After the National Assembly of Vietnam halted passing the draft law on Special Economic Zones, almost all real estate transactions in Van Don and Bac Van Phong froze with investors and estate agents withdrawing from the market.
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Under the investment plan of the Imex Panpacific Group, the Bac Van Phong special economic zone will include such items as the tourist area, smart city, residential and industrial areas, airport, roads and port area.
The Office of the Government has recently concluded the working session of Deputy Prime Minister Truong Hoa Binh with the leaders of KhanhHoa province on the establishment of the Bac Van Phong special administrative-economic zone (SEZ).
The People’s Committee in the central coastal province of Khanh Hoa estimated that more than VND100 trillion (US$4.4 billion) was needed to develop the infrastructure system for the Bac Van Phong Special Administrative-Economic Unit by 2025.
The Bac Van Phong special administrative-economic zone (SEZ) will focus on four sectors for economic development, including shipping, commerce and finance, travel, health and education, and high-tech industry.
Based on the nine criteria categories set forth in the draft law on special administrative-economic zones (SEZs), the incentives offered to Van Don, Bac Van Phong and Phu Quoc are deemed to be better than those in China, South Korea and Singapore.
Sun Group will invest in a high-end tourism complex, which can operate a casino, at Van Don with a total area of 2,500 hectares and the total investment of over US$2 billion, of which about US$312.5 million comes from the investors.
Numerous local and global big names are standing behind the veil of Bac Van Phong (Northern Van Phong) special administrative - economic zone with billion-dollar projects.
Prime Minister (PM) Nguyen Xuan Phuc has approved a proposal to allow Khanh Hoa province to develop the master plan for Bac Van Phong Special Economic Zone with Document No. 8489/VPCP-QHDP.
Minister of Planning and Investment Nguyen Chi Dung said the plan on setting up three special economic zones (SEZs), including Van Don in Quang Ninh province, Bac Van Phong in Khanh Hoa and Phu Quoc in Kien Giang, would be submitted to the National Assembly for approval by the end of the year.
