Nguyen Van Hon, deputy head of the investment authority of the island district, told the Daily that the scheme, being mapped out by foreign consultants, was expected to be ready by the Lunar New Year 2010 that is due on February 14. After that, authorities will invite bidders to develop the area.

"We've planned to develop high-end services there. Investment into he beach shall not cost less than $2 million per hectare;' Hon said.

Phu Quoc Island, nearly an hour from HCM City by air, with neighbouring countries like Thailand, Indonesia, Malaysia and Singapore within the same radius, has a coastline of some 150 kilometres and covers 560 square kilometres.

Hon said many local and foreign investors had shown interest in developing the 120-hectare beach. However, the island's investment authority has yet to choose any investor because the development scheme is not complete.

Not long ago, an investor named Bien Bac Joint Stock Co sought approval from Kien Giang Province to develop a luxury hotel and resort project on Khem Beach. The provincial government has entrusted the investment authority to discuss the project with the investor, who will be invited to join the bid if it can prove its financial capacity.

The Central government has been determined to develop Phu Quoc into a resort island, which should be able to draw three to five million tourists a year by 2020, and some seven million by 2030.

As proposed, Phu Quoc will likely gain a special status under which the remote district will be authorised to develop a casino complex to better woo international visitors. However, a final decision is still pending the prime minister's approval.

In July, Hon from the investment authority told the Daily that the province had given investment certificates to 33 projects with total pledged investment of around 30.8 trillion dong, or some $1.75 billion, plus another 170 projects that have gained approval in principle.

The Saigon Times Daily - December 18, 2009