From airport expansion to new urban areas and mega conference centers, a wave of multi-billion-dollar developments is set to transform the landscape of Vietnam’s Phu Quoc Special Administrative Region in preparation for the APEC 2027 summit.

A new face for the Pearl Island

An Giang province is currently implementing 21 major projects to prepare for the 2027 Asia-Pacific Economic Cooperation (APEC) Forum, which will be hosted in Phu Quoc. Of these, 10 are public-funded, while the rest are backed by public-private partnerships (PPP) or private investment.

As of early September, emergency directives have been issued for 9 out of 10 public projects (with the exception of Phase 1 of the Urban Metro Line, which awaits final capital restructuring approval from the Provincial Party Committee, Prime Minister, and Ministry of Finance). Three projects already have investors, while five have been approved under special investor selection procedures.

One of the cornerstone projects is the expansion of Phu Quoc International Airport, with an investment nearing 22 trillion VND (approximately USD 880 million). This upgrade is expected to enhance the island's appeal as an international gateway.

Thi công APEC.JPG
Heavy machinery operates around the clock at the APEC conference center site. Photo: Tran Tuyen

Clearing work is 85% complete, and ground leveling has reached 80%. Piling for Terminals T2 and the VVIP facility is underway. The VVIP terminal is expected to be completed by September 2026, with T2 following in December 2026.

The Mixed-Use Urban Area - Red Land project has a total investment of 64 trillion VND (USD 2.56 billion), with surveying completed for 24.22 hectares out of a planned 88.5 hectares (over 27%). Phase 1 will include technical infrastructure, parks, beaches, and public squares to align with the multifunctional complex.

A highlight of the complex is a state-of-the-art conference and exhibition center with nearly 4,000 seats. Work is progressing rapidly on foundations and piling across zones S2, S3, and S4.

The Eco-Tourism Urban Project at Ong Quan Mountain, worth 5.5 trillion VND (USD 220 million), is also in the surveying stage.

Additional developments include two freshwater reservoirs (with a combined capacity of 14.6 million m³), a 20 km provincial road (DT 975), a 3 km APEC Boulevard, and four resettlement areas in Cua Can, Ho Suoi Lon, An Thoi, and Ham Ninh.

In terms of construction materials, the projects require 16.3 million m³ of sand, 4.8 million m³ of rock, and 5.2 million m³ of soil. An Giang has revised its master plan to include two additional rock quarries and several marine sand sources, while also utilizing 5.6 million m³ of excess soil from the Cua Can reservoir and airport upgrades.

For 2025 alone, more than 4.2 trillion VND (USD 168 million) has been allocated for public investment across nine key projects. This includes over 2.7 trillion VND (USD 108 million) in central government funds and nearly 1.5 trillion VND (USD 60 million) from local budgets.

Sun Group’s Southern Region Chairman, Bui Thanh Trung, whose company is backing three major projects with nearly 90 trillion VND (USD 3.6 billion) in total capital, has urged the An Giang Provincial People’s Committee and relevant agencies to organize community consultations, land surveys, and expedite compensation and site clearance.

‘6 specifics’ and ‘green lane’ policy for mega projects

Chủ tịch Hồ Văn Mừng.jpg
An Giang Chairman Ho Van Mung (center, in blue) inspects APEC projects with local leaders. Photo: Tran Tuyen

According to the An Giang government, five projects are currently on or ahead of schedule, while 16 are experiencing delays. These are attributed to lengthy adjustments to the overall Phu Quoc master plan, the relocation of key water reservoir projects, and the lack of guidance on the PPP Law.
Regarding the airport expansion, provincial officials have requested that the Airports Corporation of Vietnam urgently appraise existing infrastructure assets and hand over Terminal T1 and adjacent tarmac to local authorities to facilitate investor engagement.
At a meeting held on September 4, An Giang Provincial Chairman Ho Van Mung urged all departments and localities to maximize human and material resources for project execution.
He emphasized that officials at every level must enhance coordination efforts using a “green lane” approach to streamline workflow across assigned responsibilities.
“The heads of agencies and local governments must be fully accountable, directly resolving obstacles while ensuring accuracy, legal compliance, and transparency. This must be done under the ‘six specifics’ principle: clear roles, clear tasks, clear deadlines, clear accountability, clear deliverables, and clear authority,” Mung said.
Tran Tuyen