Van Ha Phong, head of the island’s Investment Management Authority, said the developer would continue pursuing the $2.6 billion Asia Pearl project even though it did not have permission to build casino and golf course segments. "The project remains slow, but the developer has been actively mapping out the investment plan and complete administrative procedures. We appreciate that,” said Phong.

Trustee Suisse initially proposed Asia Pearl in 2007. The project, to cover 102 hectares, will be the island’s largest tourism project.

One year ago, Kien Giang People’s Committee set deadlines for Trustee Suisse and its local partner – Vinaconex R&D Corporation – to finish a detailed master plan for the project and also a plan for land compensation and resettlement. The plans must be delivered before August 30, 2012.

"We have not received a detailed investment plan nor land compensation and resettlement plans,” said Phong.

"We really want to support Trustee Suisse. But our opinion is that we cannot wait the developer forever. If the developer delays this project too long, we must revoke its investment proposal,” said Phong.

Phu Quoc, 120 kilometers off the coast of Kien Giang, is among the most attractive destinations for developers to develop tourism projects in Vietnam, with 75 licensed projects. The projects are capitalised at around $2.2 billion, covering nearly 4,000 hectares. Furthermore, the provincial authority also agreed in principle for 180 other projects.

Besides the Trustee Suisse project, Hong Kong’s Millennium Group, via its subsidiary Starbay Holdings, is building a $1.6 billion resort.

In addition, under the government’s plan, there will be a big tourism project comprising a casino facility in Phu Quoc, expected to open in 2017.