New opportunity for Phu Quoc to “take off”

Proud of its name as “pearl island”, Phu Quoc has a “new coat” with many opportunities for its development as it has now become the first island city of Vietnam.

The precious pearl of nation

Being considered a "princess”, awakened while sleeping in the forest, Phu Quoc has significantly developed with electricity grids, an airport, a sea port and vast new roads. It has attracted many tourism and high-end resort real estate projects that were heavily invested in, blending with the natural beauty. Phu Quoc is completely worthy of the names “tourism paradise” and the pearl of Vietnam.

During the 2015 -2020 period, Phu Quoc developed quite comprehensively as its economic growth always exceeded the set targets and was maintained at a high level. From an economic island district, which depended on seafaring and agricultural production, Phu Quoc has become a “pearl island” with its impressive pace of development. The locality’s budget revenue reached over VND20.6 trillion during this period, leading the province. Per capita income reached VND113 million (US$5,000) per person per year. The rate of poor households in the city decreased to 0.38%, much lower than other districts and cities in Kien Giang province and the whole country.

As a local born and raised in Phu Quoc, Dinh Quang Thieu, from residential area no.10 in Duong Dong town, shared: “As Phu Quoc became a city, I and people living and working in the locality are very excited and proud. In order to make Phu Quoc worthy of its status as the first island city in the country, we hope the local authorities soon improve the infrastructure and continue to invest in healthcare, education and training of human resources for tourism”.

Chairman of the Phu Quoc City People’s Committee, Huynh Quang Hung said that in 2014, Phu Quoc was recognised by the Prime Minister as a second-class city. After more than five years, its rapid urbanisation brought a diverse range of urban functions, meeting the increasing demands of modern life. Now, Phu Quoc has achieved many great and important achievements in socio-economic development and urban construction. The locality has 321 investment projects, with over a total area of 10,936 hectares and total registered capital of VND340.366 trillion.

He also noted that despite breakthrough development in the fields of the economy, society and tourism, Phu Quoc would have been overloaded if it had continued to maintain its status as a district-level administrative unit. The “coat” that Phu Quoc has “worn” has been too tight, preventing many opportunities for the locality to make further breakthroughs. Therefore, the establishment of Phu Quoc city was necessary to create further attraction for investment, realising its tourism potential and creating momentum for socio-economic development.

Reaching out the World

The people pin high hopes on the development of Phu Quoc City in the future. So far, many large economic groups, such as Vingroup, Sun Group, BIM Group, CEO Group, MIK Group and Milltol, have invested in the city. The investment has become the main resource driving Phu Quoc's economic growth in recent years.

Deputy General Director of CEO Group Tran Dao Duc said that businesses were delighted to hear the news that Phu Quoc has become the first island city of Vietnam. There is a strong impetus now for businesses on the “pearl island” to expand and develop their brands.

During the past tenure, total social investment capital in Phu Quoc reached VND141.652 trillion (over US$6.1 billion), exceeding by 57.39% the Resolution. Total production value increased by 84.61% compared with the beginning of the tenure. The trade and services sector increased 2.37 times compared with the beginning of the tenure. The number of visitors to Phu Quoc exceeded three million in 2020, of which one million were foreigners. Phu Quoc has been listed among the five leading destinations in Asia-Pacific and the three islands with the largest potential for tourism development in Southeast Asia.

In the near future, Phu Quoc will continue to strengthen its urban management and development as well as the management of land and natural resources and review and adjust general planning to build the city into a regional financial centre. Phu Quoc will be an important hub for regional transportation and international aviation as well as a centre for specialised science and technology research and the conservation of forests and marine biodiversity of the country and region.