VietNamNet Bridge – Investors wanting to develop five-star hotels in Kien Giang Province must have a minimum investment of VND1.1 billion for each bed.

A resort on Phu Quoc Island, Kien Giang Province.

According to new regulations of the province in a recent decision which aims to ensure the implementation of projects, if wanting to develop an ecological resort, enterprises have to spend at least VND10 billion on a hectare of land and water surface. Regarding hotel projects, the respective minimum investment for a bed at four-star, three-star, two-star and one-star facilities are VND710 million, VND510 million, VND250 million and VND161 million.

Meanwhile, large-scale projects using much land and having a high commercial value in the tourism, tourism property and service sectors have to place a deposit equivalent to 5% of their investments with a minimum amount of VND20 billion each.

If investors do not implement their projects and lag behind schedule, deposits will not be rebated. Meanwhile, if the implementation of projects is on schedule, investors will have their deposits returned with interest.

In the decision, the provincial government also introduces new regulations concerning investments in other sectors such as healthcare, production and education.

Kien Giang is known for Phu Quoc Island, a hideaway for throngs of tourists. According to the provincial Department of Culture, Sports and Tourism, there were nearly 5.6 million tourists coming to Kien Giang last year, up 10.1% from the previous year, and the number is expected to exceed 5.88 million this year.

The province currently has 270 tourist accommodation facilities with a combined 5,130 rooms, but there are a few high-end hotels. However, the situation will change in the coming years as there have been many investors registering to develop high-end resorts on Phu Quoc.

Source: SGT