The Ministry of Finance has submitted a draft resolution to the Ministry of Justice for appraisal. This resolution addresses issues concerning land funds designated for investment in build-transfer (BT) projects.

In the draft, the Ministry of Finance proposes allowing An Giang province to pilot using sea areas in the Phu Quoc special zone as land funds. These funds would be used to pay investors for the APEC Convention Center BT project. These sea areas are planned for offshore development research within the Phu Quoc General Plan.

The estimated value of the land fund will be determined based on the land price table for adjacent mainland areas and an adjustment coefficient issued by the An Giang People's Committee.

Perspective of the APEC Convention Center in the Phu Quoc special zone. Photo: Sun Group

The An Giang People's Committee proposed using reclaimed land, which is currently planned sea surface, to pay the BT project investor. This proposal is the rationale for drafting the resolution, according to the Ministry of Finance.

However, current law lacks regulations on using sea areas to create land funds for payment, as well as a basis for determining the value of this land fund. Consequently, payment using reclaimed land lacks sufficient legal grounds. Based on this, the An Giang People's Committee requested the government to issue a resolution to resolve the issue.

The Ministry of Finance stated that the resolution aims to "unlock land resources, accelerate key projects, including those serving the APEC 2027 Conference, and contribute to economic development."

The APEC Convention Center project received investment policy approval from the An Giang People's Council under the public-private partnership (PPP) method in November 2025. The 16-hectare complex, comprising a convention and exhibition center, a multi-purpose theater, and a park, will host the main activities of the APEC 2027 conference in Phu Quoc.

According to the overall design, the convention and exhibition center features three above-ground floors and one basement, accommodating at least 6,500 seats. The multi-purpose theater has six above-ground floors and one basement, with approximately 4,000 seats. Additionally, there will be an APEC park along with technical infrastructure, transportation, energy, and waste management systems.

Phuong Dung