|Bac Van Phong land use master plan (Photo: VTC)
Van Phong Bay, a large and deep bay in Vietnam, covers 46,000 ha including water surface and coastal land. With a depth of 20 to 25 meters, it is one of the best natural bays in Southeast Asia which has potential to become an international transit hub. Van Phong Bay has the most beautiful beaches in Vietnam boasting potential for tourism development.
The Van Phong Economic Zone was established in 2006 on an area of 150,000 hectares with 70,000 ha on the mainland and remainder being water surface. The Van Phong Economic Zone has an international container transit port, oil refinery, and a transit hub for oil and oil services. It has attracted 145 investment projects with a total registered capital of US$1.5 billion.
Le Duc Vinh, Chairman of the Khanh Hoa Provincial People’s Committee, said, “With many advantages over geographical location, weather conditions, and natural landscape, Bac Van Phong has been chosen to become a special administrative-economic zone to attract more investors. The province will promulgate regulations in regards of security and defense because it’s a strategic location.”
Vinh said Van Phong’s driving forces are its deep seaport, marine economy, and international shipping routes. According to Mr. Vinh, Khanh Hoa province will focus on promoting seaport and logistics services, international trade-financial services, high-end entertainment and casino services, and hi-tech science, health, education, and intellectual property services.
Late last year, the draft Law on Special Administrative-Economic Zone was submitted at the National Assembly’s year-end session under which Bac Van Phong was selected as one of the three locations to build special economic zones.
Nguyen Sy Dong, a National Assembly deputy for Quang Tri province, said “The law on Special Administrative-Economic Zone is necessary to create a breakthrough for the economy. Over the years, economic zones have been operating relatively well but it’s extremely important to develop specific regulations with particular mechanisms for the special administrative-economic model to lure more investment.”