Investment flow poured into Phu Quoc Island

Kien Giang (VNA) - The presence of large investors like Vingroup and Sungroup on Kien Giang province’s Phu Quoc Island is expected to increase the investment flow into the “pearl island”.

Phu Quoc has so far attracted more than 200 projects with a total registered capital of 168 trillion VND (nearly 8 billion USD). Investors are ramping up major infrastructure projects such as holiday resorts and amusement parks.

Vingroup is building the Vinpearl Phu Quoc resort complex, which spans 300 hectares in Ganh Dau commune. The first phase of the project was put into operation at the end of last year, while the second phase was commissioned in October 2015 and the third is underway.

Meanwhile, Sungroup is quickening implementation of big resort projects such as J.W Mariott, Premier Village Phu Quoc and Sebel Phu Quoc, along with a sea recreation complex on Hon Thom Island and a cable car line connecting it with An Thoi town in Phu Quoc island district.

Notably, all Sungroup resort projects are managed by leading global hotel brands such as Accor Hotels and J.W Mariott, which is expected to put Phu Quoc on its list of world-class resorts.

Not only leading in cash investment flow, Vingroup and Sungroup also helped create a momentum for the local tourism sector, with the operation of large-scale entertainment projects such as Vingroup’s second biggest zoo, Vinpearl Safari, worth 3.1 trillion VND (139.5 million USD). There’s also Sungroup’s largest cable system, connecting Hon Thom and Phu Quoc islands, and a sea entertainment park (worth 4.9 trillion VND or 220.5 million USD).

Along with Vinpearl Land, the two new projects are expected to increase the number of tourists who visit the island considerably.

Big investments from Vingroup and Sungroup have heated up the island’s investment environment, with a long list of other big investors like LDG Group, CEO Group and Bim Group.

The island’s dynamic growth started in late 2012 after the inauguration of Phu Quoc International Airport.

After only one year, the number of tourists to the island doubled that of the previous year, reaching nearly 700,000. So far the airport has received a new capital flow of over 1 trillion VND (45 million USD) to increase its capacity of handing 2.5 million passengers to 4 million per year by 2017.

Last year, the island was recognised as a second-level urban area and in July 2015, the Prime Minister issued a decision to establish the Phu Quoc economic zone management board, which energised local development.

In addition to developing transport infrastructure by building new airports and roads, and upgrading seaports, authorities have worked hard to connect locals with the national grid and improve their living standards.

With favourable investment mechanism and incentives, the island is nearing its target of becoming a paradise for sea and island tourism, experts said.-VNA