Hoi An South Development Ltd Pledges $1bn to Expand Hoiana Resort & Golf: A Leap Towards Tourism Excellence in Quang Nam Province
Introduction
In a significant investment move that underscores the growing potential of Vietnam’s tourism sector, Hoi An South Development Ltd has announced a pledge of $1 billion to enhance Hoiana Resort & Golf, an integrated resort that opened its doors in 2020. This ambitious endeavor highlights the company’s commitment to not just enriching the property but also bolstering the overall appeal of Quang Nam Province, a region already celebrated for its rich cultural heritage and natural beauty.
The Vision for Expansion
During a pivotal meeting with provincial lawmakers on October 17, Steven Wolstenholme, the president and CEO of Hoi An South Development Ltd, articulated the plan to invest an additional VND 25.4 trillion (£772 million/€928 million/$1 billion) over the next two years. The intention behind this investment is to further develop Quang Nam into a premier tourist destination, building upon its existing reputation while attracting even more visitors.
Wolstenholme’s statement resonated with other leaders from foreign-invested enterprises (FIEs), who joined him in expressing a collective desire to enhance their investments in the region. Such collaborations are seen as integral to establishing Quang Nam as a beacon for international tourism.
Quang Nam: A Tourist Gem
Located just 30 kilometers south of Da Nang, Quang Nam Province is not just another coastal retreat; it is home to two UNESCO World Heritage sites and bears witness to centuries of history. The ancient city of Hoi An stands as a testament to this heritage, celebrated for its well-preserved architecture and vibrant cultural tapestry. Recognized as “the best city in the world” by Travel+Leisure in 2019, and ranking fourth among the most-loved cities worldwide in 2023, Hoi An undeniably remains a pivotal attraction for tourists seeking both leisure and cultural enlightenment.
Hoiana Resort & Golf: A Resilient Development
Hoiana Resort & Golf, dubbed “Asia’s leading fully integrated resort,” commenced development in 2016. The first phase involved constructing four luxurious five-star hotels, an expansive casino, high-end restaurants, and a world-renowned golf course designed by Robert Trent Jones II. The resort was gearing up for its soft opening in mid-2020 when the global pandemic struck. Adapting to these challenging circumstances, the resort made the difficult decision to reduce its workforce by two-thirds yet managed to remain operational throughout the pandemic, finally hosting its grand opening in 2021.
Wolstenholme, who took the helm as the group chief operating officer in 2018, carries a wealth of experience from his previous roles in prominent establishments such as Galaxy Macau, Okada Manila, and Grand Sierra Resort in Reno, Nevada.
Economic Importance and Contributions
The existing investment of VND 101.6 trillion in Hoiana Resort & Golf is already paying dividends. By August of this year, the resort had welcomed over half a million visitors, with a notable 80% being foreign tourists. This influx translated to a substantial contribution of VND 1 trillion to local revenues from 2022 to 2023, with VND 396 billion reported in the first half of 2024 alone—accounting for 55% of the total collections from FIEs in the province.
The economic impact of Hoiana Resort extends beyond its own operations. The local government anticipates that the upcoming joint Southeast Asian visa initiative—conceptually wrapped up in the motto “Six Countries, One Destination”—will serve as a catalyst for increased regional tourism, allowing travelers to seamlessly navigate through Vietnam and five neighboring countries without the hassle of multiple visas.
The Path Ahead
The tourism industry in Southeast Asia is yet to recover to its pre-pandemic levels of 2019, reflecting an imperative for collaborative growth. As tourism expert Tu Quy Thanh aptly noted, countries within the region need to unite and strategize towards a common goal of enhancing tourism appeal collectively. The proposed joint visa initiative is a testament to this cooperative spirit.
Quang Nam Province, led by the significant investments into Hoiana Resort & Golf, stands at the forefront of this revitalization. The commitments made by Hoi An South Development Ltd will not only elevate the resort’s offerings but also enhance the province’s status as a premier travel destination in Vietnam and beyond.
Conclusion
The pledge of $1 billion by Hoi An South Development Ltd to expand Hoiana Resort & Golf marks a pivotal moment for Quang Nam Province. As it positions itself for a formidable comeback in tourism, the resort’s expansion will not only uplift the local economy but also enrich the cultural landscape that defines this beautiful region. With determination and investment, Quang Nam is poised to attract a new wave of international travelers eager to explore its enchanting offerings.
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