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.
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.
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