Work is underway on Van Phong I Coal-fired Power Plant in the Van Phong EZ. — VNA/VNS Photo Thanh Van

The central coastal province of Khanh Hoa plans to develop the Van Phong Economic Zone (EZ) into a coastal EZ that focuses on multi-sector development, turning it into an economic driving force of the province and the south-central region.

According to an action programme on the development of the Van Phong EZ for 2021-25, the economic zone is expected to draw VND150 trillion (US$6.5 billion) in investment, disburse at least VND75 trillion and contribute about 30-40 per cent to the local State budget.

Its industrial – construction value is hoped to account for nearly 40 per cent of the province’s gross regional domestic product (GRDP) while about 10,000 jobs are set to be generated.

The province will focus on adjusting the master plan on the Van Phong EZ, effectively performing policies on investment promotion and investor support, pooling capital for key infrastructure in service of its functional areas, reforming administrative procedures, protecting the environment, and ensuring national defence. — VNS