@DarthJPSpinoRex65
Together with Chris Picard and Gman2887, I run the Kong: Skull Island news blog for Scified...
The only synopsis we have for Kong: Skull Island comes from a casting sheet for the movie which incorrectly used the synopsis from the graphic novel Kong: King of Skull Island, which we covered HERE (also pictured below). So far, no official synopsis has been released for the movie.

The setting of Vietnam, the likely increased size of the title creature and the inclusion of the organisation Monarch from 2014's Godzilla, covered HERE heavily suggest this is a reboot of the property as part of a shared universe with the aforementioned King of Monsters.
Although we will not know for sure until an official synopsis is released, the possibility of the movie being a sequel to 2005's adaptation by Peter Jackson are low as general fan opinion of that movie is actually quite negative, almost to the levels in which Godzilla fans view the 1998 adaptation starring Matthew Broderick.