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More tourism projects approved for Phu Quoc
Three big names from Switzerland, the U.S. and Hong Kong have won approval to build new tourism developments on southern Vietnam’s resort island of Phu Quoc.
Pham Vu Hong, head of the island’s Investment and Development Management Board, told Tuoi Tre on Friday some 33 investment projects on the island had been licensed by the Kien Giang Province’s People’s Committee so far this year.
The projects will cover 1,157 hectares of the island’s 57,400 hectares and will cost a total of VND31 trillion ($1.74 billion).
Some 174 other projects, which are expected to cover 7,855 hectares, have also been approved by local authorities, Hong said.
The foreign investors lining up for Phu Quoc include Switzerland’s Trustee Suisse Group, the U.S.-based Rockingham Asset Management and Starbay Holdings, a subsidiary of Hong Kong-based real estate investment and development firm Millennium Group.
Trustee Suisse Group, in cooperation with Vietnam’s Vinaconex, is planning to build a luxury retreat with leisure, entertainment and business facilities.
The Pearl of Asia will be built in Rach Tram area on the northwestern tip of the island. The first phase of the development is estimated to cost $2 billion euros ($2.7 billion).
A high-end hotel and recreation complex will also be built on 1,000 hectares in Bai Vong-Bai Sao Beach by Rockingham.
The $1 billion complex will include hotels, restaurants, a marina, a race course, a golf course and other entertainment facilities.
Starbay plans to build a 540-hectare complex on Bai Dai Beach (Long Beach), voted by travel website concierge.com as one of the world’s top hidden beaches.
The $1.8 billion resort complex will include two golf courses, hotels, restaurants, rental villas, a trade center, a marina and conference facilities.
Kien Giang provincial authorities have recently withdrawn the licenses of 12 investment projects because work was not progressing as set out in their investment license.
Phu Quoc is the biggest island in Vietnam and a popular holiday destination.
The government plans to transform the island into the country’s premier tourism center capable of attracting two to three million visitors a year by 2020.
vietnews
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