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Bets on Vietnam’s Phu Quoc (Property Report)

Vietnam’s Phu Quoc island will soon be host to an international tourism complex featuring five-star hotels, convention centres and casinos, authorities in the southern Mekong delta province of Kien Giant announced.

The project will comprise a total of 135ha in the Bai Thom commune of the lush island, said Dang Cong Huan, the deputy chairman of the Kien Giang People’s Committee.

Fully foreign funded, the complex would have a maximum lease of 70 years, with a valid casino license of 30 years maximum, according to the VietnamNews.

The investor must be a specialist in casino services and commit to over US$4 billion in funds, Huan said.

The casinos, situated o a 30,000 sqm lot, would be located next to five-star hotels and resorts with up to 3,000 rooms.

International consultants also suggested that the Vietnamese government would be needed for such an immense project.

On the same day, the deputy head of Phu Quoc Investment and Development Management Board, Nguyen Van Sau, said the Kien Giang People’s Committee has revoked licences granted to three investment projects on the island.

The revoked projects are: a 10ha eco-resort project in Bai Truong Commune by Dong Nam Trading and Construction Ltd; the 4ha Duong To Resort by Phu An Ltd; and a project to build an aviation trading centre by Vietnam Airlines.

Sau said these projects were cancelled either because they no longer matched the development masterplan for Phu Quoc Island or because the project owners failed to show financial capacity to implement them.
Under the masterplan for socio-economic development of Kien Giang Province by 2020 approved by the Prime Minister on July 26, Phu Quoc Island will be developed into a centrally-administered special economic zone by 2020.

Viet Nam’s biggest island with a total area of, Phu Quoc is now part of Kien Giang Province.

Under a 10-year-development plan, the province, situated 250km south of HCM City, will upgrade the stretch of National Highway 80 between Lo Te and Rach Soi, build a coastal road south of HCM City as well as the Ha Tien – Rach Gia – Bac Lieu Highway. These projects are expected to boost development of the Rach Gia and Phu Quoc airports.

By 2020, Kien Giang will establish the Kien Luong Town and the Ha Tien City, as well as two new districts – Thanh Hung District from Giong Rieng Town, and Soc Xoai from Hon Dat Town.


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Thủy tinh vỡ: Freelance writer
Age: Bính Thìn
Location: Hồ Chí Minh


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