An aerial view of Van Phong Economic Zone in Khanh Hoa. (Photo: VNA)

Hanoi – Plans for the development of Van Phong Economic Zone (EZ) will be revised, according to a decision recently signed by Deputy Prime Minister Le Van Thanh.

Established in 2006 in the districts of Van Ninh and Ninh Hoa in the south-central coastal province of Khanh Hoa, Van Phong EZ covers 1,500sq.km, some 800sq.km of which are at sea.

The zone includes an international container port, an oil refinery and a point of transit for petroleum and petroleum products. It also caters for tourism, services, industry, aquaculture and other economic sectors.

Van Phong serves as an economic centre of Khanh Hoa, an investment magnet and a driving force for economic development in neighbouring areas.

The revision of the plan aims to transform Van Phong EZ into a hub of the south-central coastal region and the Central Highlands in the marine economy, hi-tech industries, innovation, vocational training and quality healthcare services, as well as a centre for international marine tourism and services for the development of new industries and smart cities.

By 2050, the EZ is expected to become a dynamic, competitive, smart and sustainable economic hub that not only facilitates socio-economic growth but also helps ensure national defence and security, the decision said. The government also wants to create higher living standards.

The amended plan must provide an assessment of the conditions at Van Phong EZ and its potential to propose an appropriate growth model.