Quang Ninh's would-be SEZ needs US$70.2 billion investment in next 30 years
Quang Ninh planned to turn Van Don into a start-up and business hub of the China – ASEAN business corridor, and by 2050 an investment center and growth engine for Vietnam’s economy.
Vietnam’s northern coastal province Quang Ninh estimates its Van Don district, which has recently been set to become a special economic zone, will need to attract US$70.2 billion in investment capital in the next 30 years, Vietnam Finance reported.
Illustrative photo.
|
The district is set to become a smart and green island urban area, with a focus on logistics and high-end tourism and entertainment, including casino, according to the Van Don master plan for socio-economic development until 2030, with vision to 2050, which is currently under the consideration of the Ministry of Planning & Investment (MPI).
Quang Ninh planned to turn Van Don into a start-up and business hub of the China – ASEAN business corridor, and by 2050 an investment center and growth engine for Vietnam’s economy.
Specifically, by 2030, the GRDP would reach US$1.98 billion, for which the GRPD per capital will be US$12,242, four times higher than the expectation in 2020. Additionally, the economy would create 106,000 jobs, in which the tourism sector employs 37,000, services and cultural sectors 7,000, manufacturing and supporting industries 14,000, among others.
By 2050, Van Don would be the country’s gateway to the north, with GRDP of over US$21.89 billion, GRDP per capita US$43,688, and population of 501,000.
The island economy should be based on three main pillars, including tourism, culture and innovation, manufacturing and supporting industry, which account for 82.1% of the total GRDP and 70% of the total employment by 2050.
Last December, Quang Ninh’s local authority sought government approval for a US$2-billion casino-integrated entertainment complex in Van Don, covering an area of 2,500 hectares.
For the time being, Quang Ninh has attracted over VND36 trillion (US$2 billion) into Van Don’s infrastructure, in which the Van Don International Airport and Ha Long – Van Don expressway are two major projects.
The province planned to kick started the Van Don – Mong Cai highway project with total investment capital of VND11.2 trillion (US$481.8 million) in the first quarter of 2019. It is scheduled to be completed within 22 months.
19:59, 2024/04/23
Nvidia, FPT invest US$200 million in AI factory
Nvidia will help local businesses in accelerate digital transformation and make Vietnam an AI powerhouse.
12:23, 2024/04/08
US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
The project is expected to crystallize and showcase Vietnam's unique cultural values to the world.
15:07, 2024/03/13
Foreign capital set to dominate Vietnam’s M&A landscape
The positive trend of foreign capital in the M&A market this year follows the momentum of 2023, where the top five largest deals involved foreign investors.
19:51, 2024/03/04
Samsung to invest US$1 billion annually in Vietnam
Samsung's R&D center currently employs 2,400 engineers, with Vietnamese engineers playing a crucial role in researching AI features for the new Galaxy S24 phone series.
15:05, 2024/02/29
Thai bank acquires Vietnamese finance company
Thailand's fourth-largest bank has agreed to acquire all the equity of Home Credit Vietnam for US$865 million.
14:08, 2024/01/27
Vietnam appreciates support from int’l friends in nation-building: PM
The goal is to develop Vietnam's economy and become a regional powerhouse in Asia.
- Vietnam, Hungary call for stronger economic ties
- Vietnam - Indonesia expand cooperation to include green growth, EV ecosystem
- Vietnam ready to absorb investment capital in semiconductor industry
- India’s largest energy group eyes investment in Vietnam
- Nvidia explores opportunities to set up manufacturing hub in Vietnam
- Vietnam seeks US support for semiconductor development