HOTEL AND RESORT REAL ESTATE REMAINS LONG-TERM “WONDERLAND”
HOTEL AND RESORT REAL ESTATE REMAINS LONG-TERM “WONDERLAND”

At the seminar titled “Hotel and Resort Real Estate Market in Viet Nam: Catch the Wave of Future”, most experts agreed that the hotel and resort real estate market in Viet Nam was expected to see more movements in the near future.

During the seminar, Mr. Nguyen Vinh Tran, MIKGroup CEO and Chairman, stated that there would be a breakthrough development in Viet Nam’s resort and tourism real estate market. “The development of Hotel and Resort market always come hand-in-hand with the development of tourism. And fortunately, Viet Nam is a country possessing an advantage in this sector with 3,200 km of coastline and a great deal of famous landmarks and tourist attractions. In addition, the Government of Viet Nam also defined Tourism as one of the key economic sectors with the target of attracting 14-15 millions of international tourists as of 2020.”, Mr. Nguyen said.

He further commented that recently, Viet Nam tourism achieved impressive growth, becoming one of the countries with the highest rate of development in tourism and one of the international tourists’ most favorite destinations. "These facts led me to believe that the Viet Nam’s Hotel and Resort Market holds a great potential", the MIKGroup’s Chairman reaffirmed.

In fact, recent years witnessed faster-than-ever growth rates in the sector. Many international premium hotel management and operation brands have arrived in Viet Nam, Marriott, InterContinental Hotels Group Meliá, Mövenpick, Accor Hotels, Novotel... to name just a few. There were even speculations that the sector’s current state of development was still unmatched with its potential and advantage.

“Our seafront cities, such as Da Nang, Nha Trang, Phu Yen... all share the same chance of becoming the lands of opportunities for investors wanting to invest in coastline hotels and resorts,” Mr. Nguyen highlighted on the expectation that the market would see accelerated evolvements in the upcoming future.

He cited reasons as these beachfront cities have had a quite long time of development and seemed to be reaching its peak. As for the Northeastern area with Ha Long and Quang Ninh, although the growth have been blooming, their land budget was limited. Therefore, it could be said that only Phu Quoc managed to retain its potential. This place not only is the home of beautiful and primitive beaches such as Bai Truong, Bai Dai, Bai Ong Lang but also the area where warm sunshine is the norm everyday in a year and, famous landmarks are just around the corner and tourism products are varied.

“Although tremendous investment effort has been pouring into this place, in my opinion, Phu Quoc only reached its first phase of development. The number of premium active hotel and resort did not meet the demand. On the other hand, with the direction of becoming a special economic zone, investments into Phu Quoc shall meet with a lot of incentives,” Mr. Tran explained. Furthermore, for Viet Nam’s Hotel and Resort Real Estate Market to advance further, there should be more involvement from all stakeholders including the State, local governments and companies.

“From the macro point of view, we should develop visions and long-term development strategy, step-by-step positioning Viet Nam as Asia’s new tourism and resort heaven, making tourists’ No.1 choice not Bali, Maldives or Phuket, but Viet Nam. Besides, we should also launch major tourism promotion campaign to gradually change international tourists’ mind of “Viet Nam tourism is cheap tourism”.

Tourism companies must professionalize and raise the bar for their tourism products and services’ qualities based on international standards to be able to set target at the higher class of tourists, who are willing to pay more for their trips, instead of pursuing low-price strategy. “If you ask my opinion on hotel and resort market’s development trend, I would say that in the upcoming future, tourists would prefer premium, 5-star international-standard projects over self-developed and minor projects as before. This would alsoevolve into a highly profited and sustainable investment channel, making attracting social investment resources easier than ever,” Mr Tran reassured.

 

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