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Vietnam envisions Van Don economic zone as Asia-Pacific financial hub

By Anh Minh   January 5, 2019 | 12:07 am PT
Vietnam envisions Van Don economic zone as Asia-Pacific financial hub
Van Don will also become a gateway to transfer goods into Southeast Asia. Photo by VnExpress
Vietnam aims to have northern Van Don economic zone be a financial center for the Asia Pacific region by 2030. 

A plan just approved by the Prime Minister aims at the zone, located near Ha Long Bay in the northern Quang Ninh Province, having a total production value of $5.6 billion by 2030.

The zone will contribute over 10 percent of Vietnam’s total export value by 2030, when it will create about 89,000 jobs, the plan says. 

It will develop tourism in the area by exploiting the potential of its natural heritage and traditional culture, welcoming 2.5 million tourists by 2030.

The plan also says the zone will be one of the most livable places in the Asia Pacific region.

Van Don will become a gateway to transfer goods into Southeast Asia, developing its aviation and logistics industries.

The economic zone will have a free trade area, resorts, a hi-tech industrial park, a biotech zone, a manufacturing zone, an airport and a financial center.

By 2050, Van Don will become one of Vietnam’s driving forces of economic development, a dynamic economic center providing premium products and services, according to the plan.

On December 30, the Van Don International Airport was opened, marking the first private airport in Vietnam, costing VND7.7 trillion ($330 million). 

Late last year, the Ha Long – Van Don expressway and the Hon Gai International Habour were also opened.

Quang Ninh has recently proposed the government to approve an premium entertainment plan in Van Don, including a casino.

The province welcomed 10.7 million travelers in the first 10 months of 2018, up 25 percent from a year ago. Tourism revenues for the period rose 28 percent year-on-year to VND19 trillion ($818 million), according to official figures.

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