Green Lotus to blossom next to the tropical tranquility of Do Son

Could you outline your project in Haiphong?

In Haiphong, our project is in Do Son beach. Our land is actually near the beach, about 100 hundred metres from the beach. What we are planning to do there is to build holiday villas, service apartments, hotel, and clubhouses like convention centre, restaurants and outdoor water theme park. Total investment cost of this project is $20 million and we will actually launch project in phases, step by step, partly because the economy now is not so good. The economy is slowing down a little bit, so now we are constructing infrastructure in our site. We are building our office and show house, which will complete in end of November.  

The property market is gloomy now, so why did you decide to build villas first but not the theme park, hotels or other facilities?

Now in Do Son there is a shortage of places to stay. I mean there are pretty places, but they are not good quality. That is why we want to build six villas to test the market first and then the theme park is next one. There will be 31 villas in our project, but we have already confirmed to start building six villas first in next December or January to test the market. If the demand is ok we will continue building. At this moment, we are optimistic about the whole economy in the long term.

However, we cannot build too many at the time because I am worried that the current demand is not is not so good, in the future is good. The villas will come first because without the theme park in Do Son people already go to there in the summer. So we build six villas first to test the market, if the market is good we will continue to build the theme park and them the next one.

Many foreign developers choose coastal central region to develop resort projects, why did you select Do Son beach as an investment destination?

In the central like Danang, Nha Trang and Lang Co, the beach is very nice. We don’t really have advantages there because too many developers there, therefore the market is very competitive there. But in Do Son only one or two. So that why we chose in Do Son. Initially when we came to Vietnam in 2006, it’s small market because it was a new market compared to other countries like China, Malaysia and Indonesia. And because it is a new market, we see some potential here. We do not come here for short term investment, we come here for long term investment. Even now the economy is gloomy and the real estate market is not good here, but we see in long term, maybe five years or ten years. I see lots of potential in Vietnam, especially in north Vietnam

Who are your customers?

Our customers are people living in Hanoi, Haiphong and Quang Ninh. We target Vietnamese customers, not foreigners because at this moment Do Son is still not well-known to the international tourists, not like Danang, Nha Trang, or Halong Bay.