Con Dao Island, off the coast of Ba Ria-Vung Tau Province, has significant untapped potential and advantages for investors, according to the Provincial People’s Committee.

Nguyen Thanh Long, deputy chairman of the committee, at a conference on investment promotion on Friday, said they were seeking high-quality investments into the island with an aim to ensure economic development in line with environment protection.

Long said that the southern province would strive to improve the investment and business climate to create favourable conditions for investors.

At the conference, over 60 investors were introduced to the potential, advantages and prioritized investment sectors of Con Dao Island, as well as investment procedures.

The island has a number of advantages, including a sea port, as well as connected air and marine transport.

Prioritised investments sectors include tourism, renewable energy, hi-tech agriculture, trade and waste water treatment.

The government and local authorities would give tax incentives to investors such as corporate income tax at 10 per cent in 15 years, zero import taxes on goods considered as fixed assets of projects and exemption of land use fees.

"Investors would be given the highest incentives for investments in localities with specially difficult socio-economic conditions," Long said at the conference.

The island has attracted 26 projects so far, with a total estimated investment of US$72.5 million. — VNS