ATTRACTING INVESTMENTS FOR THE DEVELOPMENT OF SMART CITY PHU QUOC - KIEN GIANG PROVINCE

Authors

  • Nguyen Duy Linh Thao Ph.D. Student – Graduate Academy of Social Sciences, Vietnam

DOI:

https://doi.org/10.51594/ijae.v4i4.332

Abstract

On August 1, 2018, the Prime Minister issued Decision No. 950/QD-TTg, Decided to approve the project of sustainable, innovative city development in Vietnam from 2018 to 2025 and orientation to 2030 (Decision No. 950/TTg) along with the requirement to increase the mobilization of investment capital, domestic and foreign technical assistance. Thus, Phu Quoc Urban, Kien Giang province, is considered a typical pilot of Kien Giang and Vietnam to effectively exploit the potential and turn Phu Quoc into a luxury tourist city, currently modern, intelligent, and safe, environmentally friendly, attracting tourists all over the world. The development of Phu Quoc is oriented to develop synchronously in technical infrastructure, database, quality of life, intelligent city management, landscape, sustainable development, and competitiveness improvement. Competition, effective public services, ensuring security and social order and safety. This article answers the question, "How to attract domestic and foreign resources to invest in developing Phu Quoc's smart city to help Phu Quoc achieve the goals and vision stated above".The article has the task of defining the concept of resources limited to finance and new and innovative technologies for smart cities. The article also examines the influencing factors that play a decisive role in attracting and mobilizing resources to meet the development goals of smart Phu Quoc city. The article will answer the research question that with the primary investment resources being the minimal state budget, how to attract the whole society's resources, especially foreign direct investment and investment from foreign countries. Large private corporations in the country have capital, technology, management experience, and smart city construction potential.

The article studies the experience of attracting and mobilizing investment for smart cities globally, clarifying the current investment situation of Phu Quoc and the current requirements for mobilizing investment resources in Phu Quoc. The article proposes the immediate solution to attract and mobilize investment resources from different economic sectors for Phu Quoc smart city, focusing on private resources and foreign direct investment (FDI) resources.

The solutions will focus on renewing thinking and awareness in piloting new mechanisms, perfecting mechanisms and policies to encourage resource mobilization of all economic sectors, especially the public-private coordination mechanism and modern technology for investment and development of Phu Quoc, turning this city into a bright and modern city at the top level of the whole ASEAN region soon. The article uses a qualitative approach and analysis, synthesis, and comparison methods to serve the research. The data is secondary collected from various sources of Kien Giang departments and business associations.

Keywords: Smart city Phu Quoc, Capital Mobilization, Non-State Investment, Foreign Direct Investment (FDI).

Published

2022-05-19

Issue

Section

Articles