The tourism sector of Viet Nam attracted over US$1.7 billion in foreign direct investment (FDI) from 41 different projects in 2007, according to the Viet Nam National Administration of Tourism.
The figure brought the total number of FDI projects in tourism over the past decade to 229 with a total capital of more than US$ 6 billion.
Foreign investors have poured cash into building a series of golf courses, luxurious resorts and hotels in recent years in order to tap the country’s tourism potential.
Projects of note include a US$200 million resort and hotel complex in central Da Nang city invested by the US-based KOK corporation and a US$68 million convalescence centre on Phu Quoc island.
Noteworthy in particular is the Banyan Tree Corporation from Singapore, which is currently waiting for license to build an eco-tourism site in the Chan May-Lang Co economic zone in the central province of Thua Thien-Hue at an estimated cost of nearly US$1 billion.
According to the Viet Nam National Administration of Tourism, this source of capital has played a key role in helping the tourism sector improve services quality and diversify products so as to meet the increasing demands from tourists.
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