The corporation said in its press release that it has obtained approval in principle from Kien Giang Province as well as the office of the Prime Minister.

The complex, which will cover 3,200 hectares, will be realised in two stages with total investment of six billion euro, or more than US$9bil, the company said. "Initially, 275 hectares will be developed at a cost of an estimated two billion euro," the company said.

The corporation said that it would develop the complex as a highest-quality holiday and entertainment area to provide premium services to tourists.

The Pearl of ASIA will be located on a pristine beach on the north-western tip of Phu Quoc.

It will be similar to a village, with first-class hotels, luxury villas, sport facilities, a casino area, a modern marine section for sports and mega yachts, a hall suitable for concerts, operas, ballets, musical and film awards, and others. It will also have places for business.

"The complex will form a comprehensive, integrated and self-contained development," according to the release.

The news has been confirmed by an official of Kien Giang Province.

Director of Kien Giang Province's Department of Culture, Sport and Tourism Le Minh Hoang told the Daily that the investor had submitted the plan to the provincial government, and has won approval in principle.

"The provincial government has agreed in principle, and also allowed the investor to make a detailed scheme for the complex," he told the Daily via the phone on Tuesday.

Phu Quoc, nearly an hour's flying time from HCMC, has a coastline of some 150 kilometers. It takes about an hour or so to fly from the 561-square-kilometer island to some neighboring countries such as Thailand and Singapore.

The central Government has planned to develop Phu Quoc into an attractive tourist island to attract two to three million tourists a year by 2020. The Government has also agreed in principle to the development of casinos on the island.

(Source: SGT)