Vietnam, with its bustling cities, rich history, and stunning landscapes, is a popular destination for tourists from around the world. One of the country’s most anticipated developments in recent years has been the introduction of integrated resorts (IRs), which are expected to revolutionize the country’s tourism industry and attract even more visitors to its shores.
However, despite the hype and excitement surrounding the opening of Vietnam’s first IR, promises have yet to be fully delivered. The Hoiana Integrated Resort, located in the central province of Quang Nam, was officially opened in late 2020 amid much fanfare. Boasting a luxurious hotel, a Vegas-style casino, world-class dining options, and a stunning beachfront location, the resort was hailed as a game-changer for Vietnam’s tourism industry.
But nearly a year on, the Hoiana Integrated Resort has failed to live up to expectations. The casino, which was supposed to be a major draw for both local and international visitors, has struggled to attract customers. Reports suggest that the lack of promotion and marketing, as well as the ongoing COVID-19 pandemic, have hindered the casino’s success.
Furthermore, issues such as strict regulations on entry for Vietnamese nationals and the lack of a cohesive strategy for attracting high-rollers have also dampened the casino’s prospects. According to industry experts, the success of an IR depends heavily on its ability to attract high-spending customers, and the Hoiana Integrated Resort has so far failed to do so.
In light of these challenges, the future of Vietnam’s IR industry remains uncertain. While several other IR projects are in the pipeline, including the much-anticipated Vinpearl Resort and Casino in Phu Quoc, there are concerns that these developments may face similar struggles as the Hoiana Integrated Resort.
Despite these setbacks, experts remain optimistic about the potential of Vietnam’s IR industry. The country’s strategic location, growing economy, and improving infrastructure make it an attractive destination for investors looking to capitalize on the burgeoning tourism market in Southeast Asia.
As Vietnam continues to navigate the challenges of the post-pandemic world, the success of its IR industry remains a key focus for the government and investors alike. Only time will tell if Vietnam’s IR promises will eventually be fulfilled, or if they will remain just that – promises.
