The Two $3 Billion Coastal Metropolis Projects: What Makes Them So Special?

On June 30, the Prime Minister of Vietnam issued a decision approving two major investment projects in the Van Phong Economic Zone, Khanh Hoa Province. These projects include the Tu Bong New Urban Area and the Dam Mon New Urban Area.

According to Decision No. 1450, the Prime Minister approved the investment policy for the Tu Bong New Urban Area project. The project covers an area of nearly 2,580 hectares, including over 620 hectares of land reclaimed from the sea (from the lowest average seawater level over many years to the project boundary).

The urban area is expected to feature more than 1,000 terraced houses, over 600 villas, 3,800 apartments, and approximately 1,130 social housing units. In addition, there will be service, resort, and public facilities. The projected population is 74,000 people.

The total investment capital for the project is nearly VND 40,200 billion, excluding compensation and site clearance costs of about VND 2,800 billion. The duration of the project is 50 years from the date the investor is granted the decision on land allocation, land lease, or land use purpose conversion.

Project implementation schedule: Quarter II/2025 to Quarter IV/2034.

Under Decision No. 1451, the Prime Minister approved the investment policy for the Dam Mon New Urban Area project. This project covers an area of over 1,440 hectares, including more than 82 hectares of land reclaimed from the sea (from the lowest average seawater level over many years to the project boundary).

The urban area is expected to comprise nearly 800 terraced houses, about 590 villas, over 850 apartments, and more than 350 social housing units. Additionally, there will be service, resort, and accommodation facilities. The projected population is over 28,500 people.

The total investment capital for the project is over VND 25,100 billion, excluding compensation and site clearance costs of more than VND 520 billion. The duration of the project is 50 years from the date the investor is granted the decision on land allocation, land lease, or land use purpose conversion.

Project implementation schedule: Quarter II/2025 to Quarter IV/2034.

The development of these two new, high-end urban areas is expected to contribute to the completion and synchronization of technical infrastructure, commercial housing, service, and resort facilities. It will also promote the socio-economic development of the province and the Van Phong Economic Zone, effectively utilizing the area’s potential.

The investors for these two projects will be selected according to Resolution No. 55, dated June 16, 2022, issued by the National Assembly on piloting some special mechanisms and policies for the development of Khanh Hoa Province.

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