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| Phu Quoc Island is an attraction for tourists to Viet Nam.— VNS Photo Truong Vi |
KIEN GIANG (Biz Hub) — The People's Committee in southern Kien Giang Province has stopped 93 investment projects on Phu Quoc Island covering a total area of 5,500ha.
The committee said investors in the projects did not have enough funds to complete the developments, most of which started before or after the 2010 Master plan was completed .
As a result, the projects have been stopped as they no longer fit with the time-frame for the island plan, said provincial chairman Le Van Thi.
One of the major projects affected, the Euro 2 billion (US$2.67 billion) Pearl of Asia luxury complex in Rach Tram locality is owned by a joint venture between the foreign Trustee Suisse Group and the Government controlled Vinaconex Corporation.
Kien Giang's People's Committee may also cancel the licence for the Dam Bay Tourist Complex given to Toan Hai Van Joint Stock Company. Like most other developers on the island, the company so far has done no construction work.
If the committee does cancel any permits, it is entitled to issue them to another developer.
With the 93 cancellations, Phu Quoc now has 201 approved investment projects spanning 8,900ha. Of these, only 81 projects worth VND 88 trillion (US$4.2billion) have been granted investment certificates.
Kien Giang Province is urging investors who have been approved in principle to get investment certificates and make detailed plans for their projects. It is also seeking new investors to take the place of the failed developers.
In 2010, the Prime Minister, Nguyen Tan Dung approved plans for the development of what is known as the Emerald Island, renowned for its untouched natural beauty.
According to these plans, by 2030 Phu Quoc Island will be developed into a sustainable sea-island city, a tourist centre and centre for science and technology.
The island will also have seven urban areas, two industrial zones, 13 big resorts and tourism zones, four golf courses and other sports and entertainment zones.—VNS