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NEWS UPDATES 22 September 2010

Vietnam reviews resort projects

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The Ministry of Planning and Investment (MPI) instructed municipal people's committees to review and provide management reports concerning resort projects nationwide.

The reports are due November 31.

The projects that will be reviewed include eco-tourism zones, entertainment parks and casinos, resorts, high-end apartment complexes, hotels and golf courses.

The decree was issued in response to a widely held belief that resort projects are mushrooming out of control and are operating without standards.

MPI will review the reports and inspect each project throughout the country.

Resort and leisure projects have the potential to dominate the real estate market in Viet Nam, however, the sector is lacking in development when compared to neighbouring countries.

Experts are warning that the sector is operating with little oversight. Several projects that have been labelled as 'green' sites are not congruent with sustainable design. Viet Nam does not have any environmental standards for the real estate sector.

Several 'green projects' are often priced higher and are located in beautiful locations where their impact on the environment is even more questionable.

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