Phu Quoc will have a “shopping paradise” of 6,830 billion
A large-scale duty-free zone is being developed in Phu Quoc, expected to become a new commercial highlight when the pearl island hosts the APEC Summit Week 2027.
Pearl Island speeds up preparations for APEC 2027
In 2024, Phu Quoc welcomed more than 5.9 million visitors, an increase of 7.1% over the previous year; of which, international visitors reached 962,449, an increase of 73.4%. Total revenue from tourism reached over VND 21,170 billion, accounting for more than 84% of the whole Kien Giang province.
Along with the impressive recovery, Phu Quoc will host the APEC Summit Week 2027 – the most influential international event in the region, as announced by the APEC Secretariat at the end of 2023. In preparation, the locality is implementing many large infrastructure projects such as upgrading the international airport, international passenger port, Duong Dong reservoir and the electric train line from the airport to An Thoi.
New expectations from duty-free zones
One of the most prominent projects is the duty-free zone proposed by the Inter-Pacific Group (IPPG), with a scale of 101 hectares and an initial capital of VND6,830 billion. Mr. Johnathan Hanh Nguyen, Chairman of IPPG, said he had personally visited Phu Quoc, consulted and worked with the City People’s Committee to speed up the planning and construction of this project. This is expected to become the first high-end shopping, resort and entertainment center following the “Dubai – Singapore” model in Vietnam. The project integrates a duty-free zone, branded outlet, F&B, entertainment, logistics and ancillary services.
IPPG said the project could create 8,000 – 10,000 jobs, contributing to improving the quality of local human resources. At the same time, gathering more than 130 international brands that the group is distributing could attract more international visitors to Phu Quoc – especially from Europe, Korea, and Japan. In addition, the duty-free zone also has space to introduce Vietnamese handicrafts and specialties to promote local culture.
Sustainable development problem
However, large-scale infrastructure development also poses challenges in terms of planning, environmental protection and balancing local identity. Some experts say that Phu Quoc needs to anticipate the risk of overload as has happened in some “hot” growth destinations, especially when large projects are continuously implemented in a short period of time.
From now until 2027, the pearl island will enter a peak period of investment and infrastructure preparation. If implemented properly, Phu Quoc will not only be the venue for APEC, but can also become a model for regional tourism and trade development.