Business
JLL: Da Nang's potential enormous
  • | VET | June 20, 2018 10:17 PM
Hosting APEC in November last year generally brought much focus to Vietnam’s stellar growth as one of Asia’s emerging economies and specifically to Da Nang, further promoting its MICE capabilities internationally, according to the latest report from real estate consultants JLL.

Real estate consutant's latest report notes the strengths of the central city in tourism and retail. Photo: baodanang.vn

Da Nang is the major economic hub of central Vietnam and is also one of the major resort destinations in the country. There are three UNESCO World Heritage Sites located within 100 km of the city and its scenic beaches, including the famous My Khe Beach, and it attracted 819,377 international tourists in the first quarter of this year.


International airlift has grown substantially. The expanded airport - part of APEC preparations - now has a capacity of 6.5 million arrivals a year and is the third-largest in the country, after Noi Bai in Hanoi and Tan Son Nhat in Ho Chi Minh City. Key opportunities for Da Nang will come from improved flight connectivity, evidenced by AirAsia Thailand beginning a Bangkok - Da Nang route in April 2017, and further growth in such flights to larger travel hubs with European connections are also welcomed.

The potential of Da Nang is enormous, as it is slowly gaining a reputation as having a tech-savvy workforce. There are a number of notable projects in the planning and construction stages along the coastline, while several others remain in various pre-feasibility stages as the retail market continues to receive solid interest from local and foreign developers.

A highlight is the modern commercial center project - VV Mall - from the reputable Crowne Plaza and luxurious hotel brand JW Marriott.

Located along the highway from Da Nang to nearby Hoi An ancient town and with 35,000 sq m of leasable space, VV Mall will offer a wide array of brands to appeal to the retail appetite of local people and tourists alike. These include renowned fashion brands, international duty-free stores, and restaurants offering various cuisine. Connected to Crowne Plaza, Crowne Games Club, and the JW Marriot Hotel (which will open in 2019), under the same developer, the Silver Shores Investment Development Company Limited, VV Mall will add value to the existing hotels to become an attractive retail destination.

“With the joint efforts of both the VV Mall Management Service Company and JLL there will be unlimited new business opportunities for our investors,” said Mr. Mark Thomas, Director of the Board at Silver Shores. “The interior of the shopping mall is now being decorated and it will open in June 2019.”

Based on a design concept of “Shopping while traveling and traveling while shopping”, VV Mall will become one of the must-visit places in Da Nang for both domestic and international guests.

The JLL report noted that Vietnam’s growing retail market has attracted the attention of many foreign retailers. Political stability, a pro-business environment, and “golden” demographics, which sees 25 per cent of the population being between 10 and 24 years of age, have attracted a range of famous retailers from Japan, Thailand, South Korea and France.

Vietnam has been one of the fastest-growing countries in Southeast Asia in recent years. In the first quarter of this year its GDP grew 7.38 per cent; higher than the expected average annual growth of 6.0-6.5 per cent forecast for 2016-2020. Its strong growth is the result of favorable demographics, continued urbanization and industrialization, and higher employment in the services sector along with a rising middle class.

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