The government has established a working group to pen an investment plan to structure project bidding.

It could take four years for the group to complete the plan and consult the government, said Vice Minister of Planning and Investment Dang Huy Dong.

The casino project will likely to operate in 2017, after two years construction.

Dong revealed the project would be similar to a casino model in Singapore, which will comprises five- to six-star hotels, 200-400 live table games and 2,000 electronics gambling machines.

Phu Quoc, 120 kilometres off southern Kien Giang province, is the largest island in Vietnam and the casino project is the only one planned for the island.

The Phu Quoc island project is the only one to be put for bidding.

The government has already allowed several foreign developers to build gambling facilities in Ba Ria-Vung Tau, Quang Nam, Phu Yen and Quang Ninh provinces.

The developers include Asia Coast Development LLC with a $4.1 billion gambling integrated resort, VinaCapital and Genting with a $4 billion project and New City Properties Development Company with a $4.3 billion project in Ba Ria-Vung Tau, Quang Nam and Phu Yen respectively.

According to Kien Giang People’s Committee, some 10 investors have expressed interest in the project. Swiss Trustee Suisse Group wants to build a $2.6 billion tourism complex in Phu Quoc, including a finance centre, a tourism area and an urban area. The US-based company, Rockingham Asset Management LLC registered to build a $1 billion tourism project in Phu Quoc. However, no licences have been granted.