VIETNAM - US$1.1 billion in Phu Quoc Island projects await greenlight

Thanhniennews.com, October 9, 2006

Southern Kien Giang Province is petitioning the government for the go-ahead on a total of US$1.1 billion in foreign-invested tourism projects on Phu Quoc Island.

The provincial Planning and Investment Department said Sunday the agency had proposed three separate projects invested by the US Rockingham, Canadian Automind Capital Group Inc. and French Victoria to the Planning and Investment Ministry for approval.

Of those, the US-initiated project on a beach-tourism complex in Ham Ninh Commune is at the top of the list in terms of capital – worth $1 billion.

The runner-up is $120 million tourism port, apartment and ecological reserve project in An Thoi township proposed by the Canadian investor.

The French Victoria group plans to develop a tourism village in O Quoi Cap, Cua Can Commune on the north island.

Phu Quoc is the largest island in Vietnam with 561 sq.km and 85,000 residents, 150km of coastline and a good geographical location for international access by sea and air.

The local government has offered preferential policies for investors to join a national plan to transform Phu Quoc Island to an international center for tourism in the Southeast Asia in the next five years.

The plan, which requires a major cash injection from both foreign and domestic sources, is projected to draw some 300,000 - 350,000 visitors annually by 2010 and 2-3 million tourists by 2020.

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