Vietnam holds huge potential for developing the resort market thanks to high economic growth and growing travel demand, experts said at a recent workshop in Hanoi.
Vietnam is believed to hold huge potential for developing the resort market (Photo: VNA)
Hanoi (VNA) – Vietnam holds huge potential fordeveloping the resort market thanks to high economic growth and growing traveldemand, experts said at a recent workshop in Hanoi.
In 2018, Vietnam served 15.5 million foreign tourists, up 20percent year on year, while the number of domestic holiday-makers reached 80million, up 10 percent. The uptrend maintained in the first months of thisyear.
Grasping the opportunity, both local and foreign investors areinvesting much in resort projects in the country.
Former Director of the Vietnam Institute of Economics TranDinh Thien said a continuous increase in foreign investment in Vietnam willhelp boost the demand for investing in property projects, including resorts.
He affirmed that Vietnam is considered a reliabledestination for investors.
Sharing the same view, former Deputy Minister of NaturalResources and Environment Dang Hung Vo said compared with other Southeast Asiancountries with strong tourism, the number of tourism property projects in Vietnamis still too modest. Meanwhile, its tourism grows by some 30 percent annually –a high rate compared with other nations around the world.
Therefore, in the long term, the supply of condo hotels inVietnam is unlikely to exceed demand, Vo forecast.
In the first quarter of 2019, Vietnam attracted about 1.7billion USD of FDI, an increase of 36 percent year on year. The real estatesector in the last three years has continually ranked second in attractinginvestment.
According to incomplete statistics, there were more than8,000 condotels opened for sale in 12 localities last year, mainly inlocalities boasting many tourism investment opportunities such as Da Nang, KhanhHoa, Ba Ria-Vung Tau, Kien Giang, Phan Thiet and Quang Ninh. Of this figure, more than7,800 units were traded.-VNA
Many giant housing real-estate developers in Ho Chi Minh City are flocking to the hospitality segment by developing or distributing new projects in tourism areas.
Due to the unclear regulations on condotels, the market in Da Nang slowed down in the first quarter, according to Colliers International Vietnam’s Quarterly Knowledge Report.
Vice Chairman of the Vietnam Real Estate Association (VNREA) Nguyen Manh Ha has stated that there is still room for resort real estate to develop, especially in new markets.
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Vietnam is believed to hold huge potential for developing the resort market (Photo: VNA) 
