Hai Duong - new destination for property developers

Hai Duong (VNA) – The Red River Delta province of Hai Duong has emerged as a new destination for real estate businesses, with numerous projects to be put up for sale in the time ahead.

The province boasts more than 2,207 historical and cultural relic sites, including 144 sites and four complexes winning national status. 

The number of tourists staying overnight in the locality is expected to increase 8 percent this year to reach over 1.6 million by 2020, and the tourism sector will contribute from 2-2.5 percent of the provincial gross domestic product (GDP).

Besides holiday makers, Hai Duong has set sight on another source of visitors - local industrial parks which are home to many foreign-invested companies. Foreign direct investment (FDI) in Hai Duong reached 365.8 million USD in the first half of 2018, representing a year-on-year rise of 36.9 percent, the provincial Department of Planning and Investment reported.

The inflow of FDI also brings in both foreign and domestic labourers and experts.

This would stimulate demands for real estate, especially short-term accommodations for foreign experts and labourers.

It is noteworthy that Prime Minister Nguyen Xuan Phuc issued a decision last May, recognising Hai Duong city as the first-tier city, which has also contributed to spurring the development of the local property market.

These above-mentioned factors have created a firm foundation for the development of the provincial real estate market, making it more attractive in the eyes of investors.

Given the shortage of luxurious property projects in Hai Duong, investors have poured capital into the segment.

The most outstanding project is Apec Mandala Wyndham Hai Duong of Apec Group that has invested in a series of luxurious projects in Mui Ne, Bac Ninh, Phu Yen, Hue and Lang Son.

Apec Mandala Wyndham Hai Duong is a complex of condotels, officetels and a five-star commercial centre, meeting demands for shopping, cuisines, entertainment and leisure of locals and holiday-makers.

Managed and operated by Wyndham Hotel Group – the world’s largest hotel company - the project has been seen as an attractive investment opportunity in Hai Duong in 2019.

Other projects with schools, bars, clubs, commercial centres and shop-houses, and guaranteed security and safety will promises high-quality living standards for residents.

Statistics from the Ministry of Planning and Investment’s Foreign Investment Agency show that the province lured 450 million USD in foreign direct investment (FDI) in the first half of this year, ranking 10th among the 46 localities that received FDI in the period.

Of the total, 326 million USD came from 38 newly licensed projects while the remainder was added to 14 projects already in operation.

As of June this year, Hai Duong was home to 438 foreign-invested projects with capital totalling more than 8.15 billion USD, retaining its position as one of the top ten localities in the country in terms of attracting foreign capital.

In order to lure more investment capital, the province should continue working on administrative reforms, especially in the fields of taxes, fees, land and social insurance, as well as reducing the burden on enterprises during inspections, analysts have said.

They also highlighted the need to improve business consultations and promote the role of provincial business associations to consolidate the trust of the business community, adding provincial leaders and localities need to hold more dialogues with business communities to solve pressing problems quickly.

Hai Duong, formerly called “Thanh Dong” – meaning the city to the east of Thang Long royal citadel -, has been well-known for its rich culture, both tangible and intangible, which is typical of the Red River Delta. The province was a cradle of cheo (traditional opera), ca tru (ceremonial singing), chau van (spiritual singing) and water puppetry. -VNA