The real estate market in Vietnam’s southern Binh Phuoc province is expected to heat up as a series of infrastructure projects including an airport and industrial parks are set to be built by 2030.
Nguyen Minh Chien, head of the province’s Economic Zone Authority, said that administrative procedures are streamlined, favorable policies are offered to investors, activities to facilitate online investment are carried out, and modern and smart technologies are adopted to speed up the projects. .
Nguyen Tan Hung, director of the province’s transport department, said the focus was on transport infrastructure works such as the Ho Chi Minh-Thu Dau Mot-Chon Thanh-Dak Lak highway, 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 will be built by 2025, he said.
Binh Phuoc proposed to lengthen the expressway from 1 km to 70 km.
Its cost is estimated at 36 trillion dong ($1.5 billion), including 19 trillion from private sources.
It will facilitate socio-economic development in Binh Phuoc and Central Highlands provinces, according to the former People’s Committee.
Tran Tue Hien, chairwoman of the People’s Committee, said the province is seeking investments of $2 billion in 80 key projects.
Priority would be given to key areas such as technology, including information technology, support industries, agriculture, environmental protection, infrastructure, culture, sports, tourism and health care, she said.
The province is famous for two crops with high economic value, rubber and cashew nuts, and has 243,000 ha of land for the first and 138,000 ha for the second.
The province plans to establish 35 industrial clusters in its 11 counties and cities by 2030 at a cost of 5.9 trillion VND.
Among them, 21 will be built on 583ha of land by 2025, and the other 14 will be built by 2030 on an additional 580ha.
Industries to develop here include agricultural processing, rubber and plastics, metal, electronics, auto parts, textiles and apparel. They should create about 30,000 jobs.
Housing demand is expected to grow due to new industrial areas.
Among the proposed new residential projects, Asian Holding Real Estate Co has invested in the Asian Lake View project in Dong Xoai city.
The 4.7 ha project includes a residential area, shophouses and an entertainment area.
Another residential project is the 92.7ha Cat Tuong Phu Hung Complex Urban Area in Dong Xoai City at a cost of US$70 million.
Binh Phuoc will focus on attracting investment in technology, organic farming and processing of agricultural products like cashew nuts, pepper and fruits.
A major industrial center in the key economic region of southern Vietnam, Binh Phuoc is the largest of the 19 southern provinces and shares a 260 km border with the Cambodian provinces of Tbong Khmum, Kratie and Mondulkiri.
VIET NAM NEWS/ASIA NEWS NETWORK