Vietnam’s US$5 billion Apec island is running out of time

AI Summary

Vietnam is ambitiously working on a $5 billion project to transform Phu Quoc into a premier conference and exhibition hub, ahead of next year's Apec summit. The plan encompasses significant infrastructure upgrades, including an airport overhaul and new luxury hotels, driven by a major conglomerate.

Ahead of next year’s Apec summit, Vietnam has a grand plan to transform Phu Quoc, its largest island, into Southeast Asia’s leading conference and exhibition hub. The 137 trillion dong (US$5.2 billion) blueprint includes an airport overhaul, a light-rail line, clusters of luxury hotels and a brand-new sewerage system – much of it paid for by one of the country’s largest conglomerates, in return for tracts of land, operating concessions and the cachet of building national landmarks. But problems...