The Mekong Delta province of Kien Giang has announced its investor for the development of the build-operate-transfer (BOT) portion of the Phu Quoc international passenger port.

The Phu Quoc Investment and Development Joint Stock Company was chosen to develop the project component, which is expected to cost 493 billion VND (22.8 million USD).

According to the provincial People’s Committee, negotiations on the project’s specific terms and contents will begin this month.

According to the project approved by the province, the port will have a total investment of 1.64 trillion VND (76 million USD) with the remaining 1.15 trillion VND, or 70 percent, sourced from the State and local budget.

The port will be built at Duong Dong, the main town on Vietnam’s largest and southernmost island, and cover 180 hectares, 176.5 hectares of which are sea surface.

It is scheduled to be completed in 2017 and will be able to accommodate cruise ships with up to 225,000 gross tonnage.-VNA