33 New Projects Licensed in Phu Quoc District

The Management Board for Phu Quoc Island Development Investment said 33 projects with a total registered capital of VND30.8 trillion were licensed to develop 1,800 hectares in Phu Quoc district, Kien Giang province. Of the sum, seven projects worth nearly VND10 trillion are invested by foreign investors.

 

Besides, Kien Giang province approved 174 projects which lease nearly 8,000 ha. Three large-scaled projects in Phu Quoc District, the largest island in Vietnam, include a EUR2 billion financial and tourist centre, a US$1 billion luxury resort in Bai Vong and Bai Sau areas, and the US$1.8 billion Starbay resort complex in Bai Dai area.

 

The board said many projects are behind schedule. The main reason is attributed to site clearance, land compensation, land transfer and infrastructure construction, especially traffic system. The slumping real estate market also damps investors while many fail to source enough funds for their projects.

 

However, several investors want to keep land for other purposes, not directly making investment.