The Prime Minister on April 25 signed a decision to establish Van Phong economic zone (EZ), which covers 150,000ha including 80ha of water surface, in the central coastal province of Khanh Hoa. 

The new EZ has been designed for development into a multi-industry, multi-sector hub and will together with Chu Lai, Dzung Quat and Nhon Hoi economic zones form an industrial and service centre in the southern central region.

Geographically convenient and famous for its rich white sand sea beaches, Van Phong is also expected to become an international exchange centre and a major site of tourist interest, thus creating a great number of jobs. 

The Governmental decision made it clear that the Government encourages domestic and foreign individuals and organisations to invest in Van Phong EZ and intends to protect their investment. There is a long list of priorities for investment in the new EZ, ranging from infrastructure and urban areas to transport and seaport businesses, financial and banking services, tourism, entertainment, insurance and imports-exports.

Investors in Van Phong are allowed to transfer their land use rights, lease land or workshops or buy workshops, and may be given other incentives in compliance with law, said the Governmental decision.