Vân Phong Economic Zone struggles to attract investment
VIETNAM, May 23 - HÀ NỘI — Vân Phong Economic Zone (EZ) is facing strong headwinds in attracting investment due to roadblocks related to planning, Lê Hồng Phương, Deputy Head of the EZ's Management Board said.
Despite having incentives to promote the development of Khánh Hoà Province — where the Vân Phong EZ is located — following National Resolution No 55/2022, the economic zone has not been able to attract strategic investors.
In the past three years, the EZ attracted five new projects and 11 existing projects, which increased their registered capital to more than VNĐ25 trillion (US$981.5 million), or just 17 per cent of the goal set in the province’s Resolution No 05 on promoting Vân Phong EZ in the 2021-25 period.
To date, Vân Phong EZ has contributed an estimated sum of VNĐ8.7 trillion into the provincial budget, making up for 18 per cent of the province’s budget revenue, compared to a 30 per cent goal.
Phương said that the lack of consistency in the implementation of construction planning, land planning and specialized planning caused difficulties in evaluating investment projects in the zone.
The evaluation of large-scale projects is also time-consuming and requires the coordination of ministries and agencies, he said.
Vân Phong EZ is preparing to call for investments in several projects. But investments in gas storage, energy projects or industrial zones are still awaiting more detailed policies from the latest national power development plan.
Châu Ngô Anh Nhân, Director of the provincial Department of Planning and Investment, said that the focus is on improving transport infrastructure to increase connectivity to Vân Phong EZ. The province will also enhance the business climate and increase investment promotion activities.
Meanwhile, the province is fast-tracking key infrastructure projects to attract strategic investors in prioritized industries such as industrial production, petrochemicals and shipping.
Vân Phong EZ has a total area of 150,000ha in Vạn Ninh District and Ninh Hoà Town. — VNS
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