A corner of Van Phong Economic Zone in Khanh Hoa province (Photo: VNA)
The central coastal province of Khanh Hoa is calling on strategic investors and financially capable multinationals to invest in the Van Phong Economic Zone (EZ), aiming to maximise the zone’s potential and position it as a key growth driver.
Destination for large projects
Located in northern Khanh Hoa, Van Phong EZ spans 150,000 hectares and is divided into 19 functional subzones. As of now, it has attracted 155 investment projects, including 131 domestic and 24 foreign ones, with total registered capital of around USD 5.4 billion. Among these, 106 projects are currently operational, with a combined investment of USD 3.3 billion, equivalent to 61 per cent of total registered capital.
In the first half of 2025, the Van Phong EZ Management Board issued investment registration certificates for six new projects worth over VND 3 trillion (USD 114.7 million), and approved more than VND 296 billion added to two existing ones.
Several large-scale projects in the zone have operated profitably and contributed significantly to the state budget. A notable example is a shipbuilding and repair facility of the Hyundai Vietnam Shipbuilding (HVS) Co. Ltd. In the first five months of 2025, it recorded VND 6.75 trillion in revenue and contributed VND 506 billion in taxes.
HVS General Director Kim Song Hag said the company plans to deliver 16 ships and nine cabins in 2025, aiming for revenue exceeding USD 700 million. To meet rising global demand, the company is expanding production capacity and upgrading infrastructure, with the goal of increasing its annual shipbuilding capacity from 15 to 23 vessels by 2030.
Under the National Assembly's Resolution No. 55/2022/QH15, which introduces special mechanisms and policies for Khanh Hoa's development, the Prime Minister recently approved two major projects in Van Phong EZ, the Tu Bong and Dam Mon new urban areas, with a combined investment of about VND 65 trillion. Relevant authorities are now finalising documentation to prepare for investor selection.
The zone has also received investment proposals from major developers such as Becamex and Sonadezi for two new industrial parks: Ninh Xuan and Ninh Diem 3. These moves underscore Van Phong’s growing appeal among leading infrastructure investors in Vietnam.
Strong commitment to investors
Determined to position Van Phong among the top three economic zones in the country, Khanh Hoa is mobilising all available resources to create the most favourable conditions for strategic investors.
Tran Minh Chien, head of the Van Phong EZ Management Board, noted attracting major investors will bring in capital, advanced technology, and modern management expertise, helping to develop key industries, generate jobs, and promote local development.
To realise this goal, in addition to tax and land rental incentives, the board has established special working groups to provide support for investors. It has also proposed that the provincial People’s Committee direct relevant agencies to establish local land development centres to accelerate site clearance, prepare resettlement areas, and ensure land availability.
Chairman of the Khanh Hoa People’s Committee Tran Quoc Nam pledgted maximum support for investors throughout all project phases, from initial surveys and licensing to full-scale operation.
He also urged departments to review existing investment dossiers, assess actual implementation, and develop criteria to select capable investors, with priority given to experienced international corporations and strategic investors, particularly in sectors such as seaport, logistics, industry, and tourism.