Kien Giang Province authorities say that they have cancelled 93 projects on Phu Quoc Island, with a total area of 5,500 ha. These projects are stopped because the investors could not find funding, were weak at financial capacity, were unable to implement the projects, carried out the projects slowly or did not implement projects and some projects are no longer suitable with the development plan of Phu Quoc Island.
In the whole island, the total number of valid projects is 201, with a total area of 8,900 ha. Of these, 81 projects were granted with valid investment certificates, covering 3,800 hectares, with a total capital of VND88 trillion, of which 13 projects are operating and 11 are being implemented. The remaining projects are completed investment procedures.
Kien Giang authorities say that the province is urging investors to quickly implement their projects. The province pledged to create favorable conditions for the investors.
Earlier this week, Kien Giang Chairman Le Van Thi also signed documents on the cancellation of a number of projects in Phu Quoc, including the tourism project "Pearl of Asia" in Rach Tram of the Trustee Suisse Group and Vinaconex.
Phu Quoc is the largest island in Vietnam. Phu Quoc and nearby islands, along with distant Tho Chu Islands, is part of Kien Giang Province as Phu Quoc District, the district has a total area of 574 square kilometres and a permanent population of approximately 90,000. The district of Phu Quoc includes the island proper and 21 smaller islets. The district seat, Duong Dong, is located on the west coast, and is also the largest town on the island. The economy is centered around fishing, agriculture and a fast-growing tourism sector.
Phu Quoc is famous for its two traditional products: fish sauce and black pepper. The rich fishing grounds offshore provides the anchovy catch from which the prized sauce is made. Pepper cultivation is located inland in the center of the island. More recently a pearl farm was established.
Tourism plays an important part of the economy with the beaches being the main attraction. Phu Quoc is served by Phu Quoc Airport with air links to Ho Chi Minh City's Tan Son Nhat Airport and Ha Tien's Rach Gia Airport. Phu Quoc Airport was closed and replaced by the new Phu Quoc International Airport from December 2, 2012. Phu Quoc is also linked with Rach Gia and Ha Tien by fast ferry hydrofoils./.