Binh Thuan hits project jackpot

NovaWorld Phan Thiet is just one example for Binh Thuan’s outstanding future projects

Among those, Binh Thuan signed a MoU for 11 projects with total investment capital of VND435 trillion ($18.9 billion). Further, 11 other projects with total investment of VND21.8 trillion ($947.8 million) have received approval in principle, mainly in urban, industrial, and agricultural development, as well as healthcare facilities.

According to Phan Nguyen Hoang Tan, deputy director of Binh Thuan Planning and Investment Department, the conference had directly called on strategic investors and partners who are capable and have high prestige in different key areas such as urban and tourism development, green energy, agriculture, and infrastructure.

“We are giving priority to strategic investors and partners who have strong financial capacities and be able to invest in outbreak investment fields which are suitable to the sustainable development of the province, especially those in new technologies which are creating positive impact to the people and pushing economy and society of the project,” Tan said.

In renewables, Energy Capital Vietnam has signed up to invest in a liquefied natural gas facility with capital of VND116 trillion ($5 billion), and Enterprize Energy will invest in the Thang Long Wind offshore wind power project with capital of VND276 trillion ($12 billion).

Meanwhile in the tourism sector, TMS Group proposed a beach tourism venture with investment capital of VND14.7 trillion ($639.1 million) and FLC Group proposed to invest VND4.8 trillion ($208.7 million) into an eco-tourism resort.

The province is focusing on calling investment capital into tourism properties which are trending among investors moving capital inflows from major cities to provinces, especially to localities with a large room for developments like Binh Thuan. Foreign capital flows into Vietnam are also set to increase thanks to Vietnam’s rapid integration into the global economy.

Binh Thuan also released a list, calling for investment from interested financiers. The province will focus on high-end tourism, entertainment projects, urban development areas, residential projects, sport development projects, and the infrastructure system. It also plans to develop the brand name of Ham Tien-Mui Ne into a prestigious destination for international tourists.

Moreover, Binh Thuan is calling for investments into agriculture, forestry, marine products, mineral resources, manufacture, and IT equipment, as well as expanding clean energy.

According to figures released by the provincial People’s Committee, industrial and construction sectors are contributing more than 30 per cent to the gross regional domestic product (GRDP) of the whole province. Binh Thuan is envisioned to be the nation’s energy centre with a total capacity of up to 12,000MW in 2020.

In agriculture, the province will particularly call on smart projects applying high technologies, setting up a value chain of farming and husbandry processing ­towards international standards and climate change adaptation.

Notably, the economic growth momentum in 2019 continues to be maintained. In the first six months of the year, the province’s GRDP increased by 8.46 per cent on-year, and the provincial budget revenue climbed by 30.9 per cent on-year. Meanwhile, tourist arrivals in the first half of 2019 reached about three million, up 12 per cent on-year. Total ­revenue from tourism hit VND7.4 trillion ($321.7 million) as compared to the same period last year.