Viet Nam 's hotel and resort market will become increasingly attractivefor tourists and developers in the future, experts from the real estateagents CB Richard Ellis Vietnam (CBRE Vietnam) said on July 20 at itsconference on the domestic hospitality market in Hanoi .
"Better medium- and long-term investment opportunities in the hotel andresort industry are appearing in Vietnam due to its stunningcoastal areas, beautiful high altitude destinations and highly populatedcities," said Robert McIntosh, Executive Director of CBRE Hotels in theAsia Pacific region.
"By capitalising on this unexploredcountry, a number of projects have been successfully completed andlaunched over the past years, yet Vietnam remains an under-ratedmarket for hospitality investment."
However, thehospitality sector in Vietnam was still a burgeoning industry withrapid and constant changes, he said. As a result, developers could becaught off guard and left unprepared.
The hospitalitybusiness in Vietnam had changed since the global economic crisiswith clients becoming more demanding as more options become available,said Mauro Gasparotti, CBRE Vietnam Manager of Hospitality Service.
"New projects either under construction or near completion will have toface fiercer competition and more sophisticated clients compared withthe past. Hospitality in Vietnam is clearly advancing to a pointwhere the market is ready for the development of more refined productstargeting more refined clients," Gasparotti said.
Thesechanges would not necessarily imply higher prices and constructioncosts, but a better mix of design, quality, prices and services madepossible by clear, meticulous and better informed development planning,something rarely seen before in Vietnam , he said.
Thelocal traveller demographic provided enormous potential for resort andhotel development, Gasparotti commented. However, Vietnamese travellerswere evolving rapidly so it was important that developers of new andexisting properties recognised these changes. Vietnamese clients werenot the same as they were a few years ago.
"In spite ofthe market's volatility, if developers and investors adapt to changes inthe market and offer innovative products, I feel very positive aboutthe medium- to long-term development of the hospitality industry inVietnam ," said McIntosh./.
"Better medium- and long-term investment opportunities in the hotel andresort industry are appearing in Vietnam due to its stunningcoastal areas, beautiful high altitude destinations and highly populatedcities," said Robert McIntosh, Executive Director of CBRE Hotels in theAsia Pacific region.
"By capitalising on this unexploredcountry, a number of projects have been successfully completed andlaunched over the past years, yet Vietnam remains an under-ratedmarket for hospitality investment."
However, thehospitality sector in Vietnam was still a burgeoning industry withrapid and constant changes, he said. As a result, developers could becaught off guard and left unprepared.
The hospitalitybusiness in Vietnam had changed since the global economic crisiswith clients becoming more demanding as more options become available,said Mauro Gasparotti, CBRE Vietnam Manager of Hospitality Service.
"New projects either under construction or near completion will have toface fiercer competition and more sophisticated clients compared withthe past. Hospitality in Vietnam is clearly advancing to a pointwhere the market is ready for the development of more refined productstargeting more refined clients," Gasparotti said.
Thesechanges would not necessarily imply higher prices and constructioncosts, but a better mix of design, quality, prices and services madepossible by clear, meticulous and better informed development planning,something rarely seen before in Vietnam , he said.
Thelocal traveller demographic provided enormous potential for resort andhotel development, Gasparotti commented. However, Vietnamese travellerswere evolving rapidly so it was important that developers of new andexisting properties recognised these changes. Vietnamese clients werenot the same as they were a few years ago.
"In spite ofthe market's volatility, if developers and investors adapt to changes inthe market and offer innovative products, I feel very positive aboutthe medium- to long-term development of the hospitality industry inVietnam ," said McIntosh./.
