Friday, 20 Sep 2019
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ECONOMYREAL ESTATE

How does Trump-Kim summit affect Vietnam’s real estate market?

Updated at Friday, 22 Feb 2019, 11:11
The Hanoitimes - The movement will firstly leave influences on the hospitality segment and other services.
The second meeting of US President Donald Trump and North Korea’s leader Kim Jong Un, which is scheduled to take place in Hanoi next week, will leave positive impacts on Vietnamese tourism and real estate market, according to Savills Vietnam. 
 
Nguyen Hong Son, director advisory Savills Hanoi. Photo: Savills Vietnam
Nguyen Hong Son, director advisory Savills Hanoi. Photo: Savills Vietnam
The event, for the short-time, drives up tourism sector thanks to a surge of international visitors to the country, said Nguyen Hong Son, director advisory Savills Hanoi.

The movement will firstly leave influences on the hospitality segment and other services. In fact, demand for hotel rooms in the city is expected to sharply increase days around the summit due to the attendance of politicians and delegations, media, security and logistics personnel, he said. 

Earlier last week, local media reported that many five-star hotels in Hanoi are filled with reservations two weeks ahead the forthcoming meeting. 

Son emphasized that this political event has been drawing attention from international media channels. As a result, the image of a hospitable, safe and peaceful Vietnam will be portrayed and broadcast all over the world. That creates a huge opportunity for the tourism industry to attract more international visitors. 

 
Neil MacGregor, managing director Savills Vietnam. Photo: Savills Vietnam
Neil MacGregor, managing director Savills Vietnam. Photo: Savills Vietnam
Meanwhile, Neil MacGregor, managing director Savills Vietnam, said that Vietnam is given a publicity gift in the form of the Trump-Kim summit as the country has experienced magnificent economic growth over the past years.
Indeed, with good macroeconomic indicators namely exceptional GDP growth rate of 7.1% in 2018, 13% credit growth, FDI posted at US$35.5 billion, retail sales up 12% to US$145 billion, and newly-established businesses up 4% to 131,300, Vietnam is set to see an unforeseen additional boost in 2019, Neil MacGregor said.

This can only be good for the economy and sectors ranging from manufacturing to tourism. Real estate market would be of certain hopes, he noted. 
Linh Pham
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