Khanh Hoa Province Side by Side with Investors

Khanh Hoa province boasts great investment attraction potential including favourable geological conditions, a grand history, diversified culture and creative people, which are considered the basis for economic development in fields of port building and port services, ship building and repairing, seafood breeding, production and processing and tourism.

 

Over the past years, Khanh Hoa has been famous for being one of the leading localities in Vietnam in terms of investment attraction. The province has licensed between five and seven more foreign direct investment (FDI) projects per annum in recent years. In the first nine months of 2009, the province licensed five FDI projects worth US$48 million including two tourism projects in Bai Dai and Cam Lam areas, one in Suoi Dau industrial park, one in Van Phong economic zone and one in Nha Trang City. Former FDI projects had raised registered capital by US$27 million in total during the period, bringing the total FDI investment in the Jan-Sept to US$75 million, down 87.4 percent from a year earlier, which is scheduled to be completed in the first quarter of 2010.

 

Vietnam National Shipping Lines (Vinalines) started building two ports under the Van Phong international ports in late October, 2009, which can receive 9,000-TEU ships.

 

In addition, investors are speeding procedures to invest in two big projects including Van Phong power centre and petrochemical-oil refining plant. Investors are negotiating to set up a joint venture to carry out the petrochemical-oil refining project that is estimated to cost between US$4.4 billion and US$4.8 billion and will seek approval from the government as well as compile environmental impact reports. Meanwhile, investors are preparing documents to submit the power project worth around US$3.8 billion to relevant authorities for approval soon.

 

The achievements are attributed to the close supervision and guidance by the provincial government, great unity by local people, and positive results of the campaign to mobilize all resources to boost provincial socioeconomic development.

 

Recent reform in investment attraction policies and good planning have been also driving forces for the increase in the investment in Khanh Hoa province and facilitation of its integration.

The provincial government is seeking approval from the government to use the Nha Trang airport for civil purposes, building the second Cam Ranh flight route, and calling for investment to upgrade and expand Cam Ranh airport. It is also bringing the Ho Chi Minh City-Nha Trang express railway project to the first phase of the North-South express railway project, and carrying out the third phase of the Nha Trang-Da Lat road project running through Nha Trang City and Dien Khanh area. The province is currently using government bonds, providing financial support to upgrade urban areas, building dykes and roads along the Cai River second phase, advancing VND250 billion (US$13.53 million) to reinforce dykes and canals as well as road systems in rural areas, and supporting the province in building a resettlement area in Van Phong economic zone.