The Vietnamese market can offer new developments and unique products in the property sector because it is yet to mature fully, a regional expert says.
Vietnam is still a young and attractive market for property developers and there are a number of unexplored opportunities in the country with growing demand from local people, said Robert McIntosh, CBRE Hotels' executive director for the Asia Pacific region.
McIntosh said condo-hotels, a mix between apartments and hotels developed in Australia and other countries, would be a novelty in Vietnam, but could be an option for developers.
Speaking to the press in Ho Chi Minh City Wednesday, he said Vietnam's property market was developing with more local investors supported by foreign management firms.
He said the market's growth will be based on the economy or budget hotel sector, where the investors were still operating independently with limited management control, weak brand recognition, and no standard design or services.
The performance of hotels and resorts in Vietnam has begun to stabilize over the past few months as tourist arrivals increase and business visitors return, CBRE Vietnam said in a report released on Wednesday.
McIntosh said better medium and long-term opportunities were appearing in the country due to its stunning coastal areas, beautiful hill resorts and highly populated cities.
However, he cautioned that the Vietnamese market was still subject to rapid and constant change, and could catch developers off guard.