Phu Quoc Island appeals more investment

In 2015, Phu Quoc Island is expected to appeal more investors to develop in the fields of economy, infrastructure and tourism. In the time to come, the island will attract more investors and tourists to come here to invest and travel.

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In 2015, Phu Quoc Island (Kien Giang Province) continues to implement many programs and projects, and synchronize methods to attract more investors in Vietnam and in overseas to Phu Quoc Island. Accordingly, Phu Quoc flexibly takes advantages of specific mechanism, outstanding incentives of Vietnam government policy on cooperating and strengthening programs to promote domestic and foreign investment in Phu Quoc, enhancing referral, providing necessary information about infrastructure, policies and projects calling for investment in Phu Quoc Island. The local administration positively establish programs on mobilizing local and international investment capitals to effectively exploit the strengths, improve fast-pace and sustainable economic development. It is also necessary to deal with difficulties, create favorable conditions to appeal strategic, important investors with potential and reliable financial resource.

In addition, Phu Quoc will focus on completing the review, adjustment, additions, new set of detailed planning of functional areas consistent with overall adjusted planning, stronger renovating administrative procedures, and creating an open investment environment. The district also accelerates the construction of infrastructure to complete and put into operation and use to meet the evolving needs of Phu Quoc Island. It is also necessary to implement well compensation, clearance and resettlement. According to the development management of investment in Phu Quoc, in 2014, the People's Committee of Kien Giang Province approved 53 certificates of investment, including 4 FDI projects with a total capital of nearly 65,000 billion Vietnam dong, with a total area of approximately 1,400ha.

Currently, in Phu Quoc Island, there are 136 projects granted with investment certificates with a total investment capital of 140,215 billion Vietnam dong and a total area of more than 5,000ha. The above mentioned investment projects in fields of Phu Quoc tourism, trade and services, urban areas, airports, seaports, traffic-transport, electricity, water, natural resources and environment, and agro-forestry -fishery... Many key projects and works have been under the construction and initially put into operation such as Phu Quoc International Airport, An Thoi International Seaport Port, Bai Vong tourist wharf, Ha Tien - Phu Quoc 110-kV underground cable bringing national electricity to the island nation, and the system of north-south axis of the Phu Quoc Island and roads surrounding islands.

In terms of tourism in Phu Quoc, many projects, large or small-scale important projects, especially high-end hotels are actively deployed by investors in beaches of Bai Truong, Bai Dai, Bai Khem, and Bai Sao... System of restaurants, hotels is under investment and construction and upgrading can serve more than 7,500 guests staying/day. Specifically, in 2014, Vingroup operated a tourist complex - Vinpearl Resort Phu Quoc in a total area of 300 ha, including 5-star villa hotel with 750 rooms, modern entertainment and 27-hole golf course of international standard. Mr. Huynh Quang Hung, Deputy Chairman of the People's Committee of Phu Quoc, said that many projects effectively contribute to developing economy in Phu Quoc for both short and long term.

In 2014, local economic development of Phu Quoc is stable with GDP increased by nearly 27% compared with 2013; average income of more than $ 4,000/person / year; more than 586,000 visitors coming to visit, up 40%, of which over 124,500 international tourists arrivals, an increase of 32%. Revenue from Phu Quoc tourism reached 2,228 billion, up 84% over 2013. Besides, the local People's Committee has recovered 23 investment projects on Phu Quoc Island, including 5 of FDI projects, with a total area of 1,000 hectares. This is project approved and certificated for years ago, but still at the low starting point. They do not have the ability to deploy. The projects are no longer consistent with the planning, weak financial strength investors and projects beyond the allotted time.