Hospitality gains new shine

The Selavia project is a resort urban model developed by TTC Phu Quoc with a distinctive orientation in South Phu Quoc Island

- Bich Ngoc

The Selavia project is a resort urban model developed by TTC Phu Quoc with a distinctive orientation in South Phu Quoc Island

After a prolonged adjustment period driven by tightening credit policies and market consolidation, Vietnam’s resort real estate segment is being supported by the strong rebound of tourism.

According to the April socioeconomic report from the National Statistics Office under the Ministry of Finance, Vietnam received 2.03 million foreign visitor arrivals in April alone, up 22.8 per cent compared to the same period last year.

Overall, international arrivals reached 8.8 million in the first four months, up 14.6 per cent on-year, setting a new record for the period.

The Vietnam National Authority of Tourism noted that this is the first time the industry has recorded four consecutive months with over two million international arrivals each month. It also marks the first time the total number of foreign visitor arrivals in the first four months has reached 8.8 million.

These figures highlight the strong recovery in leisure demand and spending on experiences, thereby expanding opportunities for hospitality- and service-linked assets.

On May 11, Vingroup held the groundbreaking ceremony for a new urban area, resort, and sports service complex in northwest Dien Bien Phu Ward.

According to the master plan, the undertaking will cover nearly 230 hectares, with investment estimated at over $910 million and a planned population of around 12,000 residents.

The development is considered the largest urban area venture ever implemented in the locality, and is expected to create a new growth driver for urban development, tourism, and services in the region.