Photos: Viet Tuan/the Company
Phu Quoc Island becomes a special economic zone with high quality eco-friendly amenities for international and domestic travelers.
by Nghi Do
Milton Vietnam JSC has announced its new project, a European ecotourism village and resort, at Truong Beach in Phu Quoc Island and kicked-off construction on the Pullman Phu Quoc Resort, as part of the project, on December 6.
In an area spanning 82.2 hectares, the village will be located in the centre of Truong Beach, and will include hotels, trade centers and entertainment venues. The project will feature 4,000 three, four and five star rooms. Total investment in the project is VND10 trillion ($448.3 million).
Pullman Phu Quoc Resort covers 6.65 hectares and features 332 five-star accommodations, with 291 rooms and 41 villas. The project's completion is estimated by August 2018 and will be operated and managed by the prestigious Accor Hotels.
In September Milton and BIDV Mien Tay Insurance Company (BIC Western branch) signed an insurance contract amounting to VND1 trillion ($44.8 million) for the construction of the Pullman Phu Quoc Resort. Milton is the investor of the project and BIDV, (The Bank for Investment Development of Vietnam) Phu Quoc branch is the credit sponsor.
Milton Vietnam JSC has its headquarters in Phu Quoc Island with a representative office in Ho Chi Minh City. Milton is a subsidiary of the Russian-based Milton Group, which was founded by Vietnamese living overseas. Established 20 years ago, Milton Group operates in various industries including footwear and textiles production, international trade, finance investment, real estate, hotels and resorts.
According to the Phu Quoc Economic Zone management board, Phu Quoc attracted 250 registered projects as of September 2016, but only 30 projects have been launched with a total capital of VND30 trillion ($1.34 billion). Vingroup has taken the lead with VND9 trillion ($400 million) in investments. Sun Group came next with more than VND8.62 trillion ($383.4 million), followed by Milton with VND5 trillion ($222 million), BIM Group with VND1.26 trillion ($56.3 million) and CEO Group with VND1.25 trillion ($55.91 million).
The island has been offering investors incentives on corporate tax and personal income tax. It has also exempted value-added tax for tourists at the Phu Quoc International Airport while providing them with a 30-day visa exemption.
In a master development plan approved by the Prime Minister, the island will be designated a special economic zone, a centre for high-quality eco-tourism, a trade and luxury services area, and a high-tech area.