Incentives lure investors to Phu Quoc Island
(VOV) - With the recent introduction of a number of preferential policies, Phu Quoc island district is attracting strong domestic and foreign investment, says Huynh Quang Hung, vice chairman of the district.
Between 2011-2013, as many as 94 projects, covering 4,214 hectares, were licensed with a total investment capitalisation of more than VND101,000 billion. Thirteen projects, worth VND4,200 billion, were put into operation, and 16 others capitalised at VND7,000 billion are under construction.
Phu Quoc island achieved significant socio-economic development in the period 2011-2013 with an annual high economic growth rate of 24.8%. In its economic structure, trade-services accounted for over 47%, and industry – construction, 20%, and agro-forestry-fishery making up the remainder. |
One of the major projects is the 110KV submarine cable system from Ha Tien city to Phu Quoc Island, connecting the country's largest island to the national grid.
The system, the longest in Southeast Asia, stretches 57.33km from Thuan Yen village in Ha Tien town to Phu Quoc district’s Ham Ninh village. It includes two 110/22kV-40MVA transformers in Ha Tien and Phu Quoc.
At an investment promotion conference held in Singapore last month, Vietnamese representatives briefed foreign delegates on Phu Quoc island’s investment potential and incentives.
Vietnam is developing a project to turn Phu Quoc into a Special Economic Zones, offering numerous incentives.
Singaporean enterprises said they plan to invest in eco-tourism zones, urban areas, and hi-tech industrial parks on the island with a total area of 4,000 hectares.