The complex would be a 100 percent foreign-invested project with a maximum duration of 70 years, with the casino licence valid for a maximum term of 30 years.

The investor in the tourism complex must be a company specialing in casino services, and must commit to an investment of over 4 billion USD, said Huan.

International consultants at the meeting said other entertainment services should be added to the complex.

They also said strong commitment from the Vietnamese Government would be needed for such a huge project.

On the same day, the Deputy Head of Phu Quoc Investment and Development Management Board, Nguyen Van Sau, said the Kien Giang People's Committee has revoked licences granted to three investment projects on the island. The revoked projects are: a 10ha eco-resort project in Bai Truong Commune by Dong Nam Trading and Construction Ltd; the 4ha Duong To Resort by Phu An Ltd; and a project to build an aviation trading centre by Vietnam Airlines.

Sau said these projects were cancelled either because they no longer matched the development masterplan for Phu Quoc Island or because the project owners failed to show financial capacity to implement them.

Under the masterplan for socio-economic development of Kien Giang province by 2020 approved by the Prime Minister on July 26, Phu Quoc Island will be developed into a centrally-administered special economic zone by 2020.

Vietnam 's biggest island with a total area of 593sq.km, Phu Quoc is now part of Kien Giang province.

Under a 10-year-development plan, the province, situated 250km south of HCM City , will upgrade the stretch of National Highway 80 between Lo Te and Rach Soi, build a coastal road south of HCM City as well as the Ha Tien – Rach Gia – Bac Lieu Highway . These projects are expected to boost development of the Rach Gia and Phu Quoc airports.

By 2020, Kien Giang will establish the Kien Luong Town and the Ha Tien City, as well as two new districts – Thanh Hung district from Giong Rieng Town, and Soc Xoai from Hon Dat Town.