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Vietnam holds huge potential in resort market

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.

In 2018, Vietnam served 15.5 million foreign tourists, up 20 percent year on year, while the number of domestic holiday-makers reached 80 million, up 10 percent. The uptrend maintained in the first months of this year.

Grasping the opportunity, both local and foreign investors are investing much in resort projects in the country.

Former Director of the Vietnam Institute of Economics Tran Dinh Thien said a continuous increase in foreign investment in Vietnam will help boost the demand for investing in property projects, including resorts.

He affirmed that Vietnam is considered a reliable destination for investors.

Sharing the same view, former Deputy Minister of Natural Resources and Environment Dang Hung Vo said compared with other Southeast Asian countries with strong tourism, the number of tourism property projects in Vietnam is 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 in Vietnam is unlikely to exceed demand, Vo forecast.

In the first quarter of 2019, Vietnam attracted about 1.7 billion USD of FDI, an increase of 36 percent year on year. The real estate sector in the last three years has continually ranked second in attracting investment.

According to incomplete statistics, there were more than 8,000 condotels opened for sale in 12 localities last year, mainly in localities boasting many tourism investment opportunities such as Da Nang, Khanh Hoa, Ba Ria-Vung Tau, Kien Giang, Phan Thiet and Quang Ninh. Of this figure, more than 7,800 units were traded.