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Local Economy

Last updated: Wednesday, August 15, 2018

 

Creating Development Momentum for Bac Van Phong Special Economic Zone

Posted: Thursday, May 17, 2018


Van Phong Economic Zone was established under the Prime Minister’s Decision 92/2006/QD-TTg dated April 25, 2006 on a total area of 150,000 ha, including 70,000 ha of land and 80,000 ha of water surface, in Van Ninh district and Ninh Hoa town, Khanh Hoa province. This is a dynamic economic zone of the Southern Central Coast.

Potential advantages
The economic zone has two sections: Nam Van Phong (Southern Van Phong) and Bac Van Phong (Northern Van Phong). Nam Van Phong is planned to be an industrial centre, including seaport, industrial complexes (electricity, shipbuilding, petrochemical refining, supporting industries), and petroleum depots, along with urban areas, tourist sites, entertainment and resort areas. Bac Van Phong is oriented to be built into a “special administrative - economic zone” where preferential policies are highest to attract investment.

Van Phong Economic Zone has favourable conditions. It lies on a deep-water bay (20-30 metres), near important international shipping routes in the East Sea, and provides a good ground for developing an international transshipment terminal here. With that advantage, the economic zone has attracted 156 projects with a total registered capital of US$4.02 billion, including 27 FDI projects, and generated jobs for 6,000 workers.

Recently, the Management Board of Van Phong Economic Zone focused on building and upgrading important traffic routes in the economic zone such as an entrance road to the bonded petroleum depot, a road from National Road 1A to Dam Mon Peninsula, Provincial Road 1B, and a road from National Highway 1A to Ninh Hai. It also built resettlement areas like Vinh Yen and Xom Quan and drew investors to into Nam Van Phong and Bac Van Phong ports, capable of accommodating ships of 50,000-70,000 DWT, which is expected to be put into operation in 2019.

Mr Hoang Dinh Phi, Director of the Management Board of Van Phong Economic Zone, said, “Our construction viewpoint is ‘ensuring rapid, sustainable and modern development towards international standards, having strong spillover effects, integrating socioeconomic development with environmental protection in the region.’ Therefore, the economic zone also aims at sectors with high knowledge content and added value.”

Building Bac Van Phong Special Administrative - Economic Unit
Bac Van Phong Special Administrative - Economic Unit lies in the north of Van Phong Economic Zone, covering 56,000 ha of land and 55,000 ha of water surface in Van Ninh district, Khanh Hoa province. With its given potential and advantages, Bac Van Phong is designed to focus on four industries: seaport; trade and financial centre; tourism and hotel; information technology, electronics and precision engineering.

Phi said, “Bac Van Phong is oriented to be the Building Bac Van Phong Special Administrative - Economic Unit. This is necessary to better tap potentials and strengths to catch up with new development trends of the world; meet development needs of many big domestic and foreign corporations and investors. This is also an opportunity to attract more external resources to bring advanced technology and modern governance to Khanh Hoa and to Vietnam as well.”

The Management Board advised the Provincial People's Committee to raise ideas on the formation and development of Bac Van Phong Special Administrative - Economic Unit with the Ministry of Planning and Investment. In May, the law will be ratified by the National Assembly.

Special economic zones such as Van Phong, Van Don and Phu Quoc will become a powerful growth engine with a strong ripple effect, and founded on a higher level. Therefore, it is necessary to develop a separate governing law to create the legal groundwork for a new development model for these three units. This will help build a new playground with a superior institutional framework to ensure superiority and competitiveness with the region and the world to create economic and administrative breakthroughs for special zones like Bac Van Phong, Van Don and Phu Quoc to fly high.

When Bac Van Phong Special Administrative - Economic Unit is set up, Khanh Hoa province in particular and Vietnam in general will attract investment capital from major corporations and investment funds in the world; create a huge source of revenue for the State Budget; generate jobs for society; develop highly valued trade and export; facilitate the development of modern economic sectors; and have strong effects and mechanisms for socioeconomic development of Vietnam and the whole region.

Han Luong








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