Under the plan, the non tariff area will be invested in 2018-2023 with an estimated total capital of VND10 trillion (US$440 million). It will include a duty free shop and supermarket, fashion outlets, hotels, shopping and food street area, indoor and outdoor recreation parks, office space and a conference, finance and tourism center as well as many other items as the Van Don planning.
Thanh asked the IPP Group and Sun Group to work on the Van Don’s planning together to select the best place for the project’s construction in a move to soon establish the non-tariff area with special preferential policies, which will help to boost investment and trade into Van Don.
In order to seize the zone’s special mechanism in the future, Van Don has become a hot spot attracting big investment from domestic and foreign projects. The construction of many projects worth a total VND61 trillion ($2.7 billion) is scheduled to be launched this year in the zone.
The large-scale tourism projects include the Sonasea Dragon Bay tourism complex in Ha Long commune worth VND5 trillion of the CEO Group, the Furama Ha Long Viet Nam Resort & Villas worth VND1.12 trillion invested by Viglacera corporation and a tourism complex and heritage road in Van Don, which will be built at an estimated investment of VND5 trillion.
A luxury resort and entertainment complex on Ngoc Vung island of FLC Group will also be launched, with investment of VND46 trillion, as well as a project on urban and port areas in northern Cai Bau island costing about VND3.5 trillion.
Upon their completion, the projects are expected to create a foundation for the development of the Van Don Special Administrative - Economic Unit, along with other projects of the province, including the Hai Phong - Ha Long - Van Don Expressway and Van Don international airport.
Van Don is a district comprising more than 600 islands. It is approximately 175 km from Hanoi, 80 km from the northern port city of Hai Phong and 50 km from Ha Long city. It boasts rich ecosystems, beautiful beaches and islands, with potential to become a world-class maritime tourism destination.
The government has decided to initially develop three special administrative, economic units – Van Don in northern Quang Ninh province, Bac Van Phong in central Khanh Hoa province and Phu Quoc in southern Kien Giang province.
Special administrative-economic units are magnets for investment, high technology and advanced management modes, aiming to form a high growth area that accelerates local economic restructuring and development.
The IPP Group has so far invested $500 million in the free duty shopping system in Vietnam’s big airports such as Tan Son Nhat, Noi Bai, Danang, Phu Quoc and Cam Ranh.
It is also the strategic partner of the American DFS and South Korean Lotte Duty Free, whose serve some 38 million customers yearly with annual turnover of more than $10 billion.
The IPP Group currently owns 630 large-sized retail outlets, which distribute exclusively goods of 96 world-class brands such as Chanel, Cartier, Rolex, Burger King and Hennessy.
