Vietnam's Phu Quoc Island Eyes Transformation into Global Tourism Hub

Prime Minister Pham Minh Chinh on Aprile 27 concluded Phu Quoc, a Vietnamese island off the coast of Cambodia, has grand potentials of becoming a major international tourism destination.

In his conclusion, the Prime Minister made clear once a small island with negligible investment, Phu Quoc now boasts over 300 projects with a combined worth of VND 412 trillion (approximately $17 billion). Tourist numbers have skyrocketed, contributing to a remarkable average economic growth rate of 19.6% annually from 2004 to 2023.

Phu Quoc's transformation includes substantial infrastructural investment. The island's transportation network, including airports and seaports, has been modernized. The number of businesses on Phu Quoc has swelled to over 4,400, with total registered capital exceeding 142 trillion VND ($5,5 billion).

Challenges and a New Vision

Yet, the island's meteoric rise hasn't been without challenges. Development outpaces important resources like clean water, reliable electricity, and waste management infrastructure. While the government envisions a "smart, modern, civilized, green" Phu Quoc, the current reality needs to catch up.

Looking ahead, the government aims to make Phu Quoc a center for high-quality ecotourism, aiming to balance economic growth with environmental protection and sustainability. The Prime Minister has called for specific actions, including a shift towards a multi-center development model that preserves green spaces.

To fulfill this vision, several focus areas have been identified. Continued investment in transportation infrastructure is needed, with emphasis on sustainability, including clean water sources, waste management, and potentially renewable energy.

Developing a skilled workforce to support digital transformation, the green economy, and tourism services is also a priority. Rigorous enforcement of environmental protections will be essential to maintain Phu Quoc's ecotourism goals and its vision of a green, clean future.

Finally, ongoing adaptation of policies is needed to attract investment while ensuring sustainable growth remains paramount.

Can Phu Quoc Succeed?

The government's focus on sustainability will be crucial to Phu Quoc's long-term success. Balancing explosive growth with environmental protection and responsible infrastructure investment will determine whether Phu Quoc can truly become a world-class island destination that rivals more established rivals in Southeast Asia and beyond.