Phu Quoc to become Special Economic Zone with casinos

Phu Quoc to become Special Economic Zone with casinos

Kien Giang provincial authorities have announced that, not only would Phu Quoc Island become an economic zone, it would also welcome casinos.

Chairman of Kien Giang Province People's Committee Le Van Thi

Vinpearl Resort Phu Quoc

Phu Quoc Island is one of the most promising tourist destinations in Vietnam. In 2004, the prime minister issued a decision to develop Phu Quoc Island into the largest tourism and trade centre in the Mekong Delta region. The government proposed establishing Phu Quoc as a special economic zone. It is hoped that preferential policies will attract foreign investors to contribute to Phu Quoc’s development.

It is expected that the island’s revenue will increase sharply from 2015 as the speed of development of the infrastructure and services increases. In 2013, over 430,000 tourists visited Phu Quoc, an increase of 32% from the previous year. The island also attracted 200 investment projects with registered capital of over VND135 trillion.

Le Van Thi, chairman of Kien Giang Province People’s Committee, said that in order to become a special economic zone, the island’s administrative system must also be upgraded. Currently, they are seeking permission to upgrade Phu Quoc Island District to a city.

Thi went on to say that there are many investors interested in opening casinos on Phu Quoc, and the Politburo has given its approval. The authorities are negotiating with reputable investors before reporting on the process to the prime minister. The prime minister will issue the final decision. “One of the requirements is that investors must already have a certain number of foreign customers. They will not be allowed to service Vietnamese customers,” he said.

According to Thi, people cross the border to gamble in the casinos of Cambodia. “At first, they go to satisfy their curiosity, but many of them fell into deep debt.” Thi added, “I’ve bee notified that some casinos near the border at Xa Xia shut down due to lack of customers.”

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