Quang Ninh attracts foreign attention as investment destination

A corner of Quang Ninh (Photo: VNA)

Hanoi (VNA) – The northern coastal province of Quang Ninh has caught the attention of many foreign investors after they made a field trip to the province in the framework of the recent International Real Estate Conference (IREC) 2018 held in Hanoi.

Former President of the Singapore Institute of Estate Agents Harry Yeo shared his impression of the majestic beauty of Ha Long Bay during his first trip to the World Heritage site. He said a long and beautiful coast and expansive unused land in the province constitute excellent potential for tourism and real estate development.

According to assessment by the Vietnam Association of Realtors, Quang Ninh is fast becoming an attractive destination for both tourists and investors, with the focus on attention on Ha Long, Mong Cai and particularly Van Don, an area designated to be a special economic zone.

In the first nine months of 2018, Quang Ninh welcomed more than 10 million visitors, including 3.6 million foreigners, up 19 percent from the same period last year. Revenues from tourism were estimated at 17.5 trillion VND, up 30 percent year on year.

As such, the province promises to be a profitable land for tourism and resort property development.

During the past two years, Quang Ninh has attracted over 100 real estate projects, most of which involved tourism and resort.

The biggest investor in the field is Vietnam’s largest private enterprise Vingroup, which poured money into the Vincom Ha Long – a modern shopping and entertainment centre in Ha Long city on the shore of the World Heritage site Ha Long Bay, and the five-star tourism-resort complex of Vinpearl Ha Long Bay Resort.

The Sun Group, another major developer in Vietnam, marked its presence in the city with the Van Don service complex, the beach amusement complex Ha Long Ocean Park, and the beachfront resort complex Sun Premier Village Ha Long Bay.

In particular, the group’s Sun World Ha Long Complex is the biggest tourism property project in Ha Long, with a total investment of 7.794 trillion VND.

The FLC group invested 3.4 trillion VND in the FLC Ha Long, a complex of golf course, villas, condo hotels and conference facilities, which spreads over 224 ha of land. It is also carrying out a project building a 50-storey twin-tower complex in the centre of Ha Long city.

The recent inauguration of the Ha Long-Hai Phong highway provides an important link in the infrastructure network of the northern key economic triangle of Quang Ninh, Hai Phong and Hanoi.

The highway helps cut considerably the distance from Hai Phong to Quang Ninh, thus enhancing connectivity between the two localities, which is believed to facilitate not only transport but also the development of tourism property in the region, said Vice Chairman of the Vietnam National Real Estate Association Nguyen Ngoc Thanh.

Vice Chairman of the Vietnam Association of Realtors Nguyen Van Dinh noted that the completion of many transport infrastructure projects in Quang Ninh recently has helped the province overcome previous disadvantages in terms of travel distance. As a result, the number of visitors to Quang Ninh will increase fast in the time to come, thus further attracting investment in tourism real estate. He said the property market in Quang Ninh will certainly grow bustling in the future.

Former deputy minister of natural resource and environment Dang Hung Vo shared the view that transport infrastructure plays an important role in attracting tourism property investors.

However, experts warned that the province’s administration needs to draw out specific plans for the development of tourism property with consideration of real demand, so that the local potential will be fully tapped without affecting the landscape of the World Heritage site of Ha Long Bay.-VNA