Phu Quoc Island's $5 bln venture to quadruple incomes - investment ministry

By VnExpress March 2, 2017 | 06:47 pm PT

An aerial view of Phu Quoc Island is seen in the southern province of Kien Giang. Photo by VnExpress Photo Contest/Vuong Vinh Hai

The government has high hopes for one of the country's first special economic zones.

Phu Quoc Island off the Mekong Delta province of Kien Giang is forecast to increase its average income by four-fold to $13,000 by 2030, the Ministry of Investment and Planning estimates.

The country has plans for its first special three economic zones, Phu Quoc, Van Don in the northern province of Quang Ninh and Van Phong in the central coastal province of Khanh Hoa, to become major economic engines for national development.

In the next five years, Phu Quoc is expected to add about $3.3 billion in tax revenues to the provincial coffers. This will help increase Kien Giang’s contribution to the state budget to 22 percent in 2020 and 27 percent by 2020, the investment ministry said.

With a focus on tourism, financial services and the marine industry, Kien Giang has invested more than VND100 trillion ($5 billion) to give the local economy a strong push, the Vietnam News Agency reported.

Kien Giang has used around 80 percent of this to develop infrastructure and national defense along its 200km coast, according to the provincial government.

> Kien Giang invests big on Phu Quoc Island special economic zone