The Imex Panpacific Group (IPP) and strategic investors from Australia and South Korea had a working session with Le Duc Vinh, chairman of Khanh Hoa people’s committee early this week to present their investment plan in Bac Van Phong SEZ (special economic zone).
Johnathan Hanh Nguyen, chairman of IPP expressed the group’s desire to invest in the Bac Van Phong SEZ, aiming at developing the area into ASEAN’s commercial and tourist center.
Specifically, IPP would commit to investing $50 billion in Bac Van Phong SEZ with such facilities as a tourist area, smart city, residential and industrial areas, airport, roads and port area.
According to IPP’s proposal, Bac Van Phong would have a complex including a casino, golf course, tourist complex with a tourist port which can accommodate the largest ships in the world. In addition, there would also be the hi-tech industrial residential areas, educational and medical system and modern and smart social infrastructure.
An amount of $3 - $10 billion would be invested in energy, telecommunications, transport and water supplys, whilst $5 billion would be poured into an airport and another $5 billion is expected to be invested in deep-water port. Port services will cost about $3 billion.
IPP also presented the model and roadmap to develop the Bac Van Phong SEZ into a modern one which is far different from Van Don and Phu Quoc SEZs.
Over the past 32 years, IPP has poured $500 million into duty-free trading systems at such major domestic airports as Tan Son Nhat, Noi Bai, Danang, Phu Quoc, Cam Ranh. It is also the strategic partner of the two large companies in the world namely DFS of the US and Lotte Duty Free of South Korea.
At the beginning of this April, IPP also recommended investing in the non-tariff area at Van Don SEZ with the total investment of $440 million. The project is expected to be implemented in the 2018 – 2023 period.