VSIP PHU QUOC PLAN PUT ON HOLD

The Government’s decision to put on hold the VSIP project on Phu Quoc Island off Kien Giang Province is part of the Prime Minister’s recent Decision 868/QD-TTg approving a revised master zoning plan for the island until 2030.

Early last year, the authorities of Kien Giang Province had a meeting with Investment and Industry Development Corporation - Becamex ICD, the Vietnamese partner in VSIP infrastructure projects across Vietnam, to discuss implementing the VSIP project on Phu Quoc.

Then, Kien Giang Province’s chairman Le Van Thi assigned the enterprise to study the project development on a total area of 4,000 hectares. The project is envisaged having residential areas, green industrial park, tourist site and clean water reservoir, among others.

With the Government giving ‘in principle’ approval to the VSIP plan, Kien Giang established a consulting team to attract investors and develop projects. The province allocated over 3,868 hectares of land in Cua Duong and Cua Can communes to Becamex IDC to develop facilities to attract Singaporean investors.

VSIP Phu Quoc is planned to cover 2,900 hectares and be home to enterprises in hi-tech and environmentally-friendly sectors.

The provincial government also cooperated with the Ministry of Planning and Investment to take part in an investment promotion forum in Singapore to call for investments in eco-tourism, hi-tech and scientific research projects on the island.

Concerns had been expressed over a planned industrial park on Phu Quoc as the island should be for tourism and services. Industry watchers are also skeptical about the project, saying it would be hard to find enough qualified people for hi-tech and other sectors envisioned in the park.

Phu Quoc covers 593 square kilometers and is the largest island in Vietnam. The island is one of the most attractive destinations in the country for tourism project developers.

According to the master zoning plan for Kien Giang Province’s socio-economic development, Phu Quoc will be developed into a special economic and administrative zone for international-standard tourism and recreational services, and centers for finance, science and technology, and marine and forestry biodiversity in 2020. The Prime Minister approved many incentives for investors on the island.

Source: The Saigon Times