A site designated for the Nha Trang Mixed-Use Urban Area in Khanh Hoa province, central Vietnam. Photo by The Investor/Bui Hoang.

The achievement was attributed to a series of large-scale projects in the industrial and urban sectors, according to the provincial Department of Finance.

They include the VND283.3 trillion ($10.82 million) Cam Lam New Urban Area, the VND3.87 trillion ($147.83 million) Ca Na Industrial Park, the VND56 trillion ($2.14 billion) Ca Na LNG Power Plant, the VND4.2 trillion Mui Co-Bai Ran Complex, the VND2.8 trillion Vung Ngan Complex, the VND25.6 trillion Dam Mon New Urban Area, and the VND43 trillion Tu Bong New Urban Area.

The Cam Lam New Urban Area project received in-principle approval from the Prime Minister in March 2025 and is now progressing through final administrative steps. The project, backed by a consortium led by Cam Lam Urban Development Co., has a planned investment of over VND283 trillion ($10.8 billion).

The Nha Trang Mixed-Use Urban Area, with an investment of VND17.3 trillion ($660.86 million), was approved by the Khanh Hoa province People's Commitee in February. A consortium of Ha Long Sun LLC and ASEAN Ha Long Tourism JSC is finalizing procedures to break ground on August 19.

The Cam Ranh Bay Urban Area, covering over 1,254 hectares with VND85.2 trillion ($3.25 billion) in investment capital, is being led by a consortium of Cam Ranh Investment, Vinhomes (a subsidiary of conglomerate Vingroup), and Vines Energy. The detailed plan has been approved, and site clearance work is underway.

The KN Paradise Integrated Resort, including a casino and 27-hole golf course, has completed over 85% of infrastructure development. So far, VND25 trillion ($955 million) has been disbursed, and urban construction is 57% complete.

Khanh Hoa is also accelerating approval processes for new industrial park projects (Ninh Diem, Ninh Diem 1, Ninh Xuan) and the expansion of Hyundai Shipyard Phase 2.

Focusing on industry, energy, and urban growth

According to Chau Ngo Anh Nhan, director of the Department of Finance, the province aims to achieve a GRDP growth rate of over 8% in 2025, laying the foundation for double-digit expansion from 2026.

Four key sectors are prioritized, including industry, energy, tourism-services, and urban construction. The province is boosting key manufacturing sectors including bird’s nest products, seafood, shipbuilding, electricity, sugar, and garments.

Khanh Hoa also plans to accelerate land clearance for new industrial parks such as Doc Da Trang (288 ha) and Ca Na (378 ha), and finalize investor selection for Ninh Xuan Industrial Park (1,000 ha).

Regarding energy projects, the province aims to complete site clearance for the country's nuclear power plant within 2025, while accelerating the pumped-storage hydropower plants Bac Ai and Phuoc Hoa (1,200 MW each). It also seeks to finalize investor selection for the 1,500 MW Ca Na LNG-to-power project.

Urban planning is also being expedited to attract and execute investment projects, while unresolved developments are being reviewed to unlock resources for economic growth, Nhan said.

On July 1, Khanh Hoa and its neighboring Ninh Thuan were merged to form the new Khanh Hoa province.