Vietnam’s Thua Thien Hue becomes investors’ next target, thanks to 3 key factors
Despite 2021 being a challenging year because of the pandemic, Hue still thrived in exports and investment
Thua Thien Hue is at the heart of Vietnam – north of Da Nang and Hoi An. It has an estimated population of over 1.1 million (2020) and a labour force of around 620,000.
It is starting to attract investors thanks to the province’s thriving tourism sector and attractive incentive policies.
Moreover, despite 2021 being a challenging year because of the pandemic, Hue still thrived in exports and investment. Last year’s export sales were reported to have exceeded the initial target, reaching USD158 million, while total invested capital increased by 11 percent to around USD266 billion.
According to Vietnam Briefing, there are three key factors that make investing in Thua Thien Hue a sound idea.
First, it has pro-business policies, such as the Department of Planning and Investment assisting businesses with administrative formalities and transparent procedures. The province is said to be competitive in terms of government incentives compared to other provinces.
Second, because of its geographical qualities, Thua Thien Hue has several competitive advantages in growing logistic services. In terms of road, rail, and air transportation, the province is situated on the North-South traffic axis. It is also located on the East-West economic corridor that connects Myanmar, Thailand, Laos, and Vietnam, laying the groundwork for future shipping service potential.
More: Vietnam’s industrial real estate attracts most foreign investment
Lastly, it has a thriving tourism industry. As of September 2021, Thua Thien Hue welcomed 633,315 visitors. More than 18,700 of these were foreign visitors.
Recently it has been announced that digital transformation will be implemented in the tourism sector, further promoting the image of the province. Even the government has been proactive on platforms such as Facebook and Zalo, a Vietnamese messaging app.
Also, as a means of attracting domestic and international tourists to the province, a media trip called “Visit Hue” will be held for the first time, according to The World and Viet Nam Report.
The Property Report editors wrote this article. For more information, email: [email protected].
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors