Vietnam's stock of world-class golf resorts and courses continues to expand, bolstering the country's status as a bucket-list destination.
Golf has steadily grown in popularity, driven by a growing middle class and the increasing number of high-net-worth individuals, allowing golf course investment activities in Vietnam to flourish.
According to Vietnam Golf Association, the number of players in the country is estimated to be over 100,000, with 30,000 playing at least twice a month.
Other factors in Vietnam’s favor include an accommodating business climate for this kind of business.
Golf course investment has become simpler as localities can okay golf course projects themselves, rather than having to rely on national planning. As a result, local governments can integrate golf course planning into their city's or province's overall socioeconomic development plans.
Another advantage for Vietnam is its intense infrastructure drive. In April 2021, the Ministry of Transport announced a $65-billion master plan that entails new airports and expressways.
Given all this, it was inevitable that the country’s golf-tourism industry would take off.
In Ta Dung area of Dak Nong province, several entities are now engaged in exploring a large-scale golf course, resort and tourism complex project, spread over an area of about 23,500 hectares.
"With large land funds, and favorable geographical and climate conditions, Dak Nong is seeking investors for many infrastructure and tourism projects, especially golf courses," Le Van Chien, standing Vice Chairman of the Central Highlands province, told The Investor.
A string of Mekong Delta provinces are also looking for golf course investors in a bid to beef up local tourism.
An Giang authorities are calling for investment in a 120-hectare golf course. The VND7,500 billion ($323.3 million) Ta Lot Lake tourism and golf course complex project is to be located on the slopes of Cam Mountain in Tinh Bien district, a tourist attraction in the south.
Soc Trang province is seeking investors for a golf course project in Long Phung commune, Long Phu district. The 90-hectare project aims to create a semi-submerged alluvial terrain golf course.
Vietnam, the world’s best golf destination in 2021 according to World Golf Awards, is becoming a home to several domestic golf giants.
BRG Group, a pioneer in the development of golf and tourism in Vietnam, has invested in many golf courses including Ruby Tree in Hai Phong, Legend Hill and Kings Island Golf Resort in Hanoi, BRG Da Nang Golf Resort in Danang, along with under construction Stone Valley in Kim Bang, Ha Nam province.
Vietnam’s largest listed conglomerate Vingroup currently has six golf courses nationwide, with a total area of 912 hectares, including Vinpearl Golf Nha Trang, Vinpearl Golf Hai Phong, Vinpearl Golf Phu Quoc, Vinpearl Golf Nam Hoi An, and a 293-hectare Vinpearl golf course project in Khanh Hoa, Hai Phong, Kien Giang, Quang Nam province and Hanoi, respectively. In 2018, Vinhomes, a Vingroup subsidiary, became a shareholder of Cu Chi golf course project in northwestern HCMC, holding a 98% stake.
The largest private-owned hotel chain in Vietnam, Muong Thanh Hospitality, set its foot in the golf investment market with two golf courses, namely the 70-hectare Muong Thanh Dien Lam in Nghe An province and 112-hectare complex’s Muong Thanh Xuan Thanh in Ha Tinh province.
Novaland, one of Vietnam’s largest listed companies, now runs the 36-hole PGA Ocean golf course, located in the NovaWorld Phan Thiet complex project in Binh Thuan province. This is the only golf course cluster in Vietnam that fulfills the PGA's requirements and holds the exclusive copyright to host events in the PGA's system. The course, designed by legendary golfer Greg Norman, launched one of its section clusters in April.
As one of the company's strategic priorities, FLC Group has added many golf courses into its series of resort complex like FLC Quy Nhon Beach & Golf Resort, FLC Sam Son Beach and Golf Resort, FLC Ha Long Bay Golf Club & Luxury Resort, FLC Quang Binh Beach & Golf Resort in Binh Dinh, Thanh Hoa, Quang Ninh, Quang Binh province, respectively.
The golf sector in Vietnam is still developing, with a slew of offers to build golf courses and for investors to take full advantage of its land and potential.
South-Korea backed D&N Group in March disclosed its intention to invest around VND6,000 billion ($258.43 million) in a 600-hectare urban resort and golf course complex project in Ha Tinh province, central Vietnam.
BRG Group is seeking in-principle agreement for a 72.56-hectare golf course project in Quang Xuong district, the central province of Thanh Hoa.
Vietnam’s largest steel maker Hoa Phat Group is awaiting the provincial green light to survey and report on an international golf course and ecological urban construction project. The project will span on two districts Gia Loc and Ninh Giang in the northern province of Hai Duong.
Golf in Vietnam continues to evolve at a rapid pace with exceptional new courses added regularly. The country is home to many multi-award golf courses and hotels such as Ba Na Hills Golf Club, The Bluffs Ho Tram Strip, and KN Golf Links.
According to the Vietnam Association for Conservation of Nature and Environment, each hectare of a golf course requires up to 1.5 tons of pesticides and 1.8 million cubic meters of water each year. Many years after a golf course stops operation, the poisoned land is still not suitable for cultivation.