Phong is home to the Korea-backed Hyundai Vietnam shipyard. The shipyard posts annual revenue of over $500 million, contributes more than $5 million to the local budget each year, and is providing jobs for more than 5,000 workers, official data shows.