IPPG Supports USD 5 Million to Promote Investment and Development of The Van Phong Economic Zone

09 - 09 - 2020

On the afternoon of September 9, 2020, Mr. Nguyen Tan Tuan, Chairman of Khanh Hoa Provincial People's Committee and Mr. Johnathan Hanh Nguyen, Chairman of Imex Pan Pacific Group (IPPG) signed a Memorandum of Understanding on the cooperation and promotion of investment and development of the Van Phong economic zone.

Attending the meeting were main leaders of the Provincial Party Committee, Khanh Hoa Provincial People's Committee with representatives of Departments and Boards, leaders of IPPG and consulting units at home and aboard of the National Institute of Urban and Rural Planning - VIUP, KPMG and Boston Consulting Group (BCG).

Through this signing, the People's Committee of Khanh Hoa province agrees with IPPG's proposal for funding the organization of setting up overall development strategy; formulation, appraisal and approval of tasks and adjustment project of the general planning on construction of Van Phong EZ; join the Management Board of Van Phong EZ to develop a project to build a specific mechanism and policy to develop this area and to support the province in attracting investors.


Mr. Johnathan Hanh Nguyen (left) and Mr. Nguyen Tan Tuan at the ceremony.


Mr. Nguyen Tan Tuan said that Van Phong EZ was established by the Prime Minister in 2006 and approved the General Plan in Decision No. 380 dated March 14, 2014. The total area of the EZ is about 1,500 km² in which the area at sea is up to 800 km².

Van Phong EZ has attracted about 158 ​​investment projects (129 domestic projects and 20 foreign-invested projects) with total registered capital of about 4.1 billion USD, implemented capital is about 1.15 billion USD, reaching 29% registered capital. Of which, 91 projects have been put into operation to contribute to the socio-economic development of Khanh Hoa province.

“With the contents of cooperation and research support to propose overall development strategies, sponsor the planning organization, coordinate to build specific mechanisms and policies, and support investment promotion of IPPG, Khanh Hoa province hopes that Van Phong EZ will bring into play its potentials and strengths, and become one of the modern and breakthrough marine economic centers for the province and the region ", said Mr. Tuan.


Representatives of the parties: IPPG - National Institute of Urban and Rural Planning - KPMG & BCG Company together signed a Memorandum of Understanding at the ceremony.


Along with reputable consulting firms at home and abroad, the review, strategy adjustment, and economic orientation will closely follow the real needs of investors, the proposed mechanisms and policies will evaluate the factors of competition and investment attraction compared with neighboring countries.

In particular, in the context of countries trying to open the door to catching up with today's ever-changing global economy, and attracting multinational enterprises that are intending to change their investment orientation strongly in the coming time.

The project needs to be ensured that the future investment attraction will achieve attractive and favorable factors, and also meet the requirements of major investors after the Master plan is reviewed and approved by competent authorities.

Speaking at the ceremony, Mr. Johnathan Hanh Nguyen said, IPPG does not ask for either land allocation or grace, we just ask to spend money for planning and will participate in auctions with other businesses.

According to Mr. Johnathan Hanh Nguyen, IPPG will sponsor about 5 million USD to make the planning for the whole Van Phong EZ with about 155,000 hectares wide. The planning roadmap is completed by 2021, to attract domestic and foreign businesses to invest in. IPPG’s Chairman - Mr. Johnathan Hanh Nguyen, said that he had researched Van Phong Economic Zone two years ago, assessing that this place can be invested heavily because it has a lot of potential for economic development.

"The Van Phong EZ planning has links with the South Phu Yen region, so we have worked and called for about 200 investors around the world, with total capital of up to 60 billion USD. After the exploration process, the investors are very excited, but we need special mechanisms to attract investment", said Mr. Johnathan Hanh Nguyen.

After the planning is accomplished, he will give it back to the province as a gift to his hometown. Mr. Hanh Nguyen asserted "not claiming for any rights". "When we want to invest, we will participate in bidding like other companies," he said.


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