On July 29, at the Kien Giang Investment Promotion Conference 2019 which was attended by Prime Minister Nguyen Xuan Phuc and more than 500 delegates, the provincial People’s Committee granted investment guidelines and memorandums of understanding to investors of more than $10 billion USD, including a $300 million USD Free-trade Zone project that is being developed by the Imex Pan Pacific Group (IPPG).
|Pham Vu Hong – Chairman of Kien Giang Province People’s Committee and Johnathan Hanh Nguyen – Chairman of IPPG sign a cooperation on construction and investment in Phu Quoc, Kien Giang|
Prime Minister Nguyen said at the conference that Kien Giang is changing every day and is playing an important role in Vietnam’s marine economic strategy. The Prime Minster said that Kien Giang has great potential because of its unique location in the Gulf of Thailand and is an attractive destinations for international travelers visiting Vietnam.
IPPG is a key investor in the Phu Quoc Free Trade Zone project
At the conference, Pham Vu Hong, Chairman of Kien Giang Provincial People’s Committee and Johnathan Hanh Nguyen, Chairman of IPPG signed a cooperation agreement on IPPG’s investment in Phu Quoc, Kien Giang.
IPPG’s proposed free-trade zone project is expected to cover more than 100 hectares and will include a free-trade zone, commercial and catering services, factory outlets, duty-free shops and a supermarket along with bars, restaurants and other entertainment venues.
A key component of IPPG’s commercial mix is the development of factory outlet stores. This type of store has been developed in many countries including Europe, Japan, South Korea and the United States. IPPG currently represents more than 100 international brands in Vietnam through licensing agreements.
The company believes that factory outlet stores will be key destination attractions for both domestic and international travelers and that the outlets combined with bars, restaurants and other entertainment facilities will be a big draw.
Destination marketing studies have shown that the more “activities” that a destination has, the more people will be interested in visiting it and that shopping is one of the major activities that travelers want to engage in. Although Phu Quoc has grow dramatically over the last five years, the district is excited at the prospect of the new free trade zone since it will increase opportunities for employment and increase the economic viability of Kien Giang province.
Currently, IPPG is one of the leading multi-industry corporations. The company has more than 25,000 employees and is an exclusive distributor and retailer of more than 100 world brands. The company operates more than 1,000 high-end retail stores and is also an investor in the Cam Ranh International Terminal and operates duty-free stores at major airports in Vietnam.