Business

Phu Quoc island city draws 16.5 billion USD in investment

Phu Quoc, Vietnam’s first island city, has attracted 372 projects to date with capital totalling some 16.5 billion USD.
Phu Quoc island city draws 16.5 billion USD in investment ảnh 1Phu Quoc island city draws 16.5 billion USD in investment - Illustrative image (Photo: VNA)
Kien Giang (VNA) - Phu Quoc, Vietnam’s first island city, has attracted372 projects to date with capital totalling some 16.5 billion USD.

Tourism, service, and urban areas are the most attractive sectors, according tothe city’s authorities, adding that investments in these fields helped Phu Quocbecome a second-tier city.

Major economic corporations such as Vingroup, Sungroup, BIMgroup, CEOgroup,MIKgroup, and Milltol have made significant contributions to the island’seconomic growth over recent years.

Local trade-service production expanded by an average of over 19 percent each yearduring the last five years, doubling the rate in its home province of KienGiang in the Mekong Delta. State budget collections rose an average of 19percent annually and accounted for more than 40 percent of the province’s totalcollections.

Tourism has become a spearhead economic sector. Dozens of large-scale tourismprojects have been carried out, with an array of high-end resorts serving bothdomestic and international visitors. The Bai Truong tourism complex is beingformed, giving the Phu Quoc urban area a facelift.

According to the Chairman of the island city People’s Committee Huynh QuangHung, investors enjoy the best possible mechanisms and policies from the government.

The city is working with provincial departments and sectors to recommend theGovernment 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 developingsocio-economic infrastructure, particularly in transport, power, water, wastetreatment, urban areas, shopping malls, schools, and hospitals.

It is inviting investors to expand Bai Vong Port and Dat Do Port, develop fisheriesinfrastructure and facilities in response to climate change, and build modernwaste treatment plants.

The island city also prioritises investments in tourism, hi-tech agriculture,and high-quality healthcare./.
VNA
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