Billionaire Johnathan Hanh Nguyen wants to invest in Bac Van Phong
Billionaire Johnathan Hanh Nguyen wants to invest in Bac Van Phong
Diversified conglomerate Imex Pan Pacific Group (IPP) of dollar billionaire Johnathan Hanh Nguyen wants to invest in Bac Van Phong, pledging to attract US$40 billion investment to turn the region into a modern economic zone. 
Speaking at a working session on Tuesday with the People’s Committee of Khanh Hoa Province, Nguyen said that IPP had studied the region for two years and wished to invest in Bac Van Phong which was located in Van Ninh District to develop it into a modern and original economic zone.
He said that IPP pledged to attract around $40 billion into the region. The sum would not entirely come from IPP, but the company would also call for investment from other big foreign investors, depending on their sectors of strength.
Nguyen, who was born in Ninh Hoa, Khanh Hoa, also wished to pay all the costs of planning for Bac Van Phong, estimated at around VND68 billion ($3 million) and give the planning to the province as a gift when completed.
IPP proposed the province to consider hiring KPMG Group from the Republic of Korea to complete the planning for the region.
KPMG had plans for Bac Van Phong Economic Zone, including a casino, golf courses, non-tariff area, logistics centre, tourism complex and hi-tech industrial and residential zones with a modern and developed infrastructure system.
Nguyen Tan Tuan, chairman of the provincial People’s Committee, said that Bac Van Phong would focus on industrial development but at the same time must promote tourism and protect the environment.
Tuan said that the province would consider IPP’s proposal for the signing of a memorandum of understanding.
The Government in October 2017 proposed a draft law on special administrative economic zones for Bac Van Phong, Van Don (Quang Ninh) and Phu Quoc (Kien Giang) to the National Assembly. In June 2018, the National Assembly delayed the vote for approval of the draft law because the draft law needed to be given more consideration, especially incentive policies for investors.
