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|Shophouses at tourism-entertainment complex NovaWorld Ho Tram|
A representative of property consultancy firm JLL Vietnam said that there have already been some signs of recovery in the local hospitality market after many months of economic damage across various markets due to the global health crisis. But amid travel restrictions and general public wariness around pandemic safety, staying in a hotel close to home – and in many cases the same city – is a trend that is capturing some attention right around the world.
According to JLL Vietnam, the hunger for holidays is stimulating the hospitality market after several months of social restrictions in various places. Destinations close to Ho Chi Minh City like Vung Tau, Ho Tram, and Long Hai as well as tourist-centric cities like Dalat, Nha Trang, and Phan Thiet have been filled with tourists on the weekends.
|Staycations can be a new driving force for tourism moving forward|
Mauro Gasparotti, director of Savills Hotels Asia-Pacific, said that domestic travellers obviously account for most tourism revenues made in Vietnam this year, meaning that they can provide a strong boost for Vietnam’s tourism market as a whole. As a result, there is growing demand for product models such as inner-city resorts, design-focused hotels, wellness resorts, and complexes with unique food and beverage experiences or non-stop weekends.
In fact, Vietnamese developers have already been paying more attention to mixed-use hospitality projects in recent years. Among them, Novaland Corporation has developed tourism-entertainment complex NovaWorld Ho Tram in Ba Ria-Vung Tau. With a scale of about 1,000 hectares, the project features townhouses, villas, and shop houses along with thousands of unique amenities like a wild safari, water parks, beach amusement area, and more.
|Tropicana Park is one of the most notable amenities at NovaWorld Ho Tram|
NovaWorld Ho Tram is expected to become an increasingly popular getaway destination for tourists in the south of the country in particular, with unique entertainment services like music performance and festivals throughout the year.
“There is a limited supply of new hospitality models, which is a barrier for investors. Indeed, there are not many large-scale projects to develop tourism, entertainment, and service complexes near Ho Chi Minh City. Therefore, it is clear that NovaWorld Ho Tram is a heavyweight player with its site in Ho Tram,” said Minh Hoang, a real estate agent in Ba Ria-Vung Tau.
As the domestic tourism market picks up the pace, the trend of staycations is gaining traction. In this context, NovaWorld Ho Tram is taking shape with many more amenities and accommodation facilities being put into operation in the coming time to meet the demand of tourists. The company is accelerating development of the project and, once completed, Ho Tram is expected to become a leading destination in the region, attracting a large number of tourists to both explore and relax.
In light of strong demand, the hospitality market has made great strides over the past decade, especially in coastal products. According to data from DKRA Vietnam, many assets in coastal cities have tripled or quadrupled, such as beachside villas and shop houses in coastal urban areas.
Pham Lam, CEO of DKRA, said that the challenges caused by the COVID-19 pandemic are just temporary, with the government continuing to taking effort to improve legislation and infrastructure. The market will become more consolidated with strong and capable developers to create second-home projects. Meanwhile, large-scale coastal urban areas with several amenities and products will become the key trend in Vietnam’s hospitality market in the next 10 years.
On the same note, Gasparotti of Savills said that Vietnam’s hospitality market should make a quicker recover than most other countries. Vietnam has successfully contained the COVID-19 pandemic for now and the country is close to large source of tourists with strong growth in the past. This presents opportunities for developers with strong potential and deep understanding of the market to break through.