Vietnam’s planning ministry has identified its top five priorities for coastal development over the next three years. International investors are advised to know Vietnam’s priorities because (1) they signal where the government will cooperate, and (2) they indicate what parts of this fast-growing country will be developed in coming years.
The priorities are:
- The central provinces of Quang Ngai and Quang Nam, just south of one of the most popular destinations for tourists, Hoi An.
- A portion of the northern port city of Haiphong
- The northern province of Thanh Hoa, south of Hanoi
- The north central province of Ha Tinh, south of Vinh City
- Phu Quoc Island, south of Cambodia, in the southern province of Kien Giang
Vietnam is expected to spend $124 million as seed money to drive growth in the affected regions that were selected because of their potential for regional economic development, seaport facilities, airports, and major projects that can attract investment.
Since 2003, Vietnam’s planning ministry says it invested $524 million establishing 15 coastal economic zones that attracted $58 billion in investments, about half foreign and half domestic.