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Quang Ninh seeks $7 billion for special economic zone

Quang Ninh seeks $7 billion for special economic zone

The Van Don Special Economic Zone in Quang Ninh is yearning for $4.1 billion in foreign capital.
03:00, 28/06/2019
The construction of high-end urban areas is the highlight of the EZ's master planning.

The construction of high-end urban areas is the highlight of the EZ's master planning.

In order to set up the Van Don EZ in the period of 2019-2030, Quang Ninh province must be able to mobilise a total of $7.4 billion, in which $3.2 billion will come from domestic sources while the remaining part is to be arriving from overseas. 

Once completed, the area is expected to become one of Vietnam’s economic hubs and also one of the most livable cities in Asia-Pacific.

To draw in the necessary capital, the Quang Ninh People’s Committee has pledged to strengthen the management and planning of the EZ. The authority will accordingly round up the land planning, publicly announce the preparation and focus on clearing the land for the construction purposes.

The construction of the high-end urban areas will also become the highlight of the master planning to attract large-scale investors and stakeholders to come for long-term stay and investments.

For the master planning to turn into reality, the authority of Van Don will need to refresh its ideas for investment promotion approaches, which will require it to work closely with businesses and strategic investors like Sun Group in order to call for foreign funds.

The province as a whole will need to strengthen its administrative reform towards the one-stop shop and on-site mechanisms. Moreover, it must review all administrative procedures related to investment, business, immigration, tourism, and import and export activities for the Van Don EZ.

In addition, Quang Ninh has set it as a focus to directly work with each investor on projects that meet the province’s development orientation for the EZ economic zone and investors’ interests. 

The US, Japan, South Korea, Europe and the United Arab Emirates are identified as key markets for the EZ’s tourism and trade investments.

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