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.
Enthusiasm for real estate in special economic zones might seem justified when considering the impressive plans, but investors should listen to skeptical voices as well.
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 Prime Minister has approved in principle the partial adjustment of Bai Thom, the laid back coastal region located up in the far north east section under Phu Quoc island construction master plan as proposed by the People's Committee of Kien Giang province and the Ministry of Construction.
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.
According to Luu Bich Ho, former Director of Development Strategy Institute, Ministry of Planning and Investment, because of the perception, thought and interest of law enforcement agencies, special economic zone (SEZ) of Vietnam has not reached the highest level of business liberalization to compete and attract investment.
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.
