PM Nguyen Tan Dung recently approved a plan on island economic development with the total investment of around VND 162 billion (US $8.5 million) by 2020, according to a statment from the government.
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| The Government will pour more investment in island economic development |
The plan sets targets to restructure island economies, nurture key industries, and raise island economies’ contribution to the national economic growth from the current rate of 0.2% to 0.5% by 2020. In addition, island economic growth is forecasted to surge by 14-15% by the year.
The plan will focus on infrastructure development in islands in order to lure more investment and facilitate long-term settlement there for economic prosperity and national defense.
Under the plan, seafood and tourism are the most advantageous sectors for islands. Aquatic output is expected to reach 300,000-350,000 tons per year by 2020. In terms of tourism, islands are supposed to welcome 2.7-2.8 million tourists, of which 700,000-850,000 are foreigners.
The plan aims to pour more investment in key islands like Phu Quoc (southern province of Kien Giang), Van Don (northern province of Quang Ninh ), Con Dao (southern province of Ba Ria-Vung Tau), Co To-Thanh Lan (northern province of Quang Ninh), Ly Son (central province of Quang Ngai), and Phu Quy (central province of Binh Thuan).
The Government will improve legal frameworks, develop human resources, mobilize investment, and apply more scientific and technological advances in making the plan a reality.
