"There will be a Great Wall along the beaches if red books issued for condotels"

Mr. Than Thanh Vu - Vice Chairman and General Secretary of Vietnam Tourism & Property Association (VnTPA) said that if the Government agrees to issue the residential red books for condotels, there will be a Great Wall along the beaches of Vietnam.

(Mr. Than Thanh Vu. Photo: VinaForum)

*** Condotel is Vietnamese term for condominium hotel or apartment hotel. A condotel is also referred as a hotel apartment.

This article is published on Sep 28th, 2018, according to the interview of VietnamFinance newspaper with Mr.Than Thanh Vu – Founder, 1st Vice Chairman and General Secretary of Vietnam Tourism & Property Association (VnTPA), the Founder of VinaForum & VnInvestors. We would like to post this article again because of its topicality after the Ministry of Public Security has just petitioned the Prime Minister not to legalize the projects of tourist apartments, tourist villas, and offices combined with accommodation into residential houses.

Vietnamese resort real estate market has reached a very strong growth rate over years, yet faced many controversial issues among investors and policy makers.

Whether the market is saturated or still available at present? Whether the profit commitment policy is feasible or not? Should any mechanism be made for condotel? What are the hidden risks of the market? …

To answer above questions, VietnamFinance made an interview with Mr.Than Thanh Vu.

The resort real estate is not only saturated but supply has exceeded demand.

Could you please make some evaluations about the resort real estate since the beginning of this year?

Mr.Than Thanh Vu: There are a lot of reports released but I do not believe in any of them. When talking to other people in this industry, they complained that the market has been super challenging since the beginning of this year. I have received about 30-40 messages per day for resort real estate marketing. As a result, marketing pressure at this time is really high.