Phu Quoc Island woos nearly $8b in investments

Thursday, Nov 05, 2015 11:16

A view of Phu Quoc Island. — VNS Photo

PHU QUOC (Biz Hub) — Phu Quoc Island, in the southern province of Kien Gang, attracted more than 200 projects with a combined investment capital of VND168 trillion (approximately US$8 billion) till September.

According to analysts from the Phu Quoc Investment and Development Management Board, the presence of large investors such as Vingroup or Sun Group has enhanced the island's attraction.

Phu Quoc beach on Phu Quoc Island in the southern coastal province of Kien Giang.. — VNS Photo

To date, Vingroup has taken the lead with VND9trillion ($400 million) in investments. Sun Group came next with more than VND8.62 trillion ($383.4 million). They are followed by Milton with VND5 trillion ($222 million), BIM Group with VND1.26 trillion ($56.3 million) and CEO Group with VND1.25 trillion ($55.91 million).

A global property consultancy said Phu Quoc Island held great potential for tourism development thanks to its abundant land resource, beautiful untouched beaches as well as year-round warm weather. Meanwhile, the island was also named by many prestigious foreign newspapers and TV channels as one of the tourism destinations in the world with the most potential.

Vingroup plans to build an international standard safari on the island of Phu Quoc in December. — VNS Photio

Since becoming an exclusive economic zone, the island has been offering investors incentives on corporate tax and personal income tax, among others. It has also exempted value-added tax for tourists at the Phu Quoc International Airport while providing them a 30-day visa exemption.

In a master development plan approved by the prime minister, the island will be designated as a special economic zone, a centre for high-quality eco-tourism, a trade and luxury services area, and a high-tech area.

Property developer Sun Group began construction on September 4 of the world's longest cable car, along with an entertainment centre, in Hon Thom on the island of Phu Quoc. — VNS Photo

The Viet Nam Administration of Tourism's statistics showed out that the number of international tourists visiting the island had increased significantly over the past three years from around 400,000 in 2013 to 600,000 in 2014, and 1.2 million in nine months of this year.

Some experts predicted that the island will see a stronger increase in the number of arrivals in the time to come especially as high profile tourism projects begin operations. Among them are the $133.3 million Safari Zoo project, being developed by Vingroup in a total area of 500ha and the world's longest cable car and an entertainment centre project, by the Sun Group valued at $217.7 million. – VNS

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