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Phu Quoc Island snares $1 billion resort

Update: November, 16/2006 - 00:00

Phu Quoc Island snares $1 billion resort


KIEN GIANG — Phu Quoc Island in the southern province of Kien Giang has lured many big investment projects including one worth US$1 billion from a US investor, according to the province’s Department of Planning and Investment.

Rockingham Asset Management LLC, a Los Angeles-based liability company, has applied for a licence to build a $1 billion resort and entertainment complex on the island, covering 1,000ha. The construction plans include restaurants, hotels, an airport and seaport, a motor racing track and cultural areas. The project is now waiting for the approval of the Ministry of Planning and Investment to come into operation.

An official from the ministry’s Department of Planning and Investment says that Rockingham Asset Management’s proposal suited the Government’s master plan to turn 600sq.km of Phu Quoc into an internationally recognised aqua-ecological venue, as well as a trade and cultural exchange centre.

Canadian Automid Capital Group Inc has also proposed the construction of a resort, which would include a seaport and an aqua-ecological preservation area. The projected cost of the investment is $130 million.

France-based Victoria Group has submitted plans to build a $40 million, high-end tourism area, which will span 22 ha.

Chairman of the Kien Giang provincial People’s Committee Bui Ngoc Suong has recently approved the joint venture project between Delta general Construction Inc, Condo Development LLC of the US, Westminster Tower Medical Centre with TTC Co, Ltd to invest in the ecological tourism project, a five-star resort and hotel.

Officials attribute the increasing interest in Phu Quoc to the island’s natural landscape and preferential investment policies recently approved by the Government. Provincial authorities with the help of local businesses have carried out a number of trade promotion activities to lure investors.

Nearly 150 foreign and domestic investors have registered for business licences in Phu Quoc. There have been 46 approved projects, covering a total area of 2,000 ha. — VNS

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