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Quang Ninh's would-be SEZ needs US$70.2 billion investment in next 30 years
Hai Yen 13:32, 2019/01/02
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.
Illustrative photo.
The investment capital would comprise of the private fund, state budget, and foreign capital. In the private sector, Sun Group is considered a strategic investor through the construction of Van Don International Airport, along with other notable investors of FLC Group, MBland, Crystal Bay, among others. 

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.
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