Vietnam calls on Singapore to support the construction of Phu Quoc Island

At the Vietnam Investment Promotion Forum held in Singapore on April 28, Minister of Planning and Investment Bui Quang Vinh called on Singapore to support Vietnam in building Phu Quoc Island in Kien Giang province into a high-end tourism center and a science and technology center for the country and Southeast Asia.

Mr. Nguyen Thanh Nghi, Deputy Secretary of the Provincial Party Committee, Vice Chairman of the People's Committee of Kien Giang province, called on companies in Singapore to invest in Phu Quoc island (Photo: Nguyen Kim Yen/Singapore)

Minister Bui Quang Vinh said that the Vietnamese Prime Minister and the Singaporean Prime Minister agreed to cooperate and create the most favorable conditions in terms of environment, policies and investment locations to encourage Singaporean businesses to invest in Phu Quoc Island in the coming time.

The Minister of Planning and Investment expressed his hope that Singapore, with its experience in planning and developing tourism areas, would support the development of a plan for Phu Quoc Island; recommend preferential policies that Vietnam needs to develop as well as the limitations and difficulties that Vietnam needs to resolve in order to build Phu Quoc into a regional tourism and resort center in the near future.

Speaking with Singaporean businesses attending the Vietnam Investment Promotion Forum, Mr. Nguyen Thanh Nghi, Deputy Secretary of the Provincial Party Committee, Vice Chairman of the People's Committee of Kien Giang Province, on behalf of the delegation of Kien Giang Province to Singapore from April 27-29, said that the Vietnamese Government is developing a project to "Develop Phu Quoc Island Special Economic Zone" with the highest level of investment incentives, applied for the first time; completing a synchronous and modern transport and energy infrastructure system, combined with inherent geographical potential.

According to Mr. Nguyen Thanh Nghi, Singaporean enterprises can invest in eco-tourism areas, science urban areas, high-tech industrial zones... covering about 4,000 hectares on Phu Quoc Island.

During the working sessions on April 28 with several Singaporean companies such as Sunray Woodcraft Construction Pte Ltd and Centurion Properties Pte Ltd, the delegation from Kien Giang province said that when investing in Phu Quoc, businesses can enjoy the highest level of investment incentives applied for the first time, such as incentives on land policies and incentives on corporate income tax policies, income tax for high-income earners and import tax.

After working with leaders of Kien Giang province, Mr. Jason Lien, project director of Centurion Properties Pte Ltd, told the VNA correspondent in Singapore that Phu Quoc has great potential and the Vietnamese government has recently expanded and upgraded airports to meet regional and international standards and shortened travel time to Malaysia, Singapore and Thailand. “Phu Quoc is a great place for vacation with beautiful locations, beautiful beaches, and very good for investment in the resort and hotel sector,” Mr. Jason said.

According to Mr. Chia Tech Keng, representative of Arcanum Associates, LLT, a Singaporean company specializing in providing investment and business consulting services, it is good news for foreign investors that the leaders of Kien Giang province said that they will reserve a large part of land in Phu Quoc for investors to develop. He said: “I think Phu Quoc is an island with many great opportunities” and “I will recommend businesses to come to Phu Quoc soon”.

Sharing the same view with Mr. Chia Tech Keng, Mr. Tan Soon Kim, Assistant General Manager of Enterprise Singapore (IE Singapore), affirmed that IE Singapore will encourage Singaporean companies to consider investing in Kien Giang province.

Chairman of the People's Committee of Kien Giang province, Mr. Le Van Thi, said that Vietnam and Singapore have built a strategic partnership and Phu Quoc and Singapore have many similarities in natural conditions and geographical conditions, so Singaporean enterprises investing in Phu Quoc will have more advantages than other investors.

According to the Chairman of Kien Giang province, at the 10th Ministerial Conference on Vietnam - Singapore economic connectivity held in the "Lion Island" on April 29, the Kien Giang delegation will also give a speech to introduce the potential and favorable position of Phu Quoc to investors as well as Singaporean management agencies./.

According to Vietnam+