The reopening of Vietnam’s tourism industry together with rising accommodation demand is viewed as a solid foundation for the country’s resort real estate market to recover.
Figures from the DKRA Vietnam Joint Stock Company show that new supply and sales in the market in July and August were both down sharply compared to the previous month. In a bid to recover the tourism industry and spur the resort real estate market, Vietnam is planning to reopen Phu Quoc Island to international tourists from October.
According to figures from Savills Hotels, Phu Quoc Island currently has more than 12,000 hotel rooms in the mid to high-end segments. A few new resorts are expected to open this year, with total new supply estimated at 1,800 rooms.
During a six-month pilot welcoming international tourists, Phu Quoc is expected to cater to 40,000 international visitors, with target markets including Europe, the US, Northeast Asia, Australia, and the Middle East. The island is also expected to welcome 3,000-5,000 domestic visitors each month.
According to Mr. Mauro Gasparotti, Director of Savills Hotels, it is necessary to prepare a roadmap to reopen borders in order for Vietnam to seize the opportunity to restore international tourism activities. To further attract international tourists, Phu Quoc Island also plans to work on branding, improve its infrastructure, and upgrade services.