Phu Quoc is in the top of three islands having tourism potential in Southeast Asia comparable to Phuket of Thailand and Bali of Indonesia. This island has become a magnet for attracting huge investment flows from foreign investors in the area of real estate, entertainment, casinos, restaurant or food, and beverage service business.
Both investment and tourism in Phu Quoc have entered the acceleration phase
The real estate and tourism consultants all agree that Phu Quoc fully convergent elements of an attractive beach for tourist with year-round sunshine, many beautiful beaches such as Long Beach, Truong Beach, Khem Beach and immense virgin forest. Moreover, Phu Quoc has a strategic location with just 1-2 hours flight to the key tourism markets in Southeast Asia.
The number of tourists coming to Phu Quoc in 2016 rose 63 percent compared to 2015, and the first six months of 2017 saw a 44 percent increase compared to the same period in 2016, while the number of international tourists increased by 77 percent.
The island is also receiving an influx of people from the mainland looking for job opportunities. Despite higher living costs on the island than on the mainland, but offset by higher income, there is an increasing number of people from all over the country arriving here seeking jobs.
Capital inflows to Phu Quoc have really exploded after the “knots” in investment were removed. By the end of August 2017, Phu Quoc has attracted nearly 265 projects are underway or set to be operational on the island, covering a total area of 10,500 ha. Of this figure, 197 projects – covering 7,200ha, and with a total committed investment of US$ 9.592 billion have only been granted investment permits, 31 projects have already become operational, 24 are undergoing construction.
Just one part of those projects become reality then it will make Phu Quoc become a leading tourist destination in Vietnam, ahead of Da Nang and Nha Trang, competing with the top destinations in the area as Phuket and Bali.
A special economic zone of Vietnam by 2020
Phu Quoc has temperate weather throughout the year. There are also fresh and friendly forest – sea ecology and the modern transport system on the island with international airport and hospital.
An international airport went into operation that can welcome larger aircraft and serve more flights, in which there are more international direct flights from China, Singapore, Russia, and Cambodia. Moreover, a 51km long radial route on the island has been basically completed; the road around the island and its branch roads are also being deployed.
A power grid was pulled from the mainland to the island, the average year-on-year electricity production growth rate is over 103.48 percent. Electricity output has increased from 57.4 million kWh in 2013 to an estimated 297 million kWh in 2017.
An improvement in infrastructure system along with the preferential business and legal policies, such as favorable land rental rates, corporate income tax, exemption of visa for foreign tourists, issue 5-year permanent residence to the foreign investors and experts, etc. have stimulated investors to come to Phu Quoc to set-up company and do business.
With its advantages fully recognized, it’s set to live up to its title of a special administrative-economic zone by 2020.
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Your Vietnam Visa Advisor