non-tariff area of the future Van Don Special Administrative-Economic Zone.
The Imex Pan Pacific (IPP) Group recently asked the People’s Committee of Quang Ninh province to approve in principle for its investment plan on the non-tariff area of the future Van Don Special Administrative-Economic Zone.
Under the plan, the non tariff area will be invested in 2018-2023 with an estimated total capital of VND10 trillion (US$440 million). It will include a duty free shop and supermarket, fashion outlets, hotels, shopping and food street area, indoor and outdoor recreation parks, office space and a conference, finance and tourism center as well as many other items as the Van Don planning.
At a recent meeting with the IPP Group, Nguyen Van Thanh, Vice Chairman of Quang Ninh People's Committee said that the group's proposal to form a non-tariff area in Van Don is in line with the province’s development plans, especially the development strategy of the Van Don Special Administrative-Economic Zone in the future.
Thanh asked the IPP Group and Sun Group to work on the Van Don’s planning together to select the best place for the project’s construction in a move to soon establish the non-tariff area with special preferential policies, which will help to boost investment and trade into Van Don.
In order to seize the zone’s special mechanism in the future, Van Don has become a hot spot attracting big investment from domestic and foreign projects. The construction of many projects worth a total VND61 trillion ($2.7 billion) is scheduled to be launched this year in the zone.
The large-scale tourism projects include the Sonasea Dragon Bay tourism complex in Ha Long commune worth VND5 trillion of the CEO Group, the Furama Ha Long Viet Nam Resort & Villas worth VND1.12 trillion invested by Viglacera corporation and a tourism complex and heritage road in Van Don, which will be built at an estimated investment of VND5 trillion.
A luxury resort and entertainment complex on Ngoc Vung island of FLC Group will also be launched, with investment of VND46 trillion, as well as a project on urban and port areas in northern Cai Bau island costing about VND3.5 trillion.
Upon their completion, the projects are expected to create a foundation for the development of the Van Don Special Administrative - Economic Unit, along with other projects of the province, including the Hai Phong - Ha Long - Van Don Expressway and Van Don international airport.
Van Don is a district comprising more than 600 islands. It is approximately 175 km from Hanoi, 80 km from the northern port city of Hai Phong and 50 km from Ha Long city. It boasts rich ecosystems, beautiful beaches and islands, with potential to become a world-class maritime tourism destination.
The government has decided to initially develop three special administrative, economic units – Van Don in northern Quang Ninh province, Bac Van Phong in central Khanh Hoa province and Phu Quoc in southern Kien Giang province.
Special administrative-economic units are magnets for investment, high technology and advanced management modes, aiming to form a high growth area that accelerates local economic restructuring and development.
The IPP Group has so far invested $500 million in the free duty shopping system in Vietnam’s big airports such as Tan Son Nhat, Noi Bai, Danang, Phu Quoc and Cam Ranh.
It is also the strategic partner of the American DFS and South Korean Lotte Duty Free, whose serve some 38 million customers yearly with annual turnover of more than $10 billion.
The IPP Group currently owns 630 large-sized retail outlets, which distribute exclusively goods of 96 world-class brands such as Chanel, Cartier, Rolex, Burger King and Hennessy.
- Competence to approve investment policies (02/04/2021)
- National Assembly To Relieve Top State, Government Leaders (02/04/2021)
- Around US$700-million-worth Vietnamese Goods Stuck In Suez Canal (31/03/2021)
- Nearly 40,000 People In 19 Localities Vaccinated Against COVID-19 (29/03/2021)
- GDP Expands Nearly 5% In Q1 Despite COVID-19 Pandemic (29/03/2021)
- GE signs agreements with EVNGENCO 3 to boost largest power plants in Vietnam (28/03/2021)
- Textile FDI down but poised for strong growth: experts (28/03/2021)
- Trade surplus exceeds US$17 bln (26/03/2021)
- Highlights of Government’s Workload and Performance in 2016-2020 Period (26/03/2021)
- Gov’t Chief Holds Phone Talks With Chilean President (26/03/2021)
- Malaysian news portal appreciates Vietnam’s FDI attraction (26/03/2021)
- Malaysian news portal appreciates Vietnam’s FDI attraction (22/03/2021)
- HCMC to get four Japanese-built metro trains in summer (18/03/2021)
- Environmental admin procedure costs surge 39 pct (18/03/2021)
- HCM City: Real estate most attractive to foreign investors in first two months (15/03/2021)
- VN - bright spot in FDI attraction (12/03/2021)
- RoK becomes largest investor in VN (12/03/2021)
- HSBC: VN’s GDP growth poised to rebound 8.1% in 2021 (04/10/2020)
- Gov't has been active in luring high-quality FDI inflows (28/09/2020)
- ADB: Growth in corporate bonds in VN reaches 76% by end of June (28/09/2020)
- Viet Nam has golden chance to attract investment from Europe (29/07/2020)
- EuroCham speaks at the ASEAN Forum on Sub-Regional Development (21/07/2020)
- [EuroCham Webinar] Decision 13 – Final FIT for Renewable Energy in Vietnam (23/04/2020)
- THE SITUATION OF ATRACTTING FOREIGN INVESTMENT IN THE FIRST 3 MONTHS OF 2020 (19/04/2020)
- Key infrastructure projects calling for investment in HCMC (08/07/2019)
- Bac Ninh licenses 116 FDI projects in seven months (22/08/2018)
- Binh Phuoc licenses 24 projects worth $1 billion (22/08/2018)
- Hue targets $56mil in investment this year (15/08/2018)
- Hanoi seeks approval for Vingroup’s $300 million IT park (31/07/2018)
- List of Project Calling For Investment in Lam Dong Province in 2018 (31/07/2018)
- Kien Giang calls for investment in 12 resort projects (31/07/2018)
- Decree amendments open paid TV firms to foreign investment (30/07/2018)
- Vietnam: Opportunities in the Waste-to-Energy Sector (24/07/2018)
- Can Tho City seeks investment for 54 projects worth $5.4 billion (20/07/2018)
- Hoa Lac High-tech Park aims for $1 billion investment in 2018 (19/07/2018)
- Large-scale undersea tunnel to be constructed next year (19/07/2018)
- Investment Plan: SAIGON HUONG NAM RESORT (23/09/2020)
- OVERVIEW OF THE NORTHERN REGION (16/09/2020)
- OVERVIEW OF THE SOUTHERN REGION (15/09/2020)
- A project of specialized factories for manufacturing ICT - DITP ICT accessories (08/08/2020)
- THU THUA INDUSTRIAL ZONE (15/01/2020)
- Map of industrial parks in Vietnam (23/07/2019)
- 493 Projects Invested in Nghi Son Economic Zone and Industrial Zones (09/02/2018)
- Thai Binh Strives to Attract Investment Capital of VND 5000 billion in Industrial Parks and Economic Zones (07/02/2018)
- Vinh Phuc Adds 4 New FDI Projects in Industrial Zones (07/02/2018)
- Dung Quat EZ and Quang Ngai IPs Attracted 258 Projects with a Total Investment Capital of More Than US$ 11 Billion (30/01/2018)
- Solutions to attract Investment Capital into Industrial Parks in Bac Giang Province (19/01/2018)
- Nghi Son Economic Zone and Industrial Zones Received 66 new Investment Projects (08/01/2018)