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Sun Group & DIC Corp. together on Phu Quoc

Released at: 19:59, 26/07/2017

Sun Group & DIC Corp. together on Phu Quoc

Photo: Phu Quoc People's Committee

Two to invest in island's An Thoi urban area project.

by Ngoc Lan

The Sun Group will cooperate with the DIC Corp. to invest in the An Thoi urban area project on Phu Quoc Island, off the coast of the Mekong Delta’s Kien Giang province.

The two contributed capital to establish the Phu Quoc Urban Development Joint Stock Company, with charter capital of VND750 billion ($34 million). DIC Corp. contributed VND50 billion ($2.27 million), or 6.67 per cent, while the remainder was contributed by the Sun Group.

In 2010, DIC Corp. was assigned by the Kien Giang Provincial People’s Committee of Kien Giang province to plan the An Thoi urban area on Phu Quoc Island and to invest in certain urban planning projects approved by the People’s Committee.

The Sun Group, meanwhile, was named as the major investor in turning the south of Phu Quoc Island into a resort area. In late 2016, the five-star JW Marriott Phu Quoc Emerald Bay was opened, while the nearby Premier Village Phu Quoc Resort and Premier Residences Phu Quoc Emerald Bay are close to completion.

The Group also invested in a trans-sea cable car linking An Thoi town with Hon Thom, with investment of VND4.9 trillion ($215.9 million) in the first phase, while the Hon Thom sea entertainment complex will begin operations shortly.

Phu Quoc Island is the largest in Vietnam, with a total area of 574 sq km and a permanent population of some 85,000. It is quickly becoming a popular resort destination among domestic and overseas tourists.

It is expected to earn revenue of $771 million from providing hospitality services to 2 to 3 million tourists annually by 2020, 40 per cent of which are to be foreign visitors.

Major local developers such as Vingroup, the Sun Group, the BIM Group, and the CEO Group have established a presence on the island with a series of million-dollar projects in resort real estate.

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