Nha Trang Bay has made the city of the same name famous for tourism and as such, become the center of Khanh Hoa province.
Meanwhile, Cam Ranh Bay plays an important role in terms of national defense and security. Furthermore, the northern Cam Ranh peninsula tourism area is also making strides towards becoming a national tourism site.
Located in the north of Khanh Hoa, Van Phong Bay has become a key economic zone of the locality. However, its impact on local economic development remains limited.
Hoang Dinh Phi, head of the management board of the Van Phong economic zone, said the area has attracted more than 150 investment projects with total registered capital exceeding USD 4 billion.
Of them, 42 projects have specialized in shipbuilding, seaport construction, aquaculture, and tourism services.
The zone contributes about VND 4.8 trillion (USD 206.4 million) to the State budget each year, generating stable jobs for over 6,000 laborers, Phi said, citing several outstanding projects such as Hyundai Vinashin and the Ninh Thuy industrial park.
However, most of the projects are located in the south of Van Phong Bay, leaving room for potential as the strength of the bay’s northern side remains untapped.
With 46,000ha of water surface area and an average depth of 20-30m, Van Phong Bay boasts several favorable conditions for the development of international seaports, logistics services, as well as tourism and maritime urban areas of international standards.
Hon Gom peninsula and the islands of Hon Lon and Diep Son have the potential to house large-scale leisure and entertainment projects.
The Bac Van Phong (Northern Van Phong) area sits near the intersection of major maritime routes – such as Europe-North Asia, Australia-Northeast Asia, and Southeast Asia-Northeast Asia – and serves as a gateway to the East Sea of the Central Highlands in particular and the Indochinese Peninsula in general.
For this reason, the Van Phong economic zone was targeted to become a gateway to the sea and part of cooperation along the East-West and North-South economic corridors under Decision No.1353/QD-TTg, dated September 23, 2008.
Acknowledging the favorable infrastructure of the Bac Van Phong area in terms of transport, water, electricity, and telecommunications, foreign investors have proposed developing the area into a special administrative-economic zone.
During its regular meeting in November 2016, the Government agreed on the principles for the establishment of three special administrative-economic zones, namely in Van Don in the northern province of Quang Ninh, Bac Van Phong in Khanh Hoa, and Phu Quoc in the Mekong Delta province of Kien Giang.
The opinions of voters, the general public, various organizations, experts, and scientists are being collected for the draft Law on Special Administrative-Economic Zone.
During its fifth meeting, the sixth People’s Council of Khanh Hoa province approved a resolution on a project for the establishment of the Bac Van Phong special administrative-economic zone, which covers the entire Van Ninh district with an area of 111,000ha and a population of over 128,000 people.
The zone prioritizes sectors such as IT, electronics, and precision mechanics; seaports; tourism and hotels; and commercial and financial centers.
Chairman of the provincial People’s Committee Le Duc Vinh said the zone will require an estimated VND 53 trillion (USD 2.2 billion) by 2025 for technical infrastructure, VND 46.5 trillion (USD 1.9 billion) for social infrastructure, VND 15 trillion (USD 645 million) for land clearance, and VND 80 billion (USD 3.4 million) for planning.
The zone is hoped to create breakthroughs in Khanh Hoa’s development.
Source: VNA