Preferential Policies for Investments in Phu Quoc Island

“Make stepwise investment in Phu Quoc economic zone, building it into a large, modern center for tourism, recreation and international trade like others in the region and in the world.”
Quote taken from one of the most important documents of the Government of Vietnam, “The Five-Year Socio-Economic Development Plan 2006 - 2010” (SEDP), dated March 2006, issued by the Ministry of Planning and Investment of Vietnam.

In a 16-month period from October 2004 to February 2006, the Prime Minister of Vietnam has enacted many decisions approving a master development plan for Phu Quoc that provides a variety of preferential policies for domestic and foreign investors. According to these decisions, Phu Quoc is entitled to apply the highest preferential policies permitted by the Vietnamese State. The goal is to turn Phu Quoc into a world-class ecotourism centre while conserving its valuable environmental resources, with a projected total capital of 3,800 billion VND.

Legal Documents Enacted by the Prime Minister of Vietnam

Complete versions of the decisions listed below are available in both Vietnamese and English. Please contact us for more information.

• Decision No. 178/2004/QD-TTg dated October 5, 2004
  Approved the overall plan for the development of Phu Quoc Island, Kien Giang Province. The plan mandates two development stages - Stage 1 spans 2004-2010 and Stage 2 covers 2011-2020. It also entitles Phu Quoc to apply the highest preferential policies permitted by the Vietnamese State.


• Decision No. 229/2005/QD-TTg dated September 16, 2005
  Enacted a regulation addressing facilitated entry and exit requirements for foreign visitors such as visa exemption for certain defined periods and circumstances, etc.


• Decision No. 1197/QD-TTg dated November 9, 2005
  Approved the Master Plan for construction on Phu Quoc Island up to the year 2020.


• Decision No. 14/QD-TTg dated January 4, 2006
  Approved the planning of transportation and communication improvement/construction projects on Phu Quoc Island, in two stages, 2006 – 2010 and 2011 – 2020.


• Decision No. 38/2006/QD-TTg dated February 14, 2006
  Enacted a regulation detailing incentive policies on land use rights & home ownership, taxes, non-custom (duty free) areas, business registration and investment licensing for both domestic and foreign investors (including overseas Vietnamese).


• Mekong Delta Development- Decision No. 344/2005/QD-TTg dated December 26, 2005
  “At the proposal of the Ministry of Transport (Documents No. 3010/GTVT-KHDT of May 23, 2005, and No. 7302/BGTVT-KHDT of November 21, 2005) and opinion of the Ministry of Planning and Investment (Document No. 6435/BKH-KCHT&DT of September 20, 2005), on directions, tasks and plans for communications and transport development in the Mekong river delta till 2010 and orientations towards 2020.”

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Legal Documents Enacted by the People's Committee of Kien Giang Province

• Decision No. 1018/2004/QD-UBND dated June 26, 2006
• Circular 181/TTr-STNMT dated July 10, 2006
• Circular 442/UBND-KTCN dated July 28, 2006

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Reference Material

• A conference promoting the master development plan of Phu Quoc Island and seeking investments into Phu Quoc was held in Ho Chi Minh City on May 9th, 2006. Click to see excerpts from the conference's presentation that highlights preferential policies approved for investments in Phu Quoc.
  
  Conference Presentation on Incentive Policies

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