The fifth session of the People’s Council of the central province of Khanh Hoa (Source: VNA)

Khanh Hoa (VNA) – The People’s Council of the central province of Khanh Hoa adopted a resolution approving a project establishing Bac Van Phong (Northern Van Phong) special administrative-economic unit during its fifth session on December 7.

The special unit will cover all the area and population of Van Ninh district, including about 111,000 ha of land and water surface and more than 128,000 people in 12 communes and one town.

Van Phong Bay and the Northern Van Phong area hold an important strategic, geological-economic location for the country and the region, able to become a gateway for Vietnam to reach the East Sea and the Indochina peninsula.

The area is also expected to help boost the nation’s maritime economy, the southern central region, the Central Highlands and Khanh Hoa province, and protect national sovereignty over seas and islands.

The special unit will focus on developing sea transportation, trade-financial services, tourism, health care, education and high-tech industrial development.

The People’s Council has assigned the provincial People’s Committee to complete a dossier for the project to be submitted to competent agencies.

Northern Van Phong is one of the three special administrative-economic units initially developed on the basis of the the Conclusion No 21-TB/TW issued on March 23, 2017 by the Politburo. The others are Van Don in the northeastern province of Quang Ninh and Phu Quoc in the Mekong Delta province of Kien Giang. 

The Ministry of Planning and Investment expected that with preferential incentives, the three special zones would attract investment worth dozens of billions of dollars, which would generate huge sums in terms of added value and boost average income to 12,000-13,000 USD per capita.

 The ministry estimated that the special zones would contribute billions of dollars in taxes and fees to the State budget.-VNA