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Tuesday, June 18, 2024

Special policies to be formulated for Phu Quoc City

The Saigon Times

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HCMC – Deputy Prime Minister Le Minh Khai has asked the Ministry of Planning and Investment to coordinate with other ministries to review current policies to develop Phu Quoc City off the coast of Kien Giang Province.

Earlier, the Kien Giang government had sent the Government a draft plan proposing some special policies for the development of Phu Quoc City, the local media reported.

According to the province, special policies should include tax policies and other comprehensive ones to create a competitive business environment.

The province had proposed the Government, ministries and agencies develop six groups of incentives for Phu Quoc. These included supporting the infrastructure development and human resources management and development; relating to taxes, financial and monetary policies, wages, import, export, land use and investment promotion; developing the culture and society; ensuring security and national defense; and those on foreign investment and international cooperation.

As for infrastructure development, Kien Giang had earlier sought State capital to complete the Duong Dong International Passenger Port, the building of new runways, and the expansion of the Phu Quoc International Airport terminal to serve tourists.

In addition, the province had suggested the Government give autonomy to Phu Quoc City to shorten the time required to complete investment procedures and save costs for investors.

According to the province, Phu Quoc can become a high-quality tourism hub, but policies for the city have not been very different from those of other areas in the country. As a result, the city has yet to make breakthroughs in mobilizing capital for infrastructure development and tapping its potential.

In the 2016-2020 period, Phu Quoc attracted more than VND141.6 trillion in investment, accounting for 65% of the investment in Kien Giang Province and 321 projects with total registered capital of over VND340.3 trillion.

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