Investment in Phu Quoc Vietnam to be made easier
Investment in Phu Quoc Vietnam, entrepreneurs seeking to invest on Phu Quoc Island off Kien Giang Province will be able to have a sigh of relief as the fretful paperwork there will be minimized given the recent establishment of a so-called task force there.
A management unit in charge of investment projects bound for the future resort island will take up the responsibility of aiding investors in investment formalities late this month, following a decision by the Prime Minister, said the management unit.
Pham Vu Hong, head of the management unit, told the daily on Wednesday that his unit office would be located in Duong Dong Town on the island, and would be responsible for assessing projects, performing all investment procedures, and giving licenses to investors.
"It is like the one-stop service in the investment approval process for investors. We will have the same authorization in licensing projects as provincial authorities," he said. Such a mechanism will help investors save time and money.
The unit is also a coordination agency, forwarding information and queries from investors to the provincial government and central authorities.
The provincial government will have a meeting this Friday to pinpoint business areas to be put under the unit's licensing jurisdiction.
"Of course with special projects we must ask for approval from the Ministry of Planning and Investment and the Prime Minister," he said.
Phu Quoc Island has a coastline of some 150 kilometers. It takes about an hour or so to travel by air from the 561-square-kilometer island to Thailand, Indonesia, Malaysia and Singapore.
To hasten key infrastructure projects to lure investors into the island, Prime Minister Nguyen Tan Dung in August set 2010 as the deadline for completing key works such as Duong To international airport, An Thoi port, Duong Dong port, Bai Vong port, the north-south trunk road and the tourism wharf in Dat Do Bay.
Some of them will be developed on the State budget, while the province is also calling on private investors to jointly develop infrastructure projects on the island.
Hong said that with the unit's operation, investors would have more comfort when they come to the island for business.
"We are here to provide all assistance to investors, aiming to speed up development on the island," he said.
Under the permission of the Prime Minister, the unit will have the power in such activities as making the long-term and short term schemes for the island's development, issuing investment certificates, giving permits for opening trade representative offices, and working permits for foreigners.
* The transport ministry and Kien Giang authorities will invest in road construction and additional infrastructure facilities on Phu Quoc to develop the island into the country's premiere eco-tourism destination.
Provincial chairman Bui Ngoc Suong told the Daily that the province's transport department would be the project's owner and would build a section of the road circumventing the island.
The Duong Dong-Cua Lap road will connect the island's center with the southern portion. The VND188bil (US$11.7mil) road construction project will be financed by the State budget and is scheduled to be completed by 2010.
In addition, the province is working with the transport ministry to plan and carry out important infrastructure projects such as the Duong To International Airport, the An Thoi Port, the Duong Dong Port, the Bai Vong Port, the north-south trunk road and a tourism wharf at Dat Do Bay. Suong said the central Government decided in August to have the projects completed by 2010.
The transport ministry will own the Duong To airport, the An Thoi seaport and some inland road projects. According to the plan prepared by the transport ministry, the State budget will finance more than VND3tril (US$187.5mil) for these projects.
The State budget will also put forth VND350bil (US$21.8mil) to develop a power station and electricity grid on the island by 2010.
The province's budget will cover the north-south trunk road, which will cost more than VND400bil (US$25mil). The province will be requesting funds for the Duong Dong and Bai Vong ports and the tourist wharf in Dat Do Bay.
Kien Giang authorities are dedicated to developing major infrastructure projects on the island in order to lure investors.
By transforming Phu Quoc into a high-class tourism destination, the island could potentially attract three million tourists annually by 2020. The island currently receives 300,000-350,000 visitors each year.