16:59 (GMT +7) - Tuesday 25/06/2019

Vietnam Today

Van Don EZ to need $70.2bn in investment by 2050

Released at: 08:47, 06/01/2019

Van Don EZ to need $70.2bn in investment by 2050

A part of Van Don EZ (Photo: cafef.vn)

Quang Ninh authorities send master plan to PM and MPI for approval.

by Linh Chi

The Van Don Economic Zone (EZ) in northern Quang Ninh province needs $70.2 billion by 2050 to meet its investment needs, the Vietnam News Agency quoted the provincial people’s committee as saying.

According to the news agency, the Ministry of Planning and Investment (MPI) has sent an express dispatch to ministries to collect ideas on the socioeconomic plan for the EZ by 2030 and vision to 2050.

The document asked ministries to join a planning evaluation council and quickly submit opinions on the plan to the Prime Minister for approval.

Earlier, the Quang Ninh Provincial People’s Committee sought approval from the Prime Minister and MPI of a master plan, under which the EZ is targeted to become a green, smart and modern island urban area with a focus on logistics, high-end tourism, and entertainment. It will have a casino and a center for startups and international trade in the China-ASEAN economic corridor.

The EZ will have a sustainable social and economic foundation by 2030 and become a center of high-quality labor and be one of the most livable cities in the Asia-Pacific region by 2050.

It will record Gross Regional Domestic Product (GRDP) of $1.98 billion in 2030 and GRDP per capita of $12,242, or four times higher than the expected level in 2020.

The province said the EZ could create jobs for 106,000 people by 2030, including 37,000 jobs in the tourism sector, 7,000 in the service sector, 14,000 in production and logistics, and 48,000 in other sectors.

The Van Don EZ is expected to become one of the most well known in the world and a gateway to Vietnam’s northern region. By 2050, its GRDP is to reach more than $21.8 billion and GRDP per capita $43,688, with a population of 501,000.

The master plan also stated that the EZ will base its growth on three main pillars: tourism and cultural services, innovation, and production and logistics. These sectors are to contribute 82.1 per cent of its total GRDP and 70 per cent of its jobs by 2050.

Van Don targets developing high-class eco-tourism, with a casino and entertainment, three to five-star hotels, spiritual tourism offerings, and marine tourism packages.

It will also develop aviation transport and logistics to become a logistics hub for the country.

The provincial people’s committee said it targeted building helipads on Cai Bau, Quan Lan, and Thang Loi Islands, while also developing seaports for tourism and goods transport.

Under the plan, Van Tien Bridge will be built to connect the EZ with the Tien Yen Economic Zone, completing the Ha Long-Mong Cai Expressway. A high-speed rail link will connect the EZ with other regions both inside and outside of the country, and the EZ will also build a metro line in the 2030-2050 period.

The province will mobilize investment from all economic sectors, including the State budget, the private sector, and FDI. It has seen private sector investment already, from the Sun Group, FLC, CEO, MBland, Crystal Bay, and HD Mon.

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