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Phu Quoc Island to have casino, special economic zone
The Politburo has agreed to open a casino on Phu Quoc Island and is considering a project to establish a special economic zone on the island district, said the chairman of Kien Giang Province.Kien Giang’s Chair, Mr. Le Van Thi, told Tien Phong Newspaper that Prime Minister Nguyen Tan Dung issued Decision 178 in October 2004 approving the development of Phu Quoc into a tourist and international trade center of the Mekong Delta.
To properly exploit the potential and advantages of Phu Quoc, the Government has asked for the Politburo’s approval on the establishment of the Phu Quoc special economic zone with special incentives to attract international investment.
Mr. Thi said that the current situation of Phu Quoc is appropriate to the model of a special economic zone. The island district’s economic growth rate has been 25 percent/year on average in the past 10 years. Last year the island lured 430,000 tourists, an increase of 32 percent compared with 2012. Phu Quoc contributed approximately VND1 trillion to the state budget last year and the figure is estimated at about VND1.1 trillion this year.
Mr. Thi said that the current situation of Phu Quoc is appropriate to the model of a special economic zone. The island district’s economic growth rate has been 25 percent/year on average in the past 10 years. Last year the island lured 430,000 tourists, an increase of 32 percent compared with 2012. Phu Quoc contributed approximately VND1 trillion to the state budget last year and the figure is estimated at about VND1.1 trillion this year.
It is estimated that from 2015, Phu Quoc’s annual revenues will increase rapidly (about 20-30%) and its per capita income will reach VND71 million ($3,500)/person/year.
Phu Quoc has attracted 200 projects, of which 112 projects have been granted investment certificates, with a total area of 4,850 hectares and total investment of VND135 trillion. Eighteen projects have been completed, totaling VND6.849 trillion.
The island’s technical infrastructure has developed rapidly. Phu Quoc Island has also been connected to the national grid. The Island has four large freshwater lakes. In Phu Quoc, freshwater resources are abundant and lakes are above the sea level so there is no risk of salinity.
If the Phu Quoc special economic zone is approved, the island will have a Chief Executive, who works under the management of the People’s Committee of Kien Giang Province. The Chief Executive will be authorized with some functions and powers that belong to the Chair of Kien Giang province, Ministers and even the Prime Minister.
Thi disclosed that the Politburo has approved the opening of casinos in Phu Quoc. Thi said the selection of casino investors is ongoing. He could not reveal any details, he said.
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