Vietnamese property developer Novaland Group will expand into the tourism sector by developing its tourism business called NovaTourism.
The business will have three main products, NovaHill, NovaBeach and NovaWorld. The company will also introduce about 2,300 other hospitality real estate products.
Through collaboration with foreign operators and consultants, NovaTourism will create attractive destinations for local and foreign visitors. It will also raise Vietnamese’s profile in global tourism.
NovaWorld resorts, which will be between 100ha and 1000ha in size, are expected in Ba Ria-Vung Tau and Phan Thiet.
NovaTourism will develop projects in popular destinations such as Phu Quoc and Can Tho. Projects include hotels, resorts, passenger carrier services, F&B services, shopping centres and attractions – including theme parks, safaris and aquariums.
The company’s focus this year will be on housing and tourism property. Of the 2650ha of land it has, it will use 26% for housing projects and the remainder for tourism projects.
Last year, Novaland put two tourism projects into operation: Azerai Can Tho and Anantara Mui Ne.
Novaland is a major player in the property market with over 40 housing projects and over 26,000 units.
Vietnam has a young population demographic – 60% of the population is under 30 – and an affluent middle class ready to embrace new entertainment options. The 5 million Vietnamese who travel abroad each year and spend $6 billion on the trips could be enticed to staycation at new integrated resorts and theme parks.