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The Hanoitimes - Population in Phu Quoc likely triples in 2030, resulting high demand for hospitality industry. The administration upgrading has made Phu Quoc the first island city in Vietnam, opening up an era for the locality equal in size to Singapore. The tourism-based island city is destination for upcoming real estate investment. Photo: Kiengiangtravel The move is considered a momentum for the island that is well-known for tourism, creating favorable conditions for the mushrooming of real estate projects, local experts have predicted. It triggers a question on how Phu Quoc’s real estate attractive to investors. The expertise might offer a broader view of the potential there. Dang Phuong Hang, managing director, CBRE Vietnam, said that real estate ecosystem models like hospitality will match the tourism-based island. The development of tourism will support the growth of three-pillar model namely hospitality real estate, entertainment, and high-end housing segment, she added. Phu Quoc’s real estate sector has significant room to grow thanks to youngling market, plenty of investment opportunities, and reasonable prices. In addition, well-equipped resort projects are expected to drive up the service prices. Enormous potential for real estate market is obviously seen in newly-established wards like Duong Dong and An Thoi, Hang said. "The city status will enable Phu Quoc to make master growth planning, including strategies for tourism industry. The city’s population is forecast to triple by 2030, forming elite groups that demand high-end services," Hang said. Nguyen Van Dinh, deputy general secretary of the Vietnam Real Estate Association (VNREA), said the three-pillar ecosystem [hospitality real estate/resort – entertainment – high-end housing segment] is the most suitable model for the island tourism city of Phu Quoc. Notably, the well-invested infrastructure and more convenient transport have fueled the increasing flows …

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They have appealed to victims to help identify the culprits, Vietnam News Agency quoted a police source as saying. They said the gang is comprised of young men always traveling on motorbikes. The police recently received complaints from a group of foreign women that they were attacked violently, with the attackers throwing bricks at them or hitting them with belts. Following the attacks, expats have created a Facebook group called Hanoi Nightwatch as a platform to report cases of sexual assault and suggest ways in which members can protect themselves. It has over 4,200 members. The U.K. Embassy in Hanoi also warned British citizens on its official Facebook page: "We are aware that there has been a recent spike in reports of personal attacks, including rape and sexual assault, on foreign nationals in Hanoi. Some reports are of women being victims of indecent assault and harassment including inappropriate touching and groping." Foreign Ministry spokeswoman Le Thi Thu Hang said at a press briefing last week that her ministry would discuss with relevant Vietnamese agencies to verify the information and deal with cases mentioned by the U.K. Embassy. "We affirm that Vietnam always pays attention to ensuring security, order and safety for Vietnamese people and the expat community in Vietnam and strictly deals with lawbreakers." Some 91,000 foreigners from more than 100 nations and territories live and work in Vietnam, mainly in HCMC and Hanoi. …

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Baker McKenzie’s managing partner Frederick Burke and special counsel Nguyen Thanh Hai The contents of the decision circulated on January 21 is in draft form, while final contents are subject to further reviews by the Ministry of Industry and Trade (MoIT), and consultations with other relevant ministries before the prime minister’s final signature. This draft decision would apply the selection mechanism on a long-term basis. Bidding rounds will be conducted based on a so-called Renewable Energy Development Plan formulated by the MoIT for each 5-year period. A more specific plan will be circulated on a biannual basis. The main investor selection mechanism is a so-called “competitive selection of investors based on project location”, which means that: (i) project location will be chosen/determined by the governmental authorities; and (ii) investors must submit bids to compete for securing the project development right at that pre-selected project location. Under this draft decision, the bidding mechanism would be conducted at the local level by provincial-level people’s committees, rather than by the MoIT at nationwide level. As regards power sale/purchase price, the current draft provides that the ceiling price will be subject to a specific pricing framework, which will be prepared and issued by the MoIT on a biannual basis. In addition, the draft decision proposes detailed regulations on eligibility requirements for investors participating in this mechanism, bidding procedures and requirements for selected investors. Notably, it also makes a reference to a model power purchase agreement (PPA) template, but as the full text of such template has yet to be completed, it remains uncertain as to whether there would be any or significant improvements to the risk allocation and bankability of this proposed template for new renewable energy projects under this reverse auction mechanism. The prime minister’s draft decision includes a bidding …

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