Vietnams Biggest Island Pulls in US$1.72 Bln Investment

Phu Quoc Island in southernmost Kien Giang province has to date attracted 21 projects totaling US$1.72 billion, including two foreign invested projects and two joint-venture projects. 

 

These projects are located along the 1,000-hectare coastline to the east and west of the island. Of those, several have been put into operation, helping to raise the island’s growth rate to 16 per cent in the next three years.

 

The province has also agreed in principle to license 154 other projects capitalized at nearly US$900 million.

 

To create favorable conditions for investors, Kien Giang has established the Phu Quoc investment management board to iron out snags for businesses and to accelerate the building of roads, An Thoi port and Duong To airport on the island.

 

Phu Quoc is an unspoiled tropical island in the Gulf of Thailand that is just a short flight away from almost all Southeast Asia Cities metropolises. About 70 per cent of the 567 square-kilometer island is blanketed by rain forests and crisscross rivers and streams.

 

The biggest island in Vietnam expects to welcome 300,000 - three million visitors a year in the 2010-2020 span. Among them, the number of international arrivals makes up 30 per cent-40 per cent of the total. Revenue from the hospitality sector during the period will also reach US$45 million-US$771 million.

 

Vietnam plans to develop the island into a tourist island that will attract between two and three million visitors per year by 2020. (Investment)