The Method to the Madness Behind Vietnam’s Crazy Hotel Boom
Photo Caption: Aerial view of Anantara Quy Nhon, opened in December 2018, one of many, many new openings in Vietnam
Skift Take
A pending 40 percent increase in room supply should keep investors at bay, you would think. But Vietnam still attracts them like flies. Development is off the charts. Here's why.
Massive hotel and resort construction in Vietnam can easily elicit disbelief, and the ensuing dubiety or distrust.
The view from Halong Bay until recently was still pristine. Today it’s a huge building site. The new image of Vietnam rolls through its resort destinations.
It all seems too much too soon. Can all those new hotels, resorts and blocks of condotels be filled, even as recent openings throughout Vietnam’s popular tourist spots are being absorbed by the market? Is it sustainable or will ghost buildings be a major tourist attraction one day? Could it all really be tourism driven?
For some, the pace is so unreal that the possibility of money laundering by rich Chinese or Americans have even been murmured to Skift. An owner operating a small hotel in Phu Quoc went down that route in trying to come to terms with calculations he said that didn’t make sense — the kind of room rate and revenue per available
