VN to invest US $8.5 mil. in island economic development

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 Phú Quốc (southern province of Kiên Giang), Vân Đồn (northern province of Quảng Ninh ), Côn Đảo (southern province of Bà Rịa-Vũng Tàu), Cô Tô-Thanh Lân (northern province of Quảng Ninh), Lý Sơn (central province of Quảng Ngãi), and Phú Quý (central province of Bình Thuận).

The Government will improve legal frameworks, develop human resources, mobilize investment, and apply more scientific and technological advances in making the plan a reality./.