Kien Giang invests big on Phu Quoc Island special economic zone

By    May 13, 2016 | 03:52 pm GMT+7

The Mekong Delta province of Kien Giang plans to turn Phu Quoc Island into a special economic zone and one of the most dynamic economies in Southeast Asia with a focus on hospitality, financial services and the marine industry.

Kien Giang has invested more than VND100 trillion ($5 billion) to give the local marine economy a strong push, the Vietnam News Agency reported.

Kien Giang has used around 80 percent of this investment budget to develop marine infrastructure and national defense along its 200km coast, said the provincial People’s Committee.

The funds went into the construction and renovation of seaports, fishing ports, airports and transport infrastructure on Phu Quoc Island and its surrounding islands. Phu Quoc and Hon Tre have already been hooked up to the national power grid as part of projects aimed at improving people’s living conditions.

Kien Giang’s marine economy has grown significantly at an average annual rate of 11 percent over the past five years due mainly to investments in marine infrastructure, said Pham Vu Hong, chairman of the People’s Committee.

He also added that the marine economy, including fishing, aquaculture, seafood processing, exports of aquatic products, coastal and marine tourism, contributes 73 percent to the province’s gross domestic product.

Kien Giang has an ambitious plan to become one of the most developed provinces in the country in the next five years.

Kien Giang's economy will be driven by seaport and other marine services such as repairing, rebuilding and overhauling ships, and transporting cargo and passengers to Cambodia, Thailand and Malaysia.

 
 
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