Khanh Hoa Proposes Mega Mixed-Use Urban Area Project Valued at Over VND 49 Trillion

Khanh Hoa province has proposed a mixed-use urban development project in the Vinh Luong ward of Nha Trang city, with an estimated total investment of over VND 49 trillion (approximately $2 billion). The provincial People's Committee has submitted the project's land selection and investor bidding process to the Provincial People's Council for approval. According to the proposal, the urban area, located in the northern part of Nha Trang city, will have a preliminary investment of over VND 49 trillion, excluding costs for compensation, support, and resettlement. The project will have an operational period of 50 years. The project is planned for an area of about 254.55 hectares and is designed to create a multi-functional urban area. It will include commercial housing, social housing, service facilities, resorts, tourist accommodation, and integrated technical and social infrastructure such as schools, hospitals, cultural centers, shopping malls, and theme parks. The projected population is over 11,000 people. The completion of legal procedures and commencement of construction are expected to take 18 months. Initial phases of the project could be partially operational within 12 months of receiving construction permits and commencing construction. The provincial People's Committee stated that the project meets the criteria for investor selection through bidding according to current regulations. With its large land use scale and alignment with urban development plans, the project is expected to effectively utilize land resources, enhance the landscape value of the Co Tien mountain area, and serve as a catalyst for development in northern Nha Trang. The urban area is scheduled to be implemented over 102 months, starting from the third quarter of 2026, after the provincial People's Committee issues the decision to select the investor, and is expected to be completed by the fourth quarter of 2034. According to the Provincial Planning Approval and Adjustment Decision for the period 2021-2030, with a vision towards 2050, Khanh Hoa province aims to become a centrally-governed city by 2030. It aspires to be an international marine tourism and service center, and a national data center, maintaining double-digit economic growth with synchronous and modern infrastructure, and developing its urban system towards smart and sustainable models. The province targets an average GRDP growth rate of 11-12% per year for the period 2026-2030, with total social investment capital of approximately VND 1.05 quadrillion, and an urbanization rate of 70% by 2030. The planning identifies six key growth sectors for the province: quality tourism and living; innovation and artificial intelligence (AI); marine technology manufacturing; new energy systems; high-value processing; and strategic infrastructure and connectivity. Among these, science, technology, innovation, AI, semiconductor technology, data economy, and digital transformation are identified as the key drivers of growth. By Bui Toan Source: VnExpress