Kien Giang Continues to Welcome Investment Waves

With outstanding potentials and advantages, together with many large projects which have been invested in the area, especially efforts to strongly improve the business and investment environment, Kien Giang province expects to continue to welcome the wave of investment in the future.

Phu Quoc has been recognized as urban type 2 since 2014. Currently, Kien Giang province is waiting for the Government to approve the scheme on the establishment of Phu Quoc coastal city under Kien Giang province. From this policy, Phu Quoc has been focusing on investing heavily in developing essential infrastructure by domestic and non-budgetary sources…

Many key projects have been deployed and put into use, such as Phu Quoc International Airport, An Thoi International Seaport, Duong Dong Passenger Seaport, Ha Tien – Phu Quoc underground electric cable line, the road around the island, South – North main road, An Thoi cable car…

According to the Head of Phu Quoc Economic Zone Management Board, with many incentives, open mechanisms and interest of leaders, Phu Quoc is expected to grow strongly in a short time. Currently, according to the operation regulations of Phu Quoc island and Nam An Thoi island cluster, projects of organizations and individuals inside and outside the country investing in Phu Quoc shall enjoy the 10% enterprise income tax rate applicable during the project implementation period; Vietnamese and foreign people are entitled to a 50% reduction of income tax on high income.

Phu Quoc International Airport can welcome large aircraft with a flow of 2.6 million passengers per year. Besides, dozens of high-quality high-speed trains run Ha Tien – Phu Quoc and Rach Gia – Phu Quoc routes, bringing over 2,000 visitors to and from the island every day.

The synchronous investment has been effective. In 2018, tourists to Phu Quoc doubled compared to before the new airport opened. It is forecasted that in 2019, Phu Quoc will welcome several million visitors, of which about 30% are international visitors.

In addition to the highest investment incentive policies in the country, at the present, Phu Quoc investors are interested in a number of interesting issues such as: regulations allowing economic organizations, Vietnamese residing abroad, foreigners permanently residing in Vietnam, foreign-invested enterprises, foreign organizations and individuals may invest in the construction of houses for sale or lease, sub-lease or transfer of land use rights which has built infrastructure in accordance with relevant provisions of the law on land; overseas Vietnamese can buy houses…

Investors coming to Phu Quoc will receive maximum support from Kien Giang provincial government and Phu Quoc island district. If outside the jurisdiction, the locality is responsible for coordinating closely with ministries and agencies to promptly remove and create the best conditions for investors.

Up to now, in Phu Quoc district, there have been 265 detailed construction planning projects and master plan of 1/500 scale which have been approved with a total approved area of 7,384.98 ha. The number of accommodation rooms approved in the tourist areas is adjusted according to the general planning of about 80,141 rooms.

In recent years, Phu Quoc has changed clearly and comprehensively in all aspects, the economy has grown at an average rate of 27.52%/year; budget revenue reached over 1,000 billion VND per year; GDP per capita increased nearly 4 times compared to 2010; average tourism revenue increased by 43%/year.

It can be said, the results that Phu Quoc achieved have contributed significantly to the general development of Kien Giang province and created the strongest growth momentum in the Mekong Delta region.

Accumulated until July 15th 2019, Phu Quoc has 299 valid investment projects in planning areas with an area of 10,585 ha.

In which, there are 36 projects in operation with an area of 1,182 ha, total investment capital of about 14,758 billion VND; 35 projects are under construction (6 projects have been partially operated) with an area of 3,203 hectares and a total investment of about 95,731 billion VND; the remaining projects are completing investment procedures.

Regarding foreign direct investment (FDI), up to now, Phu Quoc district has 31 FDI projects with a total capital of 293 million USD.