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| Overview of Ritz Carlton project in Hanoi (Photo: vneconomy.vn) |
The newswire said Viet Nam’s number of high and ultra high network individuals have increased impressively over the past five years, with those amassing over 1 million USD and 30 million USD accounting for 26 percent and 108 percent, respectively. Therefore, owning a branded apartment is considered a “testament” to their class, apart from the purpose of living and pure investment.
The growth arose from Viet Nam’s impressive economic growth. In 2019, Bloomberg said Viet Nam was one of the fastest growing economies globally with a growth of over 6 percent in 20 consecutive years.
The South China Morning Post also wrote that Viet Nam’s property sector has been increasingly favoured by international investors because of its stellar economic growth. The US-based hotel operator Marriott International is also making a foray into Viet Nam’s branded residence segment.
In early 2021, Marriott International announced the first branded residence project in Viet Nam – Grand Marina Saigon in District 1, Ho Chi Minh City. It also plans to embark on another branded Ritz-Carlton in downtown Ha Noi in late 2023.
(Source: VNA)
