Phu Yen emerges as attractive market for tourism and property investment

The central province of Phu Yen is emerging as an attractive market for real estate investment, especially in large-scale hospitality projects. 

Two luxury resort complexes of Xuan Dai Bay and Crystal Holidays Marina Phu Yen. Photo: Everland Group

This April, the province witnessed construction of two luxury resort complexes of Xuan Dai Bay and Crystal Holidays Marina Phu Yen kicked off in Xuan Dai ward, Song Cau town.

Built in an area of 37 ha, the two international-standard resort tourism projects of Everland Group have a total investment of VND2.2 trillion (US$95.1 million). The complexes will provide nearly 1,000 hotel rooms and 200 villas for the hospitality market. 

The biggest advantage of the projects is the scenic views of Xuan Dai Bay national landscape and Vung Lam relic they offered to  their guests.

Becoming top holiday destination

Attending the opening ceremony held recently in Phu Yen, Nguyen Trung Khanh, General Director of the Vietnam National Administration of Tourism said: “The decision of the Vietnamese company to invest in the project in the Xuan Dai Bay area is a perfectly right direction, as it will tap into the location with picturesque natural landscapes."

The projects are in line with the province’s tourism development strategy under the motto of conservation, embellishment and sustainable exploitation of natural resources, especially marine ones, Khanh said.

“Phu Yen defines tourism as a key economic sector, expecting it would make up 14% of the province's GDP by 2025,” Tran Huu The, Chairman of the Phu Yen Provincial People's Committee said. “The local authority will have many attractive policies to attract big tourism projects here.”

In recent years, the province has promoted investment in infrastructure development and tourism. Tuy Hoa airport has been upgraded and expanded with an annual capacity of five million passengers and able to accommodate wide-body aircraft. In addition, the widened traffic routes would shorten the travel time between Phu Yen and other provinces, will also give travel agents more convenience in scheduling tours.

Condotel Apec Mandala Grand Phu Yen resort project. Photo: Apec Group

Thanks to these advantages, many large domestic and foreign real estate corporations are implementing a series of large-scale real estate projects. 

In early April, Indochina Kajima, a joint-venture between Indochina Capital, the real estate developer in Vietnam and Kajima Corporation, the Japanese general contractor and real estate developer kicked off a US$1-billion luxury resort project at Bai Nom beach. 

Peter Ryder, General Director of Indochina Capital expected the project will turn Phu Yen into one of Asia’s top holiday destinations.

Last year, Phu Yen attracted 43 new projects with a total capital of VND8.8 trillion (US$383.7 million).

Typical projects are Vingroup-owned commercial center and townhouse project at Tuy Hoa city, the five-star Condotel Apec Mandala Grand Phu Yen resort project with a capital of more than VND1.1 trillion (US$47.6 million) invested by Apec Group, TH True Milk Group-invested complex of golf course, eco-villa and resort with an area of more than 1,000ha.

Le Dinh Vinh, Chairman and General Director of Everland Group, expected the company's project will contribute to positioning Song Cau brand and the province on the global tourism map.