Phú Quốc is taking steady steps towards becoming a Type I City by 2025
On December 6, 2021, the People’s Committee of Kien Giang Province issued Decision No. 2996/QD-UBND approving the socio-economic development plan for the 5-year period of 2021-2025 for Phu Quoc City, clearly stating: by 2025, Phu Quoc will become a Type I city, building Phu Quoc island city into a national and international sea and island tourism city.
To realize this goal, Phu Quoc has been making efforts in public investment, economic development, improving people’s lives, while promoting the preservation and promotion of cultural identity, beliefs, and attracting domestic and international tourism. Specific preferential policies on tax rates, customs, legal procedures, infrastructure development priorities, and policies for foreigners have also been applied to help Phu Quoc quickly become a destination for enterprises in many fields, attracting FDI and foreign tourists.
By 2023, Phu Quoc had attracted 4,404 enterprises with a registered capital of over VND 142,000 billion, an increase of 17 times the number of enterprises established and over 383 times the registered capital compared to 2004.
In terms of investment attraction, Phu Quoc has attracted 321 projects with a land area of about 10,652 ha, and a total registered investment capital of over VND 412,000 billion, accounting for 42.8% of the total number of projects in the province, of which 312 projects have been granted investment registration certificates and investment policy decisions with a total area of 10,111 ha.
In terms of land resource utilization plan, with the goal of building Phu Quoc into a livable and workable city instead of just a tourist destination, Phu Quoc will prioritize investment in technical infrastructure projects, transportation, and social infrastructure. By 2030, Phu Quoc is expected to invest in the development of about 22 routes (with a total length of more than 255 km), arrange bus stations in Duong Dong and An Thoi wards, and the Suoi Cai area (minimum area of 15,000 m2/station), bus stops on the routes… The system of schools, hospitals, and public administration is also focused on investment and development. In addition, Phu Quoc will accelerate the implementation of urban development strategies, especially focusing on urban planning for long-term residence instead of just focusing on tourism and resort purposes as before.
What is the “preemptive move”?
The process of becoming a Type I City has created an important premise for Phu Quoc to attract a large influx of population, both natural and mechanical. According to statistics, the population growth rate of Phu Quoc is at a high level of 18%/year (6 times that of Hanoi and 8 times that of Ho Chi Minh City). With this growth rate, by 2030, the population of Phu Quoc is expected to increase to about 400,000 people (2.8 times higher than now), and by 2040 it will increase to about 680,000 people (4.7 times higher than now).
With the current strong migration wave, Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, assessed that long-term ownership real estate will be the priority choice. The reason is that, in the Vietnamese mentality, a real house must first be a long-term asset, have heirloom value, and be flexible in determining inheritance rights. For tourist cities, this right also includes the flexibility to rent when there is no demand for living. In other words, a type of real estate that has both residential and tourist rental functions promises to be a potential product in the Phu Quoc market.
In fact, the absorption rate of houses for sale in Phu Quoc is always high, reaching over 80%. In the period of 2015-2019, land prices in Phu Quoc increased very strongly, by more than 50%/year. At the present time, the growth rate is more than 20%/year. However, according to the planning, Phu Quoc will keep 70% as primary forest and only 6% of the land fund for long-term ownership, so choosing the right project to “put money” at this time is also a challenging problem for customers and investors.
Meypearl Harmony – a chance to catch the “wave” for investors
Accompanying the common development goal of the city, Meyhomes Capital Phu Quoc is considered a “promising candidate” for investors with a long-term vision to choose from thanks to its diverse product types and a complete ecosystem of utilities that fully meet the needs of living, working, and enjoying life for residents.
In addition to the chain of villas, commercial townhouses, and shophouses that have been handed over and put into operation, the project will soon launch a collection of yacht-style apartments, the first of their kind on the island, called Meypearl Harmony. With its prime location, smart design, diverse area, high-class standard delivery equipment, transparent legal ownership for long-term ownership, the project is expected to lead the market when Phu Quoc officially becomes a Type I City.
Meypearl Harmony Phu Quoc – The first yacht-style apartment collection on the island
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