A workshop organized Tuesday by The Investor on real estate trends catering to increasing demand for wellness-based living seeks to locate Vietnam on this lifestyle’s world map.
The event in Hanoi will discuss international trends as new investment opportunities, get an insight into the case of Vietnam, and propose solutions appropriate for the country.
Among the participants at the morning event will be representatives from the ministries of Culture, Sports and Tourism, Health, Natural Resources and Environment, and Construction, as also economists and representatives of Vietnamese and foreign companies.
The context for the workshop is the undeniable impact that the Covid-19 pandemic has had on people’s lifestyle, needs and behavior, resulting in major changes in the real estate and tourism sectors.
One of the changes is discernible investment flows towards real estate projects that focus on wellness-based lifestyles.
The Global Wellness Institute (GWI) has evaluated the world’s wellness economy at about $4.4 trillion in 2020 and estimated it will reach $7 trillion by 2025.
Wellness tourism value alone reached $617 billion and $720 billion in 2017 and 2019, respectively. This is predicted to increase to $816.5 billion this year and to more than $1,127 billion in 2025, with a likely average growth of 20.9% per annum.
Vietnam fits easily into this global development trend, given its long coastline, many scenic spots, cultural and historical relics, not to mention its rich cultural heritage. The nation’s traditional medicine sector and many systems of hot mineral springs are particular advantages.
The Vietnamese government encourages the provision of healthcare services to tourists based on traditional and modern medicine towards improving their physical and mental health.
In recent years, tourist destinations with standard healthcare facilities have lured significant investments. These include Kim Boi (Hoa Binh province), Sapa (Lao Cai), Hoi An (Quang Nam), Nha Trang (Khanh Hoa), and Sun Group’s resorts in Quang Ninh province and Phu Quoc Island. Urban areas like NovaWorld Phan Thiet in Binh Thuan and Hanoi’s Ecopark are also known as destinations promoting wellness-based lifestyles.
However, specialists say that this sector has not been able to provide diversified products and services as expected. The most popular wellness attractions are mostly spas and hot mineral water baths.
Experts believe that there are several reasons for this. First, the sector is still a new concept and as such, lacks clear definitions, development orientations, criteria and standards.
The wellness-based lifestyle is understood often as health tourism with spas, mineral water baths, mud baths, yoga and meditation.
Second, there is no overall policy orientation for land planning, investment incentives, registration and other procedures. Coordination between the tourism, healthcare, and sports sectors is also limited.
Third, limited capital has left several projects in this sector unfinished or operating inefficiently.
Fourth, the sector is hampered by the lack of strong, professional workforce.
Fifth, marketing and promotion campaigns both within and outside the country for highlighting wellness-based lifestyle options have been limited.