Phu Quoc Island attracts US$16.5 billion worth of investment

Phu Quoc island city in Kien Giang province has so far attracted 372 investment projects with a total registered capital of US$16.5 billion.

Phu Quoc Island
Phu Quoc Island

A majority of projects involve investment in the areas of tourism, services and urban development, contributing to turning Phu Quoc into a second-class city.

The island city has attracted investment from large corporations including Vingroup, Sungroup, BIMgroup, CEOgroup, MIKgroup, Milltol and others, helping promote the local economy in recent years as well as opening up a new period of development for Phu Quoc.

Over the past five years, the growth rate in the production value of the trade and service industry in Phu Quoc has been over 19% per year, two times higher than that of Kien Giang province in general. Phu Quoc’s budget revenue has also increased by an average of 19% per year, accounting for over 40% of the province’s revenue.

Tourism has really become a spearhead economic sector in Phu Quoc with annual growth of 28%, also seeing an increase of 45% in international arrivals.

Chairman of Phu Quoc city’s People’s Committee Huynh Quang Hung said that investors in Phu Quoc are enjoying preferential mechanisms and policies provided by the government.

He noted that in the 2021-2025 period, the city will call for investment in expanding Bai Vong port, Dat Do Cape port, building waste and wastewater treatment plants,building works in response to climate change and a rise in sea levels, building infrastructure in support of the fishery industry, and others.