|The central province of Khanh Hoa is considering increasing the size of its proposed North Van Phong special economic zone from the planned 66,000 hectares to 111,000ha.- Photo khanhhoa.gov.vn|
This was revealed at a meeting on Monday between the province’s People’s Committee and a National Assembly task force set up to monitor the zone’s establishment.
"The North Van Phong special economic zone has a lot of advantages with regard to weather, transportation and trained human resources," Le Duc Vinh, chairman of the People’s Committee, said.
"Khanh Hoa will focus on four key features in the zone: port and logistics; trading and international finance service; luxury entertainment and resorts; and a casino.”
The zone’s infrastructure is estimated to cost around VND11 trillion (US$500 million) and the province plans to hire an international consultancy for design and development.
The province also plans to have a special administrative set-up for the zone.
"The zone will be under the management of the People’s Committee and strategic investors will take part in the management," Vinh explained.
“Only strategic projects with an investment of over $300 million can lease land for 99 years.”
Nguyen Khac Dinh, chairman of the National Assembly’s Law Commission, wondered how the province could ensure visa exemption since roads and the railway run through the zone.
Hoang Thanh Tung, deputy chairman of the commission, said while the province should give the new administration enough powers, it should not give it too much.
Uong Chu Luu, deputy chairman of the National Assembly, said: "I agree with the expansion plan because the zone’s ideal location means it has great scope for development.
"We must prepare well in all aspects, even military and national security."