Phu Quoc island city draws US$16.5 billion in investment
Phu Quoc, Viet Nam’s first island city, has attracted 372 projects to date with capital totalling some US$16.5 billion.
Tourism, service, and urban areas are the most attractive sectors, according to the city’s authorities, adding that investments in these fields helped Phu Quoc become a second-tier city.
Major economic corporations such as Vingroup, Sungroup, BIMgroup, CEOgroup, MIKgroup, and Milltol have made significant contributions to the island’s economic growth over recent years.
Local trade-service production expanded by an average of over 19 per cent each year during the last five years, doubling the rate in its home province of Kien Giang in the Mekong Delta. State budget collections rose an average of 19 per cent annually and accounted for more than 40 per cent of the province’s total collections.
Tourism has become a spearhead economic sector. Dozens of large-scale tourism projects have been carried out, with an array of high-end resorts serving both domestic and international visitors. The Bai Truong tourism complex is being formed, giving the Phu Quoc urban area a facelift.
According to the Chairman of the island city People’s Committee Huynh Quang Hung, investors enjoy the best possible mechanisms and policies from the government.
The city is working with provincial departments and sectors to recommend the Government introduce more favourable policies regarding land rentals, land use, and immigration, so as to attract more investors to the island.
During the 2021-25 period, Phu Quoc City will focus on developing socio-economic infrastructure, particularly in transport, power, water, waste treatment, urban areas, shopping malls, schools, and hospitals.
It is inviting investors to expand Bai Vong Port and Dat Do Port, develop fisheries infrastructure and facilities in response to climate change, and build modern waste treatment plants.
The island city also prioritises investments in tourism, hi-tech agriculture, and high-quality healthcare.