On July 1, the Van Phong Economic Zone Management Board (Khanh Hoa province) announced that the Prime Minister had issued a decision approving the investment policy for 2 key projects in Van Phong Economic Zone, including: Tu Bong New Urban Area and Dam Mon New Urban Area.
Tu Bong - Large-scale coastal urban project
The Tu Bong New Urban Area Project has a land use scale of more than 2,579 hectares, of which 621.8 hectares are land formed from sea encroachment and 7.18 hectares are for social housing development. The expected population of the urban area is about 74,700 people.
The housing structure includes: 1,002 townhouses, 609 villas, 3,812 apartments and 1,130 social housing units, accompanied by service works, resort tourism, public accommodation and tourist accommodation.
The total investment capital excluding site clearance costs is more than VND 40,189 billion; compensation and resettlement support costs are about VND 2,812 billion. The project implementation period lasts from the second quarter of 2025 to the fourth quarter of 2034.
Notably, the project does not allow foreign organizations or individuals to own houses within a 200m distance from the border of the national defense land.
Dam Mon project - New coastal city in the North of Van Phong
The Dam Mon New Urban Area Project has an area of over 1,440 hectares, including over 82 hectares of land encroached on the sea and nearly 4 hectares for social housing development. The estimated population is 28,540 people.
The housing structure includes: 791 townhouses, 592 villas, 858 apartments and 352 social housing apartments. The total investment capital is about VND 25,119 billion (excluding site clearance costs), of which the cost of support and resettlement is more than VND 526 billion, with an operating period of 50 years and implementation progress from the second quarter of 2025 to the fourth quarter of 2024.
Similarly, in the Dam Mon project area, it is also not allowed for foreign organizations and individuals to own houses within a 200m distance from the border area of national defense land and the maritime border.
Accelerating investment in developing Van Phong coastal urban area
The two projects will be selected for investors according to the provisions of Resolution No. 55/2022/QH15 of the National Assembly on the specific mechanism for the development of Khanh Hoa province.
According to the approved decision, the projects not only develop commercial housing but also build a synchronous technical infrastructure system, public works, tourism and accommodation services according to international standards, aiming to build a green, smart, international-class urban area.
To date, Van Phong Economic Zone has attracted 155 projects, including 131 domestic projects and 24 FDI projects with a total registered capital of about 5.4 billion USD, the implementation capital ratio reached 61% (equivalent to 3.3 billion USD). In the first 6 months of 2025 alone, Van Phong recorded 6 new projects with a total capital of more than 3,000 billion VND and adjusted the capital increase for 2 projects by 296 billion VND.
