Sun Group to invest $2.4 bln in 4 tourism projects in Khanh Hoa province

Major Vietnamese property developer Sun Group plans to invest VND56 trillion ($2.39 billion) in four tourism projects in Khanh Hoa province's Van Phong Economic Zone.

Four subsidiaries of Sun Group will deploy the projects as the next stages of memoranda of understanding signed between Sun Group and the central coastal province at an investment promotion event earlier this month.

The Ba Na Cable Car Service JSC will build a VND25 trillion ($1.07 billion) high-class golf, entertainment and tourism complex named Hon Lon-Khai Luong in section 2 of the economic zone (EZ).

The VND11 trillion ($469 million) Dam Mon urban and seaport center, invested by Ha Long Sun Co., Ltd., will be located in section 3 of the EZ.

The other two projects include a VND10 trillion ($426 million) hot mineral spring resort and eco-urban area named Co Ma-Tu Bong and developed by Phu Quoc Sun Co., Ltd.; and the Van Phong International Airport also worth VND10 trillion invested by Van Don Development Investment JSC, both in section 8 of the EZ.

Backing the investments, Khanh Hoa authorities asked Van Phong EZ to cooperate with Sun Group and relevant authorities to complete planning as soon as possible, with a priority on major sections to attract investment.

In March, Prime Minister Pham Minh Chinh approved an adjusted plan for the Van Phong EZ until 2040, with a vision to 2050. Accordingly, Van Ninh district will become a high-quality eco-friendly tourism and urban area, while Ninh Hoa commune is set to develop into a seaport-based industrial urban area.

Van Phong EZ, with 19 sections, has northern and southern zones. North Van Phong has 12 sections catering for luxury tours to Hon Lon island and Hon Gom peninsula, seaports, seaport logistics, industrial activities, urban areas, and green areas.

South Van Phong, with seven sections, features a container port, general seaport, industrial clusters, and warehouses serving a deep-water seaport; and urban and tourism areas along with ecological spaces and the Eastern part of the North-South railway.

Khanh Hoa province is home to Nha Trang, one of the world’s most beautiful bays. It is located about 450 kilometers north of Ho Chi Minh City, Vietnam’s southern economic hub, and is well-known for its long beach, islands and islets.

Khanh Hoa on the central coast and Quang Ninh in the north are set to become Vietnam’s sixth and seventh centrally-run cities by 2030. The country’s five current centrally-run cities are Hanoi and Hai Phong in the north, Danang in the central region, and Ho Chi Minh City and Can Tho in the south.