The CEO Group has started building Sonasea Villa & Resort on an area of 80 hectares at a cost of VND4.5 trillion (US$200 million). It will see the 406-room Novotel Phu Quoc Resort, to be managed by France’s Accor Group, finished first at the end of next year.

Vingroup has begun work on the 304ha Vinpearl Phu Quoc, which will have luxury hotels and villas and a golf course, at a cost of VND17 trillion ($800 million).

Phu Quoc lures resort developers
                                                              Quoc lures resort developers

Nam Cuong Group is working on a VND3.2 trillion ($150 million) project.

“Authorities have identified tourism and investment as keys to boosting the economy,” Huynh Quang Hung, deputy chairman of the Phu Quoc People’s Committee, was quoted as saying in Thoi bao Kinh te Viet Nam (Viet Nam Economic Times).

According to the island’s Development Investment Management Board, in July it asked the Kien Giang Province People’s Committee to approve licences for five projects on an area of over 43 hectares, issued licences for six projects costing VND6.65 trillion ($315 million), amended the terms of four licences, and cancelled seven licences and took back 104ha of land.

Licences have been issued for 190 projects on around 8,700ha, of which 18 on an area of 990 hectares and costing VND6.9 trillion ($330 million) have begun operations. Another 14 are under construction at a cost of around VND24 trillion ($1.15 billion).

Most investment in Phu Quoc is focused on hotels and resorts. But even with the 952 luxury rooms that are planned, Phu Quoc will have only 20 per cent of that of Da Nang and Phan Thiet and 30 per cent of that of Nha Trang despite the fact all their beaches are nearly of the same length.

Not surprisingly, with just two luxury hotels, rents here are higher than even in Ha Noi or HCM City.