Phu Quoc island city draws $16.5 billion in investment
Phu Quoc, Vietnam’s first island city, has attracted 372 projects to date with capital totalling some $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 percent 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 percent annually and accounted for more than 40 percent 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 2021-2025 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./.VNA
Huynh Quang Hung, chairman of Phu Quoc City People’s Committee, talks to the Vietnam News Agency on the establishment of Phu Quoc City – the country’s first island city.
With Phu Quoc district poised to become the country’s first island city from March 1 following its recognition as a new city in Kien Giang Province, let’s discover the city before it becomes an important national landmark.