With the project of constructing Phu Quoc Special Economic Zone, many people expect that this will create attractive investment in real estate with large scale in the coming time.
With open policies, Phu Quoc is a property market promising attractive and attractive country. Currently, the property market of Phu Quoc resort is still increasing day by day.
The benefits come from the Special Economic Zone
Vietnam is planning to build Phu Quoc into a special economic zone to stimulate economic development here, attracting domestic and international investment. So what is special economic zone? Briefly, the SEZ is a complex of FEZs covering many functional areas such as non-tariff areas, export processing zones, industrial zones, hi-tech parks and tourist areas. , resort or service area, entertainment … was established to promote economically and attract domestic and international investment.
Like other areas, the Phu Quoc economic zone also has its own rules and regulations, mainly related to business activities, trade differs from the rest of the country. Thus, EEZs create many benefits such as diversifying the economy, creating jobs for people, increasing export activity, innovation, and technology transfer through direct investment. Foreign direct investment (FDI), … From then on, raising the level of skills, labor skills, economic growth, generate revenue for the local government budget.
To achieve this goal, the country has used attractive incentives, in particular. Accordingly, the state has the policy to allocate more authority to local authorities in the EZ, applying favorable administrative procedures in accordance with international standards to create conditions for investors.
Specifically, the state will apply the tax rate of 10% for 30 years, tax exemption for the first 4 years and reduction of 50% of tax payable for the next 9 years since the taxable income for the project. Investment outside the fields, industries are preferential. Particularly, real estate investment projects will enjoy the preferential tax rate of 17% per annum.
On the other hand, real estate items located in the EEZ are clearly planned and have a longer useful life than other areas. For example, Condotel in Ho Chi Minh City is only worth 50 years but in Phu Quoc Special Economic Zone will be 90 years, much higher than the old.
With favorable conditions, Phu Quoc economic zone promises to develop in the near future not only in the economy but also real estate, especially Phu Quoc resort.
What is Phu Quoc Resort Property that benefits from Special Economic Zone?
Currently, Phu Quoc can be said to be “stripped” in all aspects of the project to build special economic zones. From a wilderness, Phu Quoc has now become the most attractive tourist destination in the country and the region.
With the property market in Phu Quoc, the investors are quick to grasp the opportunity by launching a series of attractive projects. Many large real estate corporations inside and outside the country have focused on this market such as Vingroup, CEO Group, SunGroup, Novotel, Marriott …
By building hotels, resorts, condotel luxury Phu Quoc, delicate world class. Along with international entertainment facilities such as Marina yacht, Safari zoo, cable car and especially in the future, there will be casino worth billions of dollars in Phu Quoc.
With the Phu Quoc Casino project in operation, this place is expected to become an attractive tourist destination with thousands of upstream tourists. Estimated number of visitors to Phu Quoc has reached 1.8 million, an increase of 25.5% over 2016 and will increase sharply in the coming time. This means that we will need a large number of resorts to meet the required number of guests.
Therefore, investors will have a huge source of income. Indeed, Savills Vietnam reported that the real estate channel is an attractive investment channel with a gross margin of around 6-8%. It can be seen, the resort property market is really an attractive market for investors today.
With the project of building special economic zones, Phu Quoc is an extremely potential market. Therefore, the property market in the Pearl Islands is growing rapidly. There are currently 254 projects with a total investment capital of up to VND377,836 billion, along with the emergence of major international brands such as MIKGroup, … It can be seen, Phu Quoc is one of the hotspot real estate investment which investors should not ignore.
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