The PM has agreed to halt the master plan for Bac Van Phong Special Economic Zone until the Law on Special Administrative-Economic Units is approved.

Bac Van Phong area

The PM has sent the official decision to the Khanh Hoa People’s Committee on June 23.

The PM also urged Khanh Hoa People’s Committee to build a plan for Khanh Hoa Development for 2021-2030 period, with a view to 2050 and adjust the master plan for Bac Van Phong SEZ to better synchronise with current legal documents.

Khanh Hoa authorities have asked the PM to halt the master plan to make adjustments so that they can call for investments because the National Assembly hadn’t passed the Law on Special Administrative-Economic Units yet so there are many legal grounds, procedures and contents that remain unclear.

Moreover, several land plots and contents should also be adjusted before calling for investment.

In late 2017 and early 2018, after it was announced that Bac Van Phong would be turned into a special economic unit, land prices in and around there shot up immediately and created a real estate bubble.

The provincial people’s committee had to direct relevant agencies to inspect and tighten control over land management. They issued Document 4391 to halt all land transfer and divide requests in Van Ninh District for nearly a year.