A view of Vân Phong Economic Zone. — VNA/VNS Photo Đặng Tuấn

HÀ NỘI — Khánh Hòa is set to light up its Vân Phong Economic Zone with two mega urban projects approved this week, signalling a bright future for the region.

The provincial authorities on Wednesday granted the decision approving the investor for these developments, with a combined investment of nearly VNĐ70 trillion (US$2.75 billion).

The projects—Đầm Môn and Tu Bông new urban areas—will be developed by a joint venture between two subsidiaries of property giant Sun Group - Sun Phu Quoc Ltd. Co and Sun Ha Long Ltd. Co.

Đầm Môn, spanning 1,440 hectares in Đại Lãnh Commune, is planned to house 28,540 residents and involves an investment of VNĐ25.6 trillion. It will include 791 terraced houses, 600 villas, 858 apartments and 353 social housing units, alongside tourism, commercial and public infrastructure facilities. Completion is expected by 2034.

Tu Bông covers 2,579 hectares across Vạn Thắng, Tu Bông and Đại Lãnh communes. With a total investment of VNĐ43 trillion, the project will offer more than 1,000 terraced houses, 609 villas, 3,812 apartments and over 1,100 social housing units, accommodating 74,700 residents.

Director of the province’s Economic and Industrial Zones Management Board Nguyễn Minh Chiến said the investment marks a major breakthrough for Vân Phong Economic Zone, expected to become a new growth hub for central Việt Nam.

Preparations are underway to complete land, environmental and technical infrastructure procedures with groundbreaking planned for later this year.

Under the National Assembly’s Resolution 55/2022/QH15, Khánh Hòa aims to establish itself as a new growth pole for the South Central region. — VNS