Post date: 29/08/2023

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Quang Binh: Acquiring investment opportunities via smart planning

Upgrading urban centres and economic corridors are among Quang Binh’s top priorities to bring a multitude of opportunities to both domestic and international investors.

Upgrading urban centres and economic corridors are among Quang Binh’s top priorities to bring a multitude of opportunities to both domestic and international investors.

The sheer number of different ecosystems available in the province means abundant opportunities across industry, tourism, and more

At many promotion conferences, most economic experts and investors share a common view that Quang Binh province has comparative advantages for investment attraction.

Part of the central region, Quang Binh not only possesses a vast sea space, but also boasts a system of marvellous caves and rivers.

The province’s geographical location conveniently connects economic zones (EZs) with developed industries, adjacent to Laos and the East-West Economic Corridor, providing good conditions to become the gateway to the east, opening up rosy development prospects for services and logistics.

This particular advantage constitutes the basic foundation for Quang Binh to pen a development orientation for the rest of this decade, with vision towards 2050.

Quang Binh has set a goal that by 2030, it would become a fairly developed locality in the central region; and by 2050, the province will grow into be a dynamic economy for the country.

Tran Thang, Chairman of Quang Binh People’s Committee, said that based on local specific advantages, it identified tourism, industry, high-tech agriculture, and the marine economy as the pillars of economic development.

In Thang’s words, besides these four pillars, the province also identifies the two development driving centres of Phong Nha-Ke Bang and Hon La EZ. At the same time, Quang Binh will build three urban centres.

Quang Binh also identifies three economic development corridors - the coastal axis, the east-west axis, and the midland and mountainous areas.

According to the plan, with the orientation of choosing tourism as a key economic sector, Quang Binh has all the advantages of developing this field. The goal of making Phong Nha-Ke Bang a national tourism hub is a fundamental step to make Quang Binh the most attractive destination in Asia. The objective leverages the fact that the locality owns a system of caves, a long stretch of beach, and unique culture and history.

These factors can help Quang Binh develop four-season tourism combined with infrastructure systems such as airports, seaports, and expressways, providing the necessary conditions to entice investors.

In terms of industry, the province wishes to develop clean energy and will focus on the development of Hon La EZ following the model of a general zone that suits the world’s development trend towards sustainable and effective development. From this perspective, it is possible to forecast a strong investment wave in this field.

In addition, the urban development orientation opens up many opportunities for investors in real estate, including real estate associated with tourism, an important factor to create a coastal city in Quang Binh. With a coastal route closely linked to big cities such as Dong Hoi and Ba Don, it will be a big catalyst to beckon investment in urban infrastructure, luxury resorts, and golf courses.

Huge funding space

Vu Dai Thang, member of the Party Central Committee and Secretary of Quang Binh Party Committee, has a broader perspective on the potential of the province. Thang noted that to best avail of Quang Binh’s development advantages, it is necessary to rely on the development space, not only with inland space, but also 20,000 square kilometres of marine space in its special EZ.

Besides the western development space, a 200km long border with Laos also creates room for development. With this space, wind and solar power can create outstanding strengths for other central provinces too.

“The general global trend is finding alternative sources to fossil fuels and not only renewable energy. Thermal power plants must also have alternative fuels to replace coal, such as using hydrogen or ammonia. If using this alternative fuel, it helps drive down investment costs significantly compared to funding new projects,” said Thang.

From the perspective of infrastructure links, Quang Binh has great advantages, including the ongoing North-South Expressway network. Dong Hoi Airport will soon be upgraded, as well as the seaport system. The advantage of infrastructure would inspire other areas to thrive such as logistics, urban areas, and tourism.

Regarding the infrastructure development strategy, Doan Ngoc Lam, Standing Deputy Chairman of Quang Binh People’s Committee, said that in the upcoming years, the province will focus on mobilising resources for seamless and modern infrastructure funding and development, especially those projects that create breakthroughs with high spillover effects.

“We will prioritise investment in transport systems connecting to main traffic axes such as North-South Expressway system, tourism infrastructure, and industrial/economic zone infrastructure. This will be an important step to creating stronger conditions to entice investment and spur the province’s economic development,” said Lam.

Orientations for attraction

Meanwhile, Quang Binh’s master planning to 2030, with a vision towards 2050, received exposure at a Hanoi conference on June 25.

At the event, local leaders announced the orientation with the goal of providing the most complete information to help domestic and foreign investors identify new opportunities.

Phan Phong Phu, director of Quang Binh Department of Planning and Investment, said that based on the province’s development orientation in the master plan, it is focused on attaining funding for areas with local strengths associated with the country’s general development direction.

Phu said that the province would focus on attracting investment in each specific planned area, including coastal and plain areas, as well as mountainous and midland areas.

Particularly, the coastal and plain areas will focus on high-class tourism, resort, entertainment and sports complex projects; simultaneously enticing investors to develop marine, island and riverside tourism; and also night tourism products.

In these areas, Quang Binh also calls for financial backing in eco-tourism projects, exploring nature in the Hac Hai lagoon area; and developing ecotourism products along the Nhat Le River. In addition, it calls for investment in aquaculture and high-tech agricultural zone development.

Across the midland and mountainous areas, Phu noted that Quang Binh would focus on attracting projects suitable to the potential and advantages of this area, such as ecotourism combined with culture and history, resort and agri-tourism, and healthcare projects.

Furthermore, Bao Ninh Peninsula has emerged as a rendezvous for renowned investors, with large-scale urban infrastructure and tourism projects. For example, the Dolce Peninsula Quang Binh 6-star hotel belongs to the Sunrise Bao Ninh tourist and service area project, located in the heart of Dong Hoi city over more than 8,200sq.m. The project is funded by Hanoi-based Onsen Fuji JSC, with the total investment exceeding $34.8 million.

Next to this project is La Celia City, with an overall planning of more than 18 hectares and encompassing 278 plots of villas, commercial houses, and three apartment buildings with about 2,000 apartments. The project is from South Mekong Group JSC and valued at more than $191.3 million.

Another project is Regal Legend by Dat Xanh Mien Trung JSC along Vo Nguyen Giap street, with the total value reaching $434.8 million.