Large influx of capital into Quy Nhon
Large influx of capital into Quy Nhon
As the central province of Binh Dinh is rolling out the red carpet for investors with strong commitment and attractive incentives, a large inflow of capital has poured into Quy Nhon. Among them, Hai Giang Peninsula is in the spotlight.
Originally a secluded and sparsely populated fishing village at the foot of Tam Toa Mountain, Hai Giang in Quy Nhon is now known for its bright prospects of becoming Vietnam's world-class tourist peninsula.
Thanks to the planning and investment attraction policy of Binh Dinh province, the transport and tourism infrastructure on Hai Giang has made great strides.
Visitors can go to the peninsula by crossing Nhon Hoi Bridge – Vietnam's longest sea-crossing bridge – and admire the route with breathtaking scenery.
Nhon Hoi-Nhon Hai Route has been widened five times to 18m.
Hung Thinh Corporation has a plan to invest in a modern cable car system connecting Mui Tan and the Hai Giang peninsula with a length of 2km, bringing a new experience to local tourism.
Meanwhile, with Hai Giang's marina being connected to the Mui Tan dock, it only takes eight minutes to travel from Hai Giang to the city centre by sea. On Hai Giang alone, the transport infrastructure has changed significantly as Hung Thinh built the MerryLand Quy Nhon project with the total investment of around $2.4 billion in the first phase.
The ocean route also cuts the travel time from Hai Giang to tourist attractions in Quy Nhon city to only five minutes to Hon Kho, 15 minutes to Ky Co, and 35 minutes to Cu Lao Xanh.
Once completed, MerryLand Quy Nhon is expected to be a must-visit place for international tourists, with 15 luxury accommodation subdivisions with a series of unique amenities and experiences.
Experts say that Phuong Mai Peninsula has been identified as a focus investment area of Binh Dinh province, which will help change the façade of Hai Giang.
According to the plan, Phuong Mai Peninsula occupies 84 per cent of the area in Nhon Hoi economic zone with an area of over 14,300 hectares.
In 2015-2020, the economic zone attracted 101 projects with registered capital of over $3.7 billion.
In the first five months of 2021, Binh Dinh continued to welcome new investment projects worth $1.5 billion. Among them, Quy Nhon took the lead with 11 projects and an investment capital of $718 million, which was mainly poured into Nhon Hoi.
As the full potential of natural masterpieces like Hai Giang is gradually unlocked, it also reflects the growing attractiveness of Binh Dinh for investors.
In 2021, Binh Dinh has taken the lead in the central region. The province has wooed 93 domestic projects with the total investment capital of over $4.56 billion, an increase of 102.22 per cent compared with 2020.
At the same time, the province has adjusted investment capital for 11 projects with the total increase of $1.18 billion.
Attractive commitments from Binh Dinh
According to experts' forecasts, Binh Dinh continues to be a magnet for billion-dollar projects thanks to the provincial leaders' strong commitment to improving the investment environment.
Ho Quoc Dung, Secretary of Binh Dinh Party Committee, said that the province has made efforts to reform administrative procedures, creating the most favourable business and investment environment.
“Businesses will no longer face any barriers when investing in Binh Dinh. The province has made a strong commitment to supporting investors looking for investment opportunities and building projects as well as kick-starting operations quickly and effectively," Dung asserted.
In 2021, Binh Dinh continued its focus on administrative reform to remove difficulties in production and business.
The province aims to create a more transparent and attractive investment environment. Accordingly, the province is gradually mobilising investment resources to complete the infrastructure system, especially in Nhon Hoi Economic Zone, Becamex VSIP, and other infrastructure projects.
In particular, Binh Dinh has proactively reduced the time to process investment procedures from 32 days to 25 days. This reduction has been supported by the Ministry of Planning and Investment.
Nguyen Thanh Hai, director of Binh Dinh Department of Planning and Investment said, "In order to attract quality, in-depth, and sustainable investment capital, Binh Dinh will make efforts to implement many solutions to remove bottlenecks in human resources and traffic infrastructure."
Binh Dinh attracts many large projects thanks to its flexibility in investment promotion and infrastructure development
"Binh Dinh is committed to further improving the investment environment, focusing on reforming administrative procedures and adopting flexible mechanisms to eradicate obstacles for enterprises," Hai said.
"Binh Dinh will continue to invest in infrastructure, especially the arterial roads connecting the airport and seaports. The province will also accelerate the implementation of digital transformation. It aims to digitalise a number of administrative procedures related to investment in 2022," he noted.
