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|The Coastal Appeal seminar focuses on the vast potential of Vietnam's second home market|
With a long coastline of 3,260km, the marine economy is one of Vietnam’s key industries. The marine economy, comprising 28 coastal localities, accounts for 47-48 per cent of the national GDP. Under the master plan on the sustainable development of Vietnam's marine economy until 2030 with a vision to 2045, the sector will account for 65-70 per cent of the national GDP.
According to Resolution No.26/NQ-CP 2020 outlining this strategy, the central coastal region will feature major tourism centers, laying down the foundation for the development of large coastal urban areas comprising of tourism, entertainment, shopping, and high-quality living.
Addressing the seminar, Le Trong Minh, editor-in-chief of VIR, said, "As an important part of the marine economy, coastal real estate has developed strongly in the past few years with a variety of products and large projects. Coastal properties are not only considered a second home for the rising affluent class but also a long-term investment and tourism business facilities. Second home markets such as Nha Trang, Danang, Phu Quoc, and Halong remain popular while emerging markets like Binh Thuan, Ninh Thuan, Phu Yen, and Binh Dinh remain intact with affordable property prices."
He noted that Vietnam's potential second home market has attracted more large investors with strong financial capabilities and long-term vision. They began to develop large-scale coastal urban projects with several types of products, versatile ownership, and comprehensive planning with functional areas and on-site amenities. This has cretated more value for tourism and urban development in coastal areas.
In fact, in the last years of 2020, several second home and coastal urban projects covering hundreds and thousands of hectares have sprung up in Vietnam. Developers still maintain construction works in the midst of the global health crisis. This shows the attractiveness of coastal real estate as well as the vision of developers of a booming second home market in Vietnam.
The Coastal Appeal seminar is expected to be a platform for investors, regulators, and businesses alike to access information and explore the vast potential of Vietnam's second home market.