The Ministry of Planning and Investment proposed to Vietnam Government a series of preferential mechanisms to attract more foreign investment capital and experts. These mechanisms are expected to help Phu Quoc island become a special economic zone of Vietnam near future.
One of them is a special immigration policy for foreign investors and experts. Vietnam Government will issue permanent residence cards to the individual foreign investors who have an investment project of 05 (five) million US dollar or above and not break Vietnamese law. The residence time in Phu Quoc island is 5 years or more.
Besides, the Ministry of Planning and Investment proposed other incentives for Phu Quoc such as income tax exemption 100% for 5 years (not exceed 2030) for individuals who have taxable income arising in the special economic zone. The personal income tax exemption will be reduced by 50% in subsequent years.
For managers, scientists and highly qualified experts with income subject to personal income tax in the 3 special economic zones mentioned above, they are also entitled to tax exemption until the end of 2030 and certainly 50% reduction of tax amount in the remaining years.
In addition to the application of general incentives for special economic zones, Phu Quoc has also been proposed to enjoy a separate mechanism, such as raising the level of allowances from 30% to 50% of the basic salary for officials and employees working here.
Phu Quoc is prioritized investment to become a center for trade, high-end services, and international procurement because this island also has favorable conditions for hydro-meteorology, natural environment, mountains, forests, marine, and ecosystems; moderate weather, favorable for year-round tourism development. Especially, Phu Quoc has a large fishing ground and potential for aquaculture. This will be the only special zone to be prioritized for the development of fisheries, aquaculture and processing and fishery logistics.
Furthermore, Phu Quoc has fertile farmland, large forest land, occupies 63.2% of the total natural land area, facilitates the development of the agricultural economy and sustainable eco-tourism development.
According to the Ministry of Planning and Investment, an infrastructure of Phu Quoc has been invested quite synchronously to meet the needs of large-scale tourism development. Many high-class and large-scale resorts have come into operation. The Politburo has agreed to open casino project in Phu Quoc for the Vietnamese.
Have a nice day!
Vietnam Immigration Advisor