With improved infrastructure and connectivity with cities in Southeast Asia, Phu Quoc has come under the spotlight for investment in resort property projects.
A number of giant developers have flocked to the island in recent years. Since the government began development of the Phu Quoc Island District into an exclusive economic zone, considered to be a breakthrough in Kien Giang Province's 2016-20 socio-economic development plan, investments on the island, which has rich tourism potential, have soared rapidly.
Statistics of the Phu Quoc Island's Management Board of Investment and Development revealed that more than 250 investors have flocked to the island with total registered investment of some US$8 billion.
Large property developers, such as BIM Group, Sun Group, Vingroup and CEO Group, have entered the race to develop luxury resort property projects on the island.
Vingroup has completed the first phase of a 750-room hotel and recreation complex with a 27-hole golf course.
BIM Group is gearing up for investment in the Phu Quoc Marina project, which is being developed into a luxury resort and recreational complex. The group is partnering with large hotel and resorts brands to offer products meeting international standards.
A report by property services firm Savills said Phu Quoc has turned into a leading tourism destination thanks to improved infrastructure, the beautiful beach and easy connectivity with major cities, which are only a two-hour flight away.
The infrastructure system of the island is being upgraded rapidly, with VND5.8 trillion poured into developing the road system running across and around the island; an international passenger port worth VND1.6 trillion, which was started in April 2015; and a VND2.4 trillion project to bring the national power grid to the island though underground cable.
Since the upgradation of Phu Quoc International Airport was completed in 2012, tourist arrivals to this island have soared 55 per cent. In the first four months of this year, international tourist arrivals gained a year-on-year increase of 37 per cent.
This means that demand for hotel rooms is increasing rapidly, according to BIM Group, adding it was the perfect time to invest in resort property on this island.