Hoi An South Development Ltd’s $1 Billion Investment to Expand Hoiana Resort & Golf
In a significant boost for the tourism industry in Vietnam, Hoi An South Development Ltd has committed to investing an additional $1 billion (VND 25.4 trillion) to expand its flagship project, the Hoiana Resort & Golf, located in the picturesque Quang Nam Province. This integrated resort officially opened its doors in 2020 and has since gained recognition as a premier destination in Asia.
A Strategic Commitment to Growth
During a recent meeting with provincial lawmakers on October 17, 2023, Steven Wolstenholme, President and CEO of Hoi An South Development Ltd, unveiled plans for substantial investment aimed at enhancing the tourism landscape in Quang Nam. This announcement came in tandem with discussions among leaders of foreign-invested enterprises (FIEs) to collectively elevate their investment presence in the region.
The strategic purpose behind this monumental investment is clear: to solidify Quang Nam’s status as a top-tier tourist destination. The province, nestled 30 kilometers south of Da Nang, is already famous for its stunning landscapes, pristine beaches, and rich cultural heritage, boasting two UNESCO World Heritage sites—the ancient town of Hoi An and My Son Sanctuary.
Hoi An: A Cultural Gem
Hoi An, a vibrant locality within Quang Nam, has captured the hearts of many travelers worldwide. Renowned for its well-preserved ancient architecture and charming streets, the city was named “the best city in the world” by Travel+Leisure magazine in 2019. In 2024, Hoi An secured the fourth position on the same magazine’s list of the most-loved cities globally, making it the only Vietnamese city to rank among the top five. This recognition highlights the city’s growing appeal and sets the stage for expanded tourism initiatives in the region.
Overcoming Challenges During the Pandemic
The journey of Hoiana Resort & Golf has not been without its challenges. Breaking ground in 2016, the resort faced significant trials as the world grappled with the COVID-19 pandemic. In 2020, as the resort prepared for its grand opening, the pandemic forced the management to make difficult decisions, ultimately leading to a workforce reduction of two-thirds. However, in a testament to resilience and determination, Huiana managed to remain operational throughout the pandemic, officially announcing its grand opening in 2021.
Investing in Local Economy and Tourism
Wolstenholme emphasized that the beachfront resort has already attracted considerable investment, totaling VND 101.6 trillion. By August 2023, Hoiana Resort & Golf welcomed over half a million visitors, with around 80% being international tourists. The financial impact of this influx is significant, contributing VND 1 trillion to the region’s revenue during the fiscal year of 2022-2023 and VND 396 billion in the first half of 2024 alone. These figures account for an impressive 55% of total collections from foreign-invested enterprises in Quang Nam.
Future Tourism Initiatives
The boost in tourism is expected to accelerate with the upcoming implementation of a joint Southeast Asian visa initiative called “Six Countries, One Destination.” This initiative, agreed upon by Vietnamese and Thai leaders at the ASEAN Summit, aims to facilitate easier travel among six Southeast Asian countries—Thailand, Cambodia, Laos, Malaysia, Myanmar, and Vietnam—without needing multiple visas.
As tourism expert Tu Quy Thanh pointed out, collaboration is essential for revitalizing the region’s tourism industry, which has yet to return to the levels seen in 2019.
Conclusion
The ambitious expansion of Hoiana Resort & Golf is not just a milestone for Hoi An South Development Ltd, but a hopeful sign for the entire Quang Nam Province. As the resort continues to grow, it’s poised to promote economic development, enhance the local tourism landscape, and attract visitors from across the globe, positioning Quang Nam firmly on the global tourism map. With such a significant investment committed to its future, Hoiana Resort & Golf aims to reinforce its status as “Asia’s leading fully integrated resort,” paving the way for an exciting new chapter in this beautiful corner of Vietnam.
