Phu Quoc Special Economic Zone Plan Targets VND 195 Trillion Investment

Overview

The People’s Council of An Giang province on 30 October approved a resolution on the proposal to recognize Phu Quoc as a special economic zone, setting a target of VND 195 trillion in total social investment for 2026-2030 and 15 million visitors by 2030. The dossier now moves to the Ministry of Finance for appraisal before submission to the Government for formal recognition. The decision matters for HOSE-listed Vingroup (VIC) and its property units Vinhomes (VHM) and Vincom Retail (VRE), alongside SGN and NVL, all of which hold or have held exposure to Phu Quoc tourism and residential development.

Key Facts

• The An Giang People’s Council, term 2026-2031, passed 30 submissions and draft resolutions at a special session on 30 October, including the Phu Quoc special economic zone proposal.
• Target for 2026-2030: VND 195,000 billion in total social investment, roughly USD 7.8 billion at current rates.
• Target for 2030: approximately 15 million visitor arrivals.
• Priority sectors named: resort tourism, conferences and exhibitions, culture and entertainment, healthcare, high-quality education, trade, logistics, digital services, marine conservation and high-tech aquaculture.
• Environmental targets by 2030: at least 98% of the population using clean water, 100% of household solid waste collected and treated to standard, and at least 80% of domestic wastewater treated to standard.
• The proposal seeks maximum decentralization of authority from the provincial People’s Committee, its chairman and provincial departments to the special zone’s People’s Committee and chairman.
• Phu Quoc National Park and several public service units would be transferred to the special zone’s People’s Committee; the dossier goes to the Ministry of Finance for appraisal before the Government decides.

What Happened

The resolution was adopted at a special session of the An Giang People’s Council on the morning of 30 October, according to the approved documents. The proposal envisions an integrated management model that ties administration of the territory to economic development, with the province recommending that many powers currently held by the provincial People’s Committee, its chairman and departmental directors be delegated to the Phu Quoc special zone’s own People’s Committee and chairman, within the limits of the law.

The plan positions Phu Quoc as a marine resort and services center with international competitiveness, intended as a growth engine for An Giang and the Mekong Delta. Beyond tourism, it lists conferences and exhibitions, cultural and entertainment services, healthcare, education, trade, logistics and digital services as priority investment areas, and requires that infrastructure, worker housing, resettlement and livelihood restoration accompany development. Following the council’s approval, the provincial People’s Committee will complete the dossier for submission to the Ministry of Finance for appraisal, as the basis for the Government to consider and decide on recognition.

Market Context

VIC, listed on HOSE, closed at VND 235 on 30 October, down 2.37% on volume of 2.9 million shares, a price level that reflects the post-split share count rather than the absolute value of the underlying business. VHM closed at VND 62,100 and VRE at VND 24,150 on 29 October, while SGN closed at VND 56,800. The news lands in a Vietnamese real estate sector still working through the aftermath of the 2022-2023 credit squeeze, where developers with large tourism and second-home inventories in coastal markets have been among the slowest to recover. Phu Quoc is one of the country’s most concentrated resort markets, and administrative upgrading has been a recurring policy theme since the stalled 2018 draft law on special administrative-economic units.

Strategic Significance

The core thesis is not the headline investment number, which is a social investment target rather than committed capital, but the decentralization of approval authority. If the special zone’s People’s Committee gains control over land allocation, construction permits, and environmental and investment approvals, project timelines in Phu Quoc could shorten materially relative to the provincial-approval bottleneck that has slowed large coastal developments. For VIC and VHM, whose Phu Quoc footprint spans resorts, second homes and supporting infrastructure, a faster permitting regime lowers execution risk on existing land bank without requiring new capital. The transfer of Phu Quoc National Park to local management also signals that conservation-versus-development trade-offs will be decided locally, which cuts both ways for developers with projects near protected areas.

What to Watch

• The Ministry of Finance appraisal opinion and the date the dossier reaches the Government for decision.
• The final scope of delegated authority, particularly over land allocation and construction permitting, in the Government’s approving document.
• Any VIC, VHM or NVL disclosure on Phu Quoc project timelines, land-use conversion or new investment following recognition.
• Visitor arrival statistics for Kien Giang and Phu Quoc through the 2026-2027 winter season as an early read on the 15 million target.
• Implementation details on the VND 195 trillion investment target, including whether any portion is tied to specific committed projects or state budget allocations.