Van Phong EZ Targets US$2.5Bln Investment by 2010

Van Phong Economic Zone (EZ) in central Khanh Hoa province is aimed to attract around 50 projects worth VND32 trillion-VND40 trillion (US$2.5 billion) in investment capital from now to 2010, local media reported.

 

The goal is included in a decree on the zone development plan recently issued by the provincial People’s Committee.

 

Van Phong EZ is expected to disburse VND16 trillion during the time.

 

In the 2010-2015 period, the province will strive to basically complete the construction of new urban areas namely Tu Bong, Ninh Thuy-Doc Let and put several huge projects in Van Phong into operation.

 

While the first phase of Van Phong International Transshipment Terminal is targeted to come into use by 2020, according to the decree.

 

A large flux of international giant firms has arrived in Van Phong EZ to explore the business climate to seek long-term investment opportunities. Japan’s Sumitomo group plans build a container transit port, expected to cost US$250 million. The group is seeking to launch a coal-run thermo power plant there worth US$3.5 billion.

 

Khanh Hoa province has announced a plan to build five seaports from now until 2010 to support its economy.

 

The five seaports include Van Phong International Container Transshipment Terminal, My Giang petroleum port (in Van Ninh District), Hon Khoi Port (Ninh Hoa District), Nha Trang Port (Nha Trang City) and Ba Ngoi Port (Cam Ranh town). (Trade No56 7/2007)