guyen Van Hon, deputy head of the agency overseeing investment projects on the island, said that the consultant has presented a plan for the complex’s design to the Ministry of Planning and Investment and the provincial government last weekend. The company is experienced in designing big casino and tourism complexes in Singapore.
“The company will lead a team of some international consultant companies. We have yet to make the final decision but we will likely choose this Singaporean company,” he told the Daily on Sunday.
Hon said local authorities at the above-mentioned meeting had opted for the model of an international conference and entertainment-relaxation complex combined with casino services like the one in Singapore.
According to a decision issued on May 11 last year by Deputy Prime Minister Hoang Trung Hai, the tourism and casino complex on Phu Quoc will be developed on 135 hectares northeast of the island. There are 200 to 400 gambling tables to be installed at the casino area, and around five to six five-star hotels, resorts, and other tourism services facilities to be developed in this complex.
Hon said the casino complex would be developed by foreign investment. The provincial government expects to put out the project to international tender late this year after the consultant completes its work. “Nearly 10 foreign investors have shown strong interest in the project. We expect to choose only one investor for the complex,” he said, adding that foreign investors who want to develop the project need to pledge an investment of some us$ 4 billion.
Under prevailing regulations, the casino business is conditional, meaning licensing is placed under strict supervision.
Recently, the Prime Minister has issued a decision endorsing the master plan for socioeconomic development of Kien Giang Province to 2020, which allows for developing Phu Quoc Island into a special economic-administration zone.
Phu Quoc Island is nearly one hour flying time from HCMC. In a master plan approved by the Prime Minister for the island, Phu Quoc is expected to attract two to three million tourists a year by 2020.
The central Government also has plans to develop Phu Quoc into a financial and banking center for the region, and an international trading hub. So far, the province has given investment certificates to 75 projects with total pledged investment of nearly VND48.2 trillion on the island. Hundreds of other projects are in the process of finalizing procedures to receive investment certificates.