Phu Quoc welcomes increasing investment in urban development
Attracting large capital for urban development is essential for Phu Quoc city, which houses Phu Quoc island – Vietnam's largest off the southern province of Kien Giang, serving its diverse and sustainable growth after years of investing in the entertainment-resort tourism industry.
Hanoi (VNA) – Attracting large capital forurban development is essential for Phu Quoc city, which houses Phu Quoc island– Vietnam's largest off the southern province of Kien Giang, serving its diverseand sustainable growth after years of investing in the entertainment-resorttourism industry.
A survey by the Vietnam Institute of Real Estate Studies (VIRES)showed that, in the past 3-5 years, over 90% of investors participated in themarket’s tourism-resort realty segment. However, at the moment, the focus ofinvestment has shifted to urban projects boasting transparent legality, withover 60% of investors interested in this segment. The vast majority of them choselong-term investment, expecting that the projects’ prices will increase manytimes in the coming years.
Vice president of VIRES Pham Nguyen Toan noted Phu Quoc isgradually transforming itself into a profitable investment andsettlement destination.
He also singled out shortcomings such as limited land supply,and a lack of new, sustainable, and multi-functional development models inhealth care, education, commerce, services, finance, and banking.
Phu Quoc is both marine urban and economic areas (Photo: VNA)
Vice Secretary of the Vietnam Urban Planning and DevelopmentAssociation Truong Van Quang said Phu Quoc is both marine urban and economicarea, hence a necessity to attract investment for growth in all of its fourpillars – entertainment industry, resort tourism, banking-financial services,and marine economy
Its planning should be sustainable and environmentallyfriendly, he added.
According to the Vietnam Institute for Urban and RuralPlanning (VIUP), the city’s overall planning orientation to 2040 covers 12development zones based on landscape features, natural ecology, topographicalfeatures, and other conditions.
Forecasting Phu Quoc’s real estate market for 2022 - 2025,Nguyen Van Dinh, Vice President of the Vietnam National Real Estate Association,said the local urban and residential segment, due to its scarcity and developmentpotential, will still attract the attention of investors across the country, especiallyregarding mainstream projects with good quality infrastructure, beautifullandscape, and effective business exploitation./.
Phu Quoc city of the Mekong Delta province of Kien Giang has been providing support for investors to accelerate progress of key projects as part of an effort to boost local socio-economic development.
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A corner of Phu Quoc (Photo: VNA) 
Phu Quoc is both marine urban and economic areas (Photo: VNA) 
