Vast pieces of Phu Quoc night economy20/06/2022
A series of large projects on resort, commerce, entertainment… are forming and becoming a great driving force for Phu Quoc to develop the night economy.
Wave of night economic model
After decades of establishment and development in many countries around the world, the night economy model has become a mainstay source of income for the tourism – entertainment industry in many famous destinations, creating a great transition for the service industry.
According to experts, the advantage of the night economic model is to attract tourists and create accents and uniqueness for each locality and region. Thus, the more diversified and abundant the night economy is, the more likely it is to retain tourists and stimulate spending demand.
According to a study by Ernst & Young (E&Y), the UK nightlife industry contributes about 6% of GDP with a size of approximately £66 billion, creating more than 1.25 million jobs. E&Y estimates London’s night-time economy could contribute nearly £30 billion a year by early 2030, 15% more than it is today. Thailand’s Ministry of Tourism and Sports also estimates that extending operating hours at leisure facilities will increase visitors’ spending by 25% and boost economic growth for the country.
The night economic model is also one of the orientations set and encouraged by the Government of Vietnam. Following this orientation, many localities such as Da Nang, Hoi An, Nha Trang, Phan Thiet, Phu Quoc… are rapidly implementing night economic activities to promote tourism and economic development.
As the first locality to pilot international tourists through “vaccination passports”, Phu Quoc has regularly welcomed a large number of visitors from the beginning of the year until now; travel, resort, business and service activities bring in great revenue. According to statistics of the Kien Giang Department of Tourism, after only the first 5 months of the year, the locality has welcomed over 50% of the year’s plan, with more than 2.8 million arrivals. Phu Quoc alone has welcomed nearly 2 million visitors, earning more than 2,200 billion VND in revenue.
Therefore, Phu Quoc is posing the problem of developing the night economy for businesses operating in the city with the desire to create jobs and income for workers; make the most of local resources to attract tourists, thereby promoting economic development.
Large corporations such as Vingroup, Sun Group, TTC Group… have spent billions of USD to form high-class resorts, destinations with many vibrant and unique business and entertainment activities on Dao Ngoc island.
Leverage from big projects
Recognizing the future market potential, TTC Group also invested tens of thousands of billion VND in the Selavia resort complex with the hope that the project will become an important piece in the night economic model on Dao Ngoc island.
Selavia has a total area of up to 300ha and owns 2.5km of private coastline in the south of the island. The highlight of this project is an artificial island in the sea shaped like a lotus flower. Selavia was formed from the cooperation of many leading domestic and international partners such as Surbana, Royal Haskoning, Kume and Southland…
The project owns a large-scale commercial center in the south of the island with 24/7 entertainment, discovery and resort activities. The investor expects this place to become an exciting new destination for tourists in Phu Quoc.
Many experts expect that, with the night economic model, Phu Quoc will soon reach the goal of attracting 7 million tourists. This is an opportunity for real estate businesses in the area with a potential market, thereby creating a great demand for the product lines of commercial townhouses – shophouses.
The attraction of Phu Quoc is expected to increase in the long term, when many large infrastructure projects come into operation. In addition, products with development leverage such as hospitals, schools, sports complexes… are also urgently completed by many investors, in order to quickly turn Dao Ngoc island into the leading tourist destination in Vietnam.
In this trend, the Selashine commercial townhouse belonging to the Selavia project complex is expected to become a “destination that never sleeps” thanks to the advantage of its location on the avenue of light that connects directly to the artificial island in the sea. In addition, Selashine is also adjacent to an impressive utility ecosystem in the project campus such as the light square, Luc Loc fountain, scallop stage… with 24/7 entertainment activities, offering the opportunity to experience a variety of exciting services and entertainment.
“This is the key factor that helps Selashine commercial townhouses attract investors during the past time. With the orientation of 24/7 operation, Selashine shophouse will contribute to accelerating cultural, tourism and economic development in the South Island area,” said the representative of the investor.