Making news

Phu Quoc to boost investment in socio-economic development

Phu Quoc island district continues to deploy synchronous solutions, creating favourable conditions, supporting investors and enterprises to implement projects as planned, speeding up construction and contributing to local socio-economic development.

This was revealed by the PhuQuoc Economic Zone management board in the southern province of KienGiang.

In particular, the island is concentrating on investment capital to speed up the construction schedule to complete key infrastructure projects; overcome limitations and weaknesses in planning management, land, construction, compensation and site clearance; drastically handle disputes, compensation, clearance, resettlement and support for people to have "clean land" for investors to implement the projects.

According to the Phu Quoc Economic Zone management board, investment attraction in Phu Quoc mainly focuses on tourism and marine economic development. Although a number of projects on the island have been granted investment policy decisions, the implementation of these projects is still slow.

The reasons include the compensation for site clearance, support and resettlement of projects takes a lot of time; disputes and complaints leading to land handover in the field face many difficulties and problems; coordination between investors and State management agencies is not synchronised, so some projects are encroached and re-occupied, causing difficulties and shortcomings in implementing projects in accordance with the plan.

In addition, the source of infrastructure investment capital of the Government has not met the demand for development investment, affecting the construction progress of key infrastructure projects compared to the plan. So far, Phu Quoc has paid compensation and support to more than 10,897 households, with an amount of over 6.12 trillion VND (261.6 million USD).

The Phu Quoc Economic Zone management board said that to date, Phu Quoc island has 299 valid investment projects in planning areas with a total area of 10,578ha. Accordingly, 258 projects were granted investment certificates, investment policy decisions, with a total area of 8,893 hectares, total registered investment capital of over 270.3 trillion VND (11.9 billion USD), and 41 projects are completing procedures.

Currently, 46 projects have been put into operation on an area of 1,200 hectares with a total investment capital of more than 13.47 trillion VND. The other 41 projects are under construction, covering an area of 3,246ha with total investment of 101.3trillion VND, including six partially operated projects, the remaining projects are completing investment procedures.

In addition, up to now, on PhuQuoc island, there are 31 foreign direct investment (FDI) projects with total registered capital of 293 million USD.