Coastal economic zones and infrastructure construction

The project to establish a coastal economic zone in the province, which received guidance from the Prime Minister in Notice No. 289/TB-VPCP regarding the conclusions of Prime Minister Pham Minh Chinh at the working session with key leaders of Binh Thuan province, includes a special mechanism that will create favorable conditions for attracting large investors and substantial capital.

4 expanded areas of Phan Thiet

In its development plan for 2025 and 2030, Phan Thiet City emphasizes four areas where, based on the initial outline, many have felt that this urban expansion will play a decisive role in changing the city's stature. Specifically, in the area south of the river, Phan Thiet has identified urban development connecting to the Tien Thanh tourist area. In the next two years, roads such as DT.719B, Ham Kiem – Tien Thanh road connecting to the expressway, Tran Quy Cap road, Van Thanh bridge, etc., will be prioritized for construction, renovation, and upgrading.

Meanwhile, in the central area, a series of projects, including both new construction and upgrades/renovations such as Hung Vuong Mangrove Forest Park, Thuong Chanh Park, the renovation of Doi Duong Park, and Van Thanh Lake, will be implemented simultaneously with the renovation and upgrading of main streets. However, the key project that will change the landscape of this area is the renovation of the Ca Ty River embankment. As for the area north of the river, the city is expanding the urban space associated with Phan Thiet Airport and the Mui Ne National Tourist Area. Regarding the coastal area, the city has proposed in the provincial planning a continuous coastal road from Tien Thanh to Ham Tien, proposing two overpass locations: one at the mouth of the Ca Ty River to connect from Thuong Chanh Park to the southern part of Phan Thiet Port, and another overpass at the mouth of the Phu Hai River...

The plan is to develop Phan Thiet into a Class I city, a central urban area in the southern part of the South Central coastal region, and a tourist city… But the crucial issue is how to mobilize resources for implementation. According to Phan Nguyen Hoang Tan, Chairman of the People's Committee of Phan Thiet City, the solution remains a combination of budget capital and attracting socialized investment in stages. Over the past 2.5 years, despite many objective difficulties, the city has mobilized resources and invested in infrastructure and urban beautification to build the city according to the principle of "using public investment to lead private investment," with a total capital of 650 billion VND. This includes approximately 130 billion VND from the provincial budget, 508 million VND from the city budget, and approximately 11 billion VND from non-budgetary sources.

Thuong Chanh Park is under construction.

Hope special mechanism?

The story of mobilizing resources for infrastructure investment in Phan Thiet City, the central urban area of the province, further illustrates the overall picture of infrastructure investment in the entire province. According to a report from the Department of Planning and Investment, thanks to the effective implementation of the principle of "using public investment to lead and activate private investment," infrastructure has been gradually and comprehensively invested in, thereby attracting many non-budgetary projects. As a result, from 2021 to the present, 67 projects have been granted investment approval decisions. Notably, during this period, many large projects have been attracted, such as the Son My LNG terminal with a total capital of VND 31,434 billion... The Son My I BOT thermal power plant project with a total registered capital of VND 47,464 billion and the Son My II thermal power plant project with a total registered capital of VND 49,509 billion have received investment approval from the Ministry of Industry and Trade. In addition, many strategic investors and large investors have come to survey and explore investment opportunities.

However, compared to its potential, the advantages are not yet commensurate. At the mid-term review meeting on the implementation of the Resolution of the 14th Provincial Party Congress, term 2020-2025, Provincial Party Secretary Duong Van An emphasized that bottlenecks in external transportation and overlapping titanium mining in the province have been basically resolved, so it is time to proactively seek out large investors and invite them to the province. This is not only the work of the Department of Planning and Investment…

Phan Thiet Airport Construction.jpg — Phan Thiet airport is under construction.

investing in Son My gas power project chain

Also at this meeting, Director of the Department of Planning and Investment Le Ngoc Tien informed that the project to establish a coastal economic zone in the province, which received guidance from the Prime Minister in Notice No. 289/TB-VPCP on the conclusions of Prime Minister Pham Minh Chinh at the working session with key leaders of Binh Thuan province, includes a special mechanism that will create conditions to attract large investors and significant capital. Previously, the department had advised the Provincial People's Committee to issue an implementation plan. However, according to the guidance of the Ministry of Planning and Investment, the development of the project to establish a coastal economic zone will only be carried out after the competent authority approves the Binh Thuan Provincial Planning for the period 2021-2030, with a vision to 2050. This is because the plan for developing the coastal economic zone system and supplementing land quotas for the coastal economic zone of Binh Thuan province is included in this plan and the national land use plan for the 5 years 2021-2025.

Mr. Tien further informed that the Binh Thuan Provincial Planning for the period 2021-2030, with a vision to 2050, has completed all procedural steps and revisions and is expected to be submitted to the Provincial People's Council for approval in September 2023. After that, it will be submitted to the Prime Minister for approval. This is an important legal basis for attracting, mobilizing, and exploiting investment resources, notably providing a foundation for attracting large investors to Binh Thuan.

Source