The property market in the southern Vietnamese province of Binh Phuoc is expected to heat up because a series of infrastructure projects including an airport and industrial parks is planned to be built from now through 2030.
Nguyen Minh Chien, head of the province’s Economic Zone Authority, said administrative procedures are being streamlined, favourable policies are being offered to investors, activities to facilitate online investment are being carried out, and modern and smart technologies are being adopted to speed up the projects.
Nguyen Tan Hung, director of the province’s Department of Transport, said the focus is on transport infrastructure works such as the Ho Chi Minh City-Thu Dau Mot-Chon Thanh-Dak Lak Expressway, the Di An-Hoa Lu Railway and Highway 14C to Dak Nong province.
The highway between Chon Thanh in Binh Phuoc province and Ho Chi Minh City would be built by 2025, he said.
Binh Phuoc has proposed lengthening the highway by 1km to 70km.
It is estimated to cost 36 trillion dong ($1.5 billion), with 19 trillion coming from private sources.
It will facilitate socio-economic development in Binh Phuoc and Central Highlands provinces, according to the former’s People’s Committee.
Tran Tue Hien, chairwoman of the People’s Committee, said the province is soliciting $2 billion worth of investment in 80 key projects.
Priority would be given to key areas such as technology including information technology, supporting industries, agriculture, environmental protection, infrastructure, culture, sports, tourism, and healthcare, she said.
The province is famous for two crops with high economic value, rubber and cashew, and has 243,000ha of land under the former and 138,000ha under the latter.
The province plans to establish 35 industrial clusters in its 11 districts and towns by 2030 at a cost of 5.9 trillion dong.
Of them, 21 will be built on 583ha of land from now to 2025, and the other 14 will be built by 2030 on another 580ha.
The industries to be developed here include farm processing, rubber and plastic, metal, electronics, vehicle parts, and textiles and apparel. They are expected to create around 30,000 jobs.
The demand for housing is expected to grow because of the new industrial zones.
Of new residential projects proposed, Asian Holding Real Estate Co has invested in the Asian Lake View project in Dong Xoai city.
The 4.7ha project includes a residential area, shophouses and an area for entertainment.
Another residential project is the 92.7ha Cat Tuong Phu Hung Complex Urban Area in Dong Xoai city at a cost of $70 million.
Binh Phuoc will focus on attracting investments in technology, organic agriculture and processing of agricultural products like cashew, pepper and fruits.
A major industrial hub in Vietnam’s Southern Key Economic Region, Binh Phuoc is the largest of the 19 southern provinces and shares a 260km border with Cambodia’s Tbong Khmum, Kratie and Mondulkiri provinces.
VIET NAM NEWS/ASIA NEWS NETWORK