Hai Duong (VNA) – The Red River Delta province of Hai Duong has emerged as anew destination for real estate businesses, with numerous projects to be put upfor 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 toincrease 8 percent this year to reach over 1.6 million by 2020, and the tourismsector will contribute from 2-2.5 percent of the provincial gross domesticproduct (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 thefirst half of 2018, representing a year-on-year rise of 36.9 percent, theprovincial Department of Planning and Investment reported.

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

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

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

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

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

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

Apec Mandala Wyndham Hai Duong is a complex of condotels, officetels and afive-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 HaiDuong in 2019.

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

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

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

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

In order to luremore investment capital, the province should continue working on administrativereforms, especially in the fields of taxes, fees, land and social insurance, aswell as reducing the burden on enterprises during inspections, analysts havesaid.

They alsohighlighted the need to improve business consultations and promote the role ofprovincial business associations to consolidate the trust of the businesscommunity, adding provincial leaders and localities need to hold more dialogueswith business communities to solve pressing problems quickly.

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