The plan, which requires a major cash injection from both foreign and domestic sources, is projected to draw some 300,000 - 350,000 visitors annually by 2010 and 2-3 million tourists by 2020.

Millions of tourists

Speaking at a conference in HCM City, Truong Quoc Tuan, Kien Giang province’s Party Committee secretary said the Government had greenlighted local authorities to handle mechanisms for controlling investment, immigration and residence for foreigners, land rentals and taxes.

To reach the target, he said, the Government suggested the island focus on tourism and service development with marine sports, parks, eco-tourism, fishing and mountain climbing.

Tuan said deluxe entertainment service like golf, casinos, horse and dog-racing, along with business conventions (MICE) are other focuses for development, and will require a modern infrastructure system.

A master plan drawn up for the island details that by 2010, tourist resorts will cover 1,500ha, to be doubled by 2020 along with another 1,000ha of entertainment area.

Understanding the need for environmental sensitivity, local authorities have already defined a protected national conservation zone of 37,000ha of forest, requesting UNESCO recognise it as a biosphere reserve.

The development of an international airport, water and power, waste treatment, 260km road network, two seaports, telecom, hospitals, and vocational schools are all included in the master plan, Tuan said.

Drawing investors

Fourteen white sandy beaches were introduced to businessmen to construct deluxe tourism resorts at the conference.

If investments fall into encouraged areas of investment, investors would be exempt from land rent for 15 years, after which rental rates would be cut to 50 per cent, according to the province’s incentive policy.

Investment projects would also enjoy corporate income tax of 10 per cent throughout duration of implementation, in comparison to the standard 28 per cent.

Local authorities also agree to cut personal income taxes by 50 per cent for Vietnamese and foreigners who work on the island, under the one price policy, regardless of nationality.

Vietnamese living abroad, foreigner permanently residing in Viet Nam and foreign investors are permitted to purchase dwelling-house and to lease residental land for long-term in the island.

Even international visitors will get a break if they soak up the sun on Phu Quoc Island for 15 days or less – they are not required to have a Vietnamese entry visa.

To date there have been 45 projects approved on the island.

Phu Quoc is the largest island in Viet Nam with 561 sq.km and 85,000 residents, 150km of coastline and a good geographical location to ease international access by sea and air. 
Source : Vietnam News