VN’s tourism real estate market forecast to boom next 5 years

Mr. Phan Hữu Thắng, Director of the Foreign Investment Agency, made the statement while talking about tourism real estate market in Việt nam.   

The very new market, according to Director Thắng, will create both opportunities and challenges, requiring domestic investors’ interest and efforts.

Real estate investment has been vigorously surged over the last two years with around 300 projects totally valuing US $33.9 billion, accounting for 20.6% of the number of projects and 16.3% of the total registered capital in Việt Nam. Especially, foreign investors are extremely interested in Việt Nam's tourism real estate which will surely be a spearhead for the national real estate market in the time to come.

The year of 2008 witnessed the groundbreaking ceremonies of big tourism real estate projects, such as the Hồ Tràm Strip in the southern province of Bà Rịa-Vũng Tàu and the Bãi Dài Tourism Complex on Phú Quốc Island.       

Việt Nam can create a world-standard market of tourism real estate by taking advantages of the 3,260 km-long coastline, 125 beaches, picturesque natural scenery, and cultural-historic sites, said Mr. Thắng.

He went on to say that investors can exploit real estate potentials along the southern central coast in the short term and other untapped areas such as the Red Delta, the Mekong Delta, mountainous areas and the Central Highlands in the long term.

The Director also recommended the necessity to adopt simple and flexible policies, get rid of rigid administrative procedures, offer more investment incentives, better infrastructure, and particularly formulate a long-term strategy for the development of tourism real estate market.

By Hương Giang