In a draft resolution aimed at resolving land fund obstacles for Build-Transfer (BT) investors, the Ministry of Finance has proposed allowing An Giang Province in the Mekong Delta to pilot the use of reclaimed sea areas to pay for the APEC Convention Center project on its Phu Quoc island.
The draft, which has been submitted to the Ministry of Justice for appraisal, suggests that the Government permit An Giang to use specific sea areas within the Phu Quoc special zone as a land fund for the BT investor.
These areas are already designated for sea-based development under the Phu Quoc General Plan. The projected value of this land fund would be determined based on the land price list of adjacent mainland areas, combined with an adjustment coefficient issued by the An Giang Provincial People's Committee.
Regarding the legal basis for the resolution, the Ministry of Finance stated that the An Giang People’s Committee had proposed using sea surface areas—currently planned for reclamation—to settle payments with the BT investor.
However, current laws lack specific regulations on using sea areas as a land fund for payment, nor is there a legal framework for determining the value of such assets. Consequently, the proposal to pay investors with reclaimed land currently lacks the necessary legal grounds for implementation.
In light of this, An Giang Province requested the Government to issue a resolution to remove these bottlenecks. According to the Ministry of Finance, the resolution aims to unlock land resources and accelerate the progress of key projects, specifically those serving the APEC 2027 Summit, thereby boosting economic development.
The APEC Convention Center project was approved by the Provincial People's Council under the Public-Private Partnership (PPP) model in November 2025. Spanning approximately 16 ha, the complex includes a convention and exhibition center, a multi-purpose theater, and a park. It is expected to be the primary venue for APEC 2027 activities in Phu Quoc.
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