On October 5, 2004, the Prime Minister issued Decision No. 178/2004/QD-TTg approving the overall development project of Phu Quoc Island, Kien Giang Province until 2010 and vision to 2020. After nearly 20 years of implementation, Decision No. 178/2004/QD-TTg has played the role of a "compass", paving the way and shaping the development direction of the Pearl Island.
Accordingly, Phu Quoc's economic growth rate is always high, reaching nearly 19.6%/year, stable and sustainable; most of the socio-economic indicators have increased, the economic structure has shifted in the right direction, rapidly increasing the proportion of trade-services, industry-construction, and decreasing agriculture.
Total state budget revenue has increased over the years, contributing a large proportion to the province's general budget. Total social capital investment in basic construction has continuously increased over the years, reaching 21,615 billion VND in 2023 alone, an increase of nearly 64 times compared to 2004.
Regarding tourism development, from a little-known island district that attracted only over 130,000 tourists in 2004, by the end of 2023, Phu Quoc welcomed about 5.57 million tourists, an increase of 42.7 times compared to 2004;
In addition, it has affirmed its brand on the world tourism map, with many tourism products of regional and international stature such as: Cable car system at Hon Thom, GrandWorld entertainment complex, Sun World Hon Thom Nature Park entertainment area, Vinwonder entertainment area, Safari semi-wild zoo, JW Marriott Phu Quoc, Emerald Bay, Phu Quoc Casino.
In particular, in 2014, Phu Quoc officially connected to the national power grid - this event significantly reduced construction costs, operating costs, and living costs for islanders. This was also the year Phu Quoc International Airport welcomed its first flight, bringing domestic and international tourists to Phu Quoc.
Through activities to call for and promote domestic and foreign investment, with open mechanisms and attractive incentives, the investment attraction situation in Phu Quoc has made a breakthrough development, many large economic groups are interested in learning and implementing investment projects in Phu Quoc, many enterprises have been established. By 2023, Phu Quoc had 4,404 enterprises with registered investment capital of over 142 trillion VND, an increase of 17 times in quantity and an increase of more than 383 times in registered capital compared to 2004.
Mr. Lam Minh Thanh - Chairman of Kien Giang Provincial People's Committee said: According to the orientation of socio-economic development, ensuring national defense and security in the Mekong Delta region until 2030, with a vision to 2045, it has been determined: "Focus on building Phu Quoc into a center of high-quality services, eco-tourism, sea and island tourism of national and international stature, connecting with major economic centers in the region and the world".
Mr. Do Thanh Binh - Secretary of Kien Giang Provincial Party Committee affirmed that the outstanding results in the socio-economic development of Kien Giang and Phu Quoc in nearly 20 years of investment and development have further demonstrated the extremely important role of the marine economy. The development of Phu Quoc has not only contributed to the development of Kien Giang, but has also spread and promoted the development of the Mekong Delta and the whole country, especially in the field of tourism.
In his concluding remarks at the Conference, Prime Minister Pham Minh Chinh assigned the Ministry of Planning and Investment and relevant agencies to develop a new Project on Phu Quoc development. The orientation is to develop Phu Quoc more quickly and sustainably on the basis of science and technology, innovation, start-ups, promoting the internal strength and people of Phu Quoc and Kien Giang.
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