Resort real estate market entering fresh growth phase

Vietnam is a compelling opportunity for hospitality assets in strategic markets and coastal corridors

- Bich Ngoc

Alongside the growth momentum of the tourism sector, the hospitality real estate market is entering a new growth cycle after a period of slowdown.

Last week, Dak Lak People’s Committee held a working session with the CenGeo New Energy FZ-LLC consortium regarding a proposal to invest in the Vung Ro Bay tourism and resort complex.

The consortium is part of CenGeo Holding Group from the UAE, which operates in the energy and oil and gas logistics sectors and owns a network of storage facilities in the Middle East. The company is currently expanding its investments into real estate and high-end hospitality and resort development.

According to the investor’s proposal, the first phase of the Vung Ro Bay tourism complex will be based in Hoa Xuan commune, formerly part of Phu Yen province. The project includes several components such as a beachfront resort complex, hotels, resort villas, as well as entertainment and coastal service facilities.

In early May, An Giang People’s Committee issued a decision to allocate and lease land to Sun Phu Quoc for the development of the Nui Ong Quan eco-tourism and mixed-use urban complex in Phu Quoc Special Zone.

The complex has a total investment of approximately $213 million and is located on a hillside adjacent to Dat Do Beach and Sunset Town.

The development is envisioned as a multifunctional eco-urban township integrating accommodation, services, and retail, with environmentally friendly transport planning. Upon completion, it is expected to provide around 5,200 serviced apartments, helping address the currently urgent shortage of accommodation in Phu Quoc and preparations for APEC 2027.

To prepare for the next growth cycle, the market requires structural changes that can establish a foundation for long-term growth in the hospitality real estate segment.