The model of $875 million Laguna Lang Co tourism complex, which is invested by Laguna Viet Nam Co Ltd under Singapore's Banyan Tree Group. — File Photo

THUA THIEN – HUE (Biz Hub) — The Chan May – Lang Co economic zone in this central province has attracted more than VND39 trillion (US$1.7 billion) in investment capital, according to the zone's management board.

The newly registered capital amounted to VND8.74 trillion ($388 million) this year alone.

Major projects in the zone include the $875 million Laguna Lang Co tourism complex, which is invested by Laguna Viet Nam Co Ltd under Singapore's Banyan Tree Group; and a $500 billion ($22 million) storage expansion project of PetroVietnam Oil Corporation.

Other large projects here are Minh Vien Co Ltd's $368 million Minh Vien Lang Co tourism complex, and Hao Hung Hue Co Ltd's VND850 billion ($38 million) wharf at Chan May Port.

Nguyen Que, the head of the management board, said the local authorities were speeding up administrative procedure reforms, site clearance and labour training to assist businesses in the area.

The zone is expected to lure six to eight projects in industrial development, tourism and urban infrastructure with a combined investment capital of VND3.5 trillion to VND4 trillion ($156 million to $178 million) next year.

With the Chan May deep-water port being a gateway of the East-West Economic Corridor that connects Viet Nam, Laos, Thailand and Myanmar, the zone will become a dynamic centre of Viet Nam's central economic region, Que said. — VNS