A view of Cái Rồng Port in Vân Đồn Economic Zone. By 2050, Vân Đồn should become one of Việt Nam’s major economic driving forces and a worth-living city in the Asia – Pacific. — Photo enternews.vn

HÀ NỘI — The Vietnamese Government has decided to establish a management unit for the Vân Đồn Economic Zone, located in the northern coastal province of Quảng Ninh.

Under its plan for the socio-economic development of Vân Đồn, the locality will be transformed into a smart, modern and green coastal urban area, as well as the region’s economic and cultural hub.  

Vân Đồn Economic Zone needs some VNĐ171.5 trillion (US$7.4 billion) by 2030 for its investment demands, of which domestic investment accounts for VNĐ75.1 trillion and foreign investment VNĐ96.4 trillion.

The population is set to grow to 140,000 from the current 52,000, with 89,000 new jobs created. The average population growth rate from now-2020, 2021-25 and 2026-30 is expected at 6 per cent, 11 per cent and 8 per cent, respectively.

By 2050, Vân Đồn should be one of Việt Nam’s major economic driving forces.

Vân Đồn Economic Zone was established under Decision No 120/2007/QĐ-TTg dated July 26, 2007 signed by the Prime Minister. The zone is based on an area of 2,170sq.km, including 581sq.km of land and 1,589sq.km of water area.

Vân Đồn, along with Bắc Vân Phong (Khánh Hòa Province) and Phú Quốc (Kiên Giang Province), have been put forward to become the country’s three special economic zones (SEZs) in the draft law on SEZs.

With expectations of making a breakthrough in legal and institutional reforms to boost economic development and investment in SEZs, the draft law was first submitted to the National Assembly for review in October 2017. 

Since then, Vân Đồn has attracted resources for infrastructure projects. As much as VNĐ20 trillion ($882 million) has been poured into the construction of an international airport and complex services building, and VNĐ40 trillion into major transport and technical infrastructure work.

However, the draft law is now on hold, due to different opinions among National Assembly deputies, experts and the public. — VNS