Phu Quoc boosts investment in socio-economic development

A view of Phu Quoc Island from the Hon Thom cable car.-VNS Photo Phuong Thao

This was revealed by Phu Quoc Economic Zone management board in the southern province of Kien Giang, Vietnam News Agency reported on Monday.

In particular, the island is concentrating on investment capital to speed up the construction schedule to complete key infrastructure projects; overcome limitations and weaknesses in planning management, land, construction, compensation and site clearance; drastically handle disputes, compensation, clearance, resettlement and support for people to have "clean land" for investors to implement the projects.

According to the representative of Phu Quoc Economic Zone management board, investment attraction in Phu Quoc mainly focuses on tourism and marine economic development. Although a number of projects on the island have been granted investment policy decisions, the implementation of these projects is still slow.

The reasons include the compensation for site clearance, support and resettlement of projects takes a lot of time; disputes and complaints leading to land handover in the field face many difficulties and problems; coordination between investors and State management agencies is not synchronised, so some projects are encroached and re-occupied, causing difficulties and shortcomings in implementing projects in accordance with the plan.

In addition, the source of infrastructure investment capital of the Government has not met the demand for development investment, affecting the construction progress of key infrastructure projects compared to the plan. So far, Phu Quoc has paid compensation and support to more than 10,897 households, with an amount of over VND6.12 trillion (US$261.6 million).

Phu Quoc Economic Zone management board said that till date, Phu Quoc island has 299 valid investment projects in planning areas with a total area of 10,578ha. Accordingly, 258 projects were granted investment certificates, investment policy decisions, with a total area of 8,893ha, total registered investment capital of over VND270.3 trillion, and 41 projects are completing procedures.

Currently, 46 projects have been put into operation on an area of 1,200ha with a total investment capital of more than VND13.47 trillion. The other 41 projects are under construction, covering an area of 3,246ha with total investment of VND101.43 billion, including six partially operated projects, the remaining projects are completing investment procedures.

In addition, up to now, on Phu Quoc island, there are 31 foreign direct investment (FDI) projects with total registered capital of $293 million.