Phu Quoc calls on investment from Singapore

At a meeting forum held in Singapore on April 28, the Minister of Planning and Investment, Bui Quang Vinh called on Singapore’s investment in Vietnam to construct Phu Quoc into a high-end tourist center in Vietnam and Southeast Asia.

The Minister of Planning and Investment, Bui Quang Vinh announced that Vietnamese Prime Minister and the Prime Minister of Singapore have agreed to cooperate and create the most favorable conditions of environment, policies and destinations of investment to encourage Singapore companies to invest in Phu Quoc Island in the near future.
The Minister of Planning and Investment expressed his wish that Singapore with experience in planning and developing tourist destinations, will assist in planning Phu Quoc Island. Singapore, also, has a right to propose incentives that Vietnam needs to develop as well as the limitations and difficulties that need solving in order to build Phu Quoc into a tourist and resort center in the region in years to come. Mr. Nguyen Thanh Nghi, Deputy Secretary of Party Committee as well as Vice Chairman of People's Committee of Kien Giang Province, on behalf of the delegation of Kien Giang had a talk with Singapore’s businesses in the Forum on investment in Vietnam promotion. He said that Vietnam’s government is building the project on “Development of Phu Quoc Island Model Economic Zone” with the highest level of incentives to invest, which is firstly applied. In addition, improvements of transport infrastructure system, modern synchronous energy combined with the inherent potential of geography are implemented. According to Mr. Nguyen Thanh Nghi, Singaporean businesses’ investment in Phu Quoc can focus on eco-tourism zones, scientist urban areas, and high-tech industrial zones of about 4,000 hectares in Phu Quoc Island.

A new project in Phu Quoc - Source: Image from evnspc.vn

In the meeting dated April 28 with a number of Singaporean businesses like Sunray Woodcraft Construction Pte Ltd and Centurion Properties Pte Ltd, the delegation of Kien Giang province said that when investing in Phu Quoc, businesses could enjoy investment incentives at the highest level for the first time of application. For example, there will be incentives of land policies and preferential policies for corporate income tax, income tax for high-income earners and tax import. After working with leaders of Kien Giang province, said Jason Lien, the Project Director Centurion Properties Pte Ltd, told that Phu Quoc had great potentials of nature to develop tourism and economy. Recently, Vietnamese government expanded and upgraded airports with international and regional standards to shorten flight time to other countries in the region like Malaysia, Singapore and Thailand. “Phu Quoc is a wonderful place for relaxation with beautiful places, beaches, and it is an ideal destination to invest in resorts and hotels”, Mr. Jason said.
According to Mr. Chia Keng Tech, the representative of Arcanum Associates, LLT, a Singapore’s company specializing in providing consulting services of business and investment, that a large area of land in Phu Quoc will be spent to develop is a good news for foreign investors. He said, “I think that Phu Quoc is an island possessing many great opportunities” and “I would recommend businesses in Singapore to invest in Phu Quoc quickly”. Along with the view of Mr. Chia Keng Tech, Mr. Tan Soon Kim, the assistant of Chief Executive Operator of IE Singapore (International Enterprise Singapore), confirmed that IE Singapore will encourage Singapore companies to invest in Kien Giang province.

Phu Quoc Beach - Source: Image from Flickr

The Chairman of People's Committee of Kien Giang province, Mr. Le Van Thi, said Vietnam and Singapore has built a strategic partnership partly based on similarities to natural and geographical conditions of Phu Quoc and Singapore. By virtue of this, Singapore enterprises who invest in Phu Quoc will have more advantages than other investors will. According to the Chairman of Kien Giang province, at the 10th Ministerial Conference on Vietnam - Singapore economic connections held at Singapore on April 29, the delegation of Kien Giang will have a speech to introduce potentials, advantageous position of Phu Quoc to investors as well as the management agencies of Singapore. In the near future, investment in Phu Quoc in particular and investment in Vietnam in general will be boosted significantly by Singaporean investors.