Vietnam to invest billions in tourism

Vietnam to invest billions in tourism

Officials in Vietnam have outlined ambitious plans to invest over $12 billion in tourism infrastructure over the next decade.

Hoang Thi Diep, deputy head of the Vietnam National Administration of Tourism (VNAT), said the state would provide approximately 20 per cent of the total funds while the rest will come from local and foreign investors.

Reported by local news portal, Vietnam Net Bridge, Hoang said the country would focus on developing sea tourism, MICE, eco-tourism and medical tourism, with priority given to infrastructure development.

According to VNAT, the country had 625 tourism projects in November last year, with total pledged capital of US$12.3 billion.

The industry has attracted many foreign investors, with a primary focus on hotel and resort development.

There is pressure now to develop these services rather than relying on natural scenery and heritage sites.

The country recently announced plans to develop a huge integrated casino resort on the southern island of Phu Quoc, which would be served by a new international airport on the island and expanded road links from Ho Chi Minh City, which is also developing a new air hub.

Another major integrated resort is being planned for Ho Tram, on the country’s southeast coast.