Key facts
- Vietnam is investing more than $5 billion in airports, hotels, and event venues on Phu Quoc Island.
- Phu Quoc is set to host the APEC High-Level Week in November 2027.
- Key infrastructure projects include a new airport terminal and the APEC Convention and Exhibition Center.
- The island's development is seen as a microcosm of Vietnam's reform and integration achievements.
- The Phu Quoc Special Economic Zone is being positioned as a gateway for foreign engagement.
Vietnam is undertaking a significant infrastructure and tourism development push on Phu Quoc Island, aiming to transform it into a modern economic and service hub ahead of its hosting of the APEC Summit in November 2027. The investment, exceeding $5 billion, encompasses new airport terminals, convention centers, and urban infrastructure, reflecting the island's strategic importance in Vietnam's broader economic integration and multilateral diplomacy.
The transformation of Phu Quoc is viewed as a microcosm of Vietnam's reform achievements over the past decades. Historically associated with sites like Phu Quoc Prison and reliant on tide-dependent voyages, the island is rapidly evolving into a vibrant, modern destination. This development is closely monitored by the central government, with Deputy Prime Minister Pham Gia Tuc urging accelerated progress on key projects to ensure readiness for the APEC High-Level Week.
The selection of Phu Quoc as the venue for APEC 2027 is seen as a strategic choice, leveraging its location in the heart of Southeast Asia's economic centers. The new infrastructure is intended not only to facilitate the summit but also to serve residents and visitors long-term, enhancing the island's capacity for hosting international diplomatic and economic exchanges. The efficient operation of a new two-tiered local government model, with direct management by An Giang province for the Phu Quoc Special Economic Zone, has reportedly expedited the completion of major projects.