Vietnam calls on Singapore to support the development 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 developing Phu Quoc Island in Kien Giang province into a high-end tourism center and a science and technology hub for the nation and the Southeast Asian region.

Mr. Nguyen Thanh Nghi, Deputy Secretary of the Provincial Party Committee and 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 stated that the Prime Minister of Vietnam and the Prime Minister of Singapore have 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 tourism planning and development, would support the development of the Phu Quoc Island master plan; he also suggested preferential policies that Vietnam needs to develop, as well as the limitations and difficulties that Vietnam needs to address 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 and Vice Chairman of the People's Committee of Kien Giang Province, on behalf of the Kien Giang delegation visiting Singapore from April 27-29, stated that the Vietnamese Government is developing a project to "Develop the Phu Quoc Island Special Economic Zone" with the highest level of investment incentives, applied for the first time; completing a synchronized and modern transportation and energy infrastructure system, combined with the inherent geographical potential.

According to Mr. Nguyen Thanh Nghi, Singaporean businesses could invest in eco-tourism areas, science-city zones, and high-tech industrial parks covering approximately 4,000 hectares on Phu Quoc Island.

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

After working with the leaders of Kien Giang province, Jason Lien, Project Director of Centurion Properties Pte Ltd, told the Vietnam News Agency correspondent in Singapore that Phu Quoc has enormous potential and that the Vietnamese government has recently expanded and upgraded its airports to regional and international standards, shortening travel time to Malaysia, Singapore, and Thailand. “Phu Quoc is a great place for a vacation with beautiful locations, beautiful beaches, and is excellent for investment in the resort and hotel sector,” said Jason.

According to Chia Tech Keng, a representative of Arcanum Associates, LLT, a Singaporean company specializing in investment and business consulting services, there is good news for foreign investors as the leaders of Kien Giang province have announced that they will allocate a large portion of land in Phu Quoc for investment development. He said, "I believe Phu Quoc is an island with great opportunities" and "I would recommend that businesses come to Phu Quoc soon."

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

According to Mr. Le Van Thi, Chairman of the People's Committee of Kien Giang province, Vietnam and Singapore have established a strategic partnership, and Phu Quoc and Singapore share many similarities in natural and geographical conditions, making it more advantageous for Singaporean businesses to invest in Phu Quoc compared to other investors.

According to the Chairman of Kien Giang province, at the 10th Ministerial Conference on Vietnam-Singapore Economic Connectivity held in Singapore on April 29th, the Kien Giang delegation will also deliver a speech to introduce the potential and favorable position of Phu Quoc to investors and management agencies in Singapore.

According to Vietnam+