Vietnam’s Largest Special Economic Zone Welcomes $1.3 Billion Integrated Resort as Vingroup, Sungroup, BIM Group, and More Lead the Charge

Enclave Phu Quoc Joint Stock Company has recently unveiled the Environmental Impact Assessment (EIA) report for the Enclave Phu Quoc Complex Eco-Tourism, Resort, and Entertainment Project. The project is located in Bai Thom and Da Chong hamlets, Phu Quoc Special Economic Zone, Kien Giang Province, and is divided into two main zones.

Zone 1, spanning over 26.5 hectares, will develop a luxury resort on Hon Mot Island, integrated with wellness services. Zone 3, covering nearly 169.7 hectares, is dedicated to tourism and entertainment, featuring themed parks, residential areas, pedestrian streets, and plazas designed to connect people with the natural landscape and the sea.

Within Zone 3, the residential area is expected to accommodate approximately 6,000 residents, including 335 villa lots, 627 townhouse lots, and 538 social housing units. The total accommodation system across Zones 1 and 3 will comprise nearly 3,500 rooms, including 3,100 hotel rooms and tourist apartments, along with 335 resort villas. The project anticipates a daily influx of over 18,000 tourists and staff.

The project aims to establish a comprehensive resort complex, encompassing luxury resorts, eco-tourism, tourism services, entertainment areas, and themed parks. This initiative seeks to transform Bai Thom into a unique tourist destination in the northeastern part of the island while fostering Phu Quoc’s economic development. Both Zones 1 and 3 are adjacent to the sea and Phu Quoc National Park.

The total investment for the project is nearly VND 34 trillion, with compensation and resettlement costs exceeding VND 980 billion, construction costs nearing VND 23 trillion, and the remainder allocated for other expenses. The investor’s equity must account for at least 15% of the total capital, equivalent to over VND 5 trillion.

Detailed implementation timelines have not yet been disclosed. According to the fifth amended investment registration certificate dated August 23, 2021, the project has a total capital of VND 9.8 trillion and is scheduled to be implemented from Q4/2022 to Q2/2026.

Beyond Zones 1 and 3, Zone 2, covering approximately 142 hectares, has not yet been considered for investment approval. Once the detailed adjustment of Phu Quoc Island’s master plan is approved (converting agricultural land to tourism land), this zone will undergo sub-regional planning, connect with Zones 1 and 3, and be considered for future investment approval.

The project is part of the comprehensive zoning plan for the construction of the Bai Thom Eco-Tourism and Craft Village area, spanning over 342 hectares. This includes luxury resorts, eco-resorts, tourism services, marine sports entertainment, themed parks, residential areas, and craft villages.

Notable projects in the area include Grand World Phu Quoc by Vingroup, Park Hyatt Phu Quoc by BIM Group, and complexes such as Bai Kem, Hon Thom, Sun Grand City New An Thoi, and Hon Thom Paradise Island by Sun Group.

Following the merger, An Giang Province now boasts the highest number of special economic zones in the country, with three zones: Kien Hai, Phu Quoc, and Tho Chau. Notably, Phu Quoc Special Economic Zone is the largest in the nation across all metrics, including area, population, and economy. Phu Quoc Special Economic Zone has a natural area of over 575 square kilometers and a population of nearly 158,000, surpassing the other 12 special economic zones nationwide.