VietNamNet Bridge – The Cam Ranh peninsular, which is called the golden bay of Khanh Hoa province, has witnessed the “investment boom” when a lot of investors plan multi-million dollar projects there.

If someone goes along the 100 meter-wide Nguyen Tat Thanh Boulevard nowadays, he would see many construction sites from which luxurious resorts would arise in the future, instead of the vast sand expanses they saw in the past.

The network of large roads, called the “fishbone network” spreading from the Nguyen Tat Thanh Boulevard to the Bai Dai beach has been asphalted. The electricity grid, water supply and drainage and the greenery all have been developed in the preparation of the strong development of Cam Ranh in the near future.

According to Do Huu Thiet, Deputy Director of the Khanh Hoa provincial Planning and Investment Department, the Cam Ranh peninsula’s northern part has been approved by the Prime Minister to become an area with high quality tourism center, air transportation center, national and international convention center and shopping malls.

Since 2003, when the Cam Ranh peninsular development strategy was approved, the whole northern part of the peninsular, covering an area of 1,253 hectares, has been fully occupied with investment projects.

Also according to Thiet, by the end of 2012, the local authorities had granted 32 projects to 33 domestic and foreign investors. It is expected that the projects, capitalized at VND19.329 trillion, would use 1,247 hectares of land.

In mid January 2013, Emirates NBD Bank PJSC from UAE, through a Swiss company and a Vietnamese partner, decided to put $200 million into the tourism, resort and hotel projects in Khanh Hoa.

In the immediate time, the group would implement the project on a resort and 6-star villas on an area of 19 hectares in the northern part of the Cam Ranh peninsular, estimated to cost $80 million.

The area has also witnessed the landing of a lot of the world’s big conglomerates. Park Hyatt hotel group builds 5-star hotel Hyatt Regency Camranh Cam Ranh Bay Resort & Spa, its third project in Vietnam

Vinpearl has spent money to build Vinpearl Bai Dai tourism complex. Hoan Cau Nha Trang is now the investor of the general tourism-service complex in the northern part of Cam Ranh.

The Golden Bay, the first urban area project in Cam Ranh, developed by Hung Thinh Company has been put on sale. Meanwhile, the Khanh Hoa provincial authorities are considering granting investment licenses to two Russian investors.

Cam Ranh opens to foreign investors

Nguyen Dinh Trung, President of Hung Thinh Company, the investor of Golden Bay, highly appreciates the investment opportunity on Cam Ranh.

Trung said that this is the locality with the most beautiful coast in Vietnam, where the climate is wonderful, the transport conditions are good with the Cam Ranh International airports (one of the 4 existing international airports in Vietnam).

“This has prompted us to decide to pour money into Golden Bay,” Trung said.

Do Huu Thiet, Deputy Director of the Khanh Hoa provincial Department of Planning and Investment, said the local authorities would only consider licensing projects, if the projects need 10 hectares of land at least and has the investment rate of VND25 billion per hectares at minimum. Especially, investors would be required to pay the land leasing fee in advance.

In an effort to attract investment, the provincial authorities have allowed foreign investors to develop their projects here, while in the past, the investors were mostly Vietnamese.

Chau Giang