Attending an investment promotion conference in the central province of Phu Yen last year, Prime Minister Nguyen Xuan Phuc described the leading local and international investors as mighty eagles and key projects as the sustainable and durable nests of these majestic creatures.
The conference offered a platform for Phu Yen to advertise its potential and attract investment to its strongly-performing sectors, such as sea-based economy, tourism, high-tech agriculture, agro-forestry and fishery processing, minerals, and renewable energy development. However, it may be difficult for the province to develop sustainably if it fails to attract huge projects to create a driving force for satellite projects.
Phu Yen boasts a long coastline with a deep-water seaport, airport, national highway, railway system, and many beautiful landscapes, but PM Phuc believes it remains a sleeping giant waiting to be awoken. In the industrial sector in particular, Phu Yen needs only one huge project to help the province’s South Phu Yen Economic Zone bloom.
Huynh Tan Viet, Secretary of Phu Yen Party Committee said, “Currently, Phu Yen enjoys all the necessary and sufficient conditions to attract potential investors, especially after important infrastructure projects such as Ca and Cu Mong tunnels were put into operation smoothly. Tuy Hoa Airport was also brought up to date, and the province introduced various favourable policies to support both domestic and foreign investors effectively.”
“We believe that with our very favourable advantages and potential, Phu Yen will become an ideal land of eagles perched and nested, ready to attract local and international capital inflows,” Viet added.
Further north in the central coastal province of Quang Nam, Chu Lai-Truong Hai Complex was evaluated as one of the leaders big enough to draw the attention of foreign investors in supporting industries setting up business in the region.
According to Dr. Tran Du Lich, a member of the Government Economic Advisory Group, Chu Lai Open Economic Zone has ideal land and skilled labour to meet the requirements of developing its mechanical engineering industry, in which Truong Hai Auto Corporation (THACO) is a key factor in promoting the supporting industry for auto manufacturing development.
Besides the manufacturing sector, Quang Nam also focuses on tourism and urban development, with provincial highlights including the new road system along the coastline from Hoi An to Chu Lai.
Le Tri Thanh, Deputy Chairman of Quang Nam People’s Committee, said that the province is focused on building up infrastructure to welcome potential local and international financial backers to develop the coastline region. To take full advantage of the new coastal route, it is necessary to co-operate with large, well-respected investors.
The two key initiatives which the province has implemented so far are the Hoiana project, developed by VinaCapital, and VinPearl Hoi An Complex. With these two strategic projects, Quang Nam authorities believe that the Hoi An-Chu Lai tourism sector will be completely covered in accordance with the provincial master plan in the near future.
The lessons of Danang in selecting strategic and key investors to create impetus for development have become guidelines for all provinces in the central region and the Central Highlands region. Provinces like Quang Ngai, Binh Dinh, Ninh Thuan, Gia Lai, Kon Tum, Thua Thien-Hue, and Quang Binh, have already wisely chosen an appropriate direction, and are witnessing promising initial results.
Over the past 22 years, Danang has undergone a huge transformation thanks in part to the bright vision of local leaders, the closed-knit co-operation among residents, and the pioneering investors who had a coherent strategic vision and the courage to follow through with their promises.
Back in the early 1990s when the Law on Foreign Investment in Vietnam was enacted, Danang boldly entered into a joint venture with an overseas partner to invest in the first five-star resort on Bac My An Beach. At that time, the east bank of the Han River was just a sparsely-populated wild coastline of white sand and pine trees. But in the eyes of local leaders, Danang’s economic growth depended on the east coast. They luckily shared the same foresight as foreign investors, and the five-star Furama Resort Danang was born. As the years have gone by, the poor deserted coastline of the past has been replaced with luxurious resorts and hotels, making the beach one of the most beautiful in the world.
Sun Group chose Danang to be its startup land, no doubt due to the central city’s beautiful weather, favourable terrain, and hospitable people. Just as Sun Group saw enormous opportunities for Danang to bloom, the city was looking for a strategic investor to activate this potential – that brought about the brand-new look for the Ba Na Hills complex, turning a wild mountain into one of the top must-visit tourist sites in Vietnam.
After Ba Na Hills, Bai Bac Beach, with one of the world’s best resorts in InterContinental Danang Sun Peninsula Resort, and other projects such as Asia Park, Sun Villas, and Hoa Xuan Ecological Urban Area, have contributed to Danang’s prestige on the global tourism map.
Along with Danang, the neighbouring province of Quang Nam has also seen significant changes in the past 22 years. Previously an agricultural province, with the only tourism hotspot being Hoi An, Quang Nam made changes with the appearance of Chu Lai Open Economic Zone, THACO established its base there when Chu Lai Open Economic Zone was still a neglected area, heralding a breakthrough in the development of Quang Nam and Chu Lai.
In addition, now that the coastline road system linking Chu Lai and Hoi An is completed, Quang Nam is gradually turning its dream to reality by forming a coastal urban area chain. When leading real estate group Indochina Capital joined the game with its Montgomerie Links Vietnam golf course and the Nam Hai luxury resort and spa complex, Quang Nam solidified its position in the luxury tourism market. Thanks to vital financial backing, the coastal route from Danang to Hoi An is now packed with high-end resorts and villas.
Furthermore, it would be remiss to fail to mention the influence of other investors such as FLC in Khanh Hoa, Binh Dinh, and Quang Binh provinces or VSIP in Quang Ngai. They represent just several among many leaders who are working to create new trends for central coast socio-economic development, and are having a huge impact on the outstanding change and growth of the whole central coast region of Vietnam.
