Investing in Vietnam’s Resort Sector: Market Overview and Outlook

Vietnam’s resort sector is entering 2026 with strong momentum, supported by rising domestic travel, a robust rebound in international arrivals, and growing demand for integrated leisure and wellness destinations.

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The Vietnamese government aims to attract 25 million international visitors in 2026, a 16 percent rise from the record numbers of 2025. This trend continues to solidify Vietnam’s status as one of Southeast Asia’s quickest expanding leisure and hospitality markets, offering a promising outlook for resort investors exploring medium- to long-term prospects.

Rising domestic travel, the continued recovery of international arrivals, and demand for integrated leisure, wellness, and lifestyle destinations are reshaping the resort investment landscape. At the same time, Vietnam’s regulatory framework for resort projects remains layered and procedural, requiring careful structuring and local execution.

This article reviews the market outlook, regulatory considerations, available incentives, and strategic implications for investors, while flagging regulatory areas that may require further verification following recent legal updates.

Overview of Vietnam’s resort market

Market performance

Vietnam’s resort sector continues to benefit from a convergence of structural demand drivers. Domestic tourism has remained resilient, supported by a growing middle class, improving transport connectivity, and a shift toward short-haul leisure travel. International tourism, which rebounded strongly in 2024 and 2025, is expected to accelerate further as air capacity normalizes and visa facilitation measures expand.

Vietnam aims to welcome 25 million international visitors in 2026, up from approximately 21.5 million in 2025. This growth reflects stronger inflows from Northeast Asia, Southeast Asia, and selected long-haul markets, alongside the expansion of resort destinations beyond traditional hubs.

As global tourism steadily recovers, Vietnam stands out as a top performer. In 2025, international visitors to Vietnam increased by approximately 22 percent, significantly above the global growth rate of about 5percent and the Asia-Pacific regional average of 8 percent. Compared to the pre-COVID-19 era, Vietnam’s tourism recovery surpassed 110 percent, whereas the Asia-Pacific region as a whole recovered around 90 percent.

Growth drivers and outlook

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Resort development has increasingly concentrated in coastal and island destinations such as Phu Quoc, which has emerged as a flagship example of large-scale tourism planning, integrated entertainment offerings, and international branding. The island has played a central role in Vietnam’s recent tourism milestones, driven by resort clusters, theme parks, and supporting infrastructure.

Beyond marquee destinations, secondary coastal provinces and highland wellness destinations are also attracting investment. Industry commentary highlights growing interest in integrated leisure resorts that combine beachfront hospitality with wellness, golf, entertainment, and residential components, allowing developers to diversify revenue streams and mitigate seasonality risks.

Looking ahead, the market outlook remains positive but increasingly segmented. While demand for upscale and experiential resorts is rising, competition is intensifying in mature destinations. Investors are therefore placing greater emphasis on destination differentiation, brand partnerships, and long-term asset positioning rather than short-cycle hotel development alone.

Regulatory framework for resort development in Vietnam

Resort investments in Vietnam are governed by a multi-layered regulatory framework that spans land management, construction, tourism regulation, and foreign investment controls. In practice, resort projects are typically required to secure approvals across several distinct stages.

Land use and land allocation or lease

Land-related approvals form the initial and central step in resort development. Resort projects often involve coastal land, forest-adjacent areas, or island locations, which may trigger additional scrutiny under land-use planning and environmental protection regulations.

Decisions on land allocation or land lease are generally made at the provincial level, based on approved master plans.

Investment registration

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Foreign-invested resort projects are subject to investment registration requirements. This typically involves obtaining an Investment Registration Certificate (IRC), followed by an Enterprise Registration Certificate (ERC).

Recent changes to Vietnam’s investment laws suggest increased procedural flexibility for foreign investors. However, it is important to carefully consider how these updates affect large-scale resort projects, especially those involving land allocation, based on relevant guidance.

Construction and environmental approvals

Resort developments are subject to construction and environmental approval requirements. These typically include construction permits and environmental impact assessments.

Compliance with technical standards related to coastal protection, water usage, and waste treatment is also required and may affect project timelines and costs.

Tourism licensing and operational approvals

Tourism-related approvals apply prior to project operations. Accommodation facilities must meet applicable classification standards and register with tourism authorities.

Additional licenses may be required for entertainment, wellness, or gaming components, where applicable.

Investment incentives for resort projects

Vietnam continues to position tourism and resort development as an encouraged investment area, particularly in regions aligned with national and provincial tourism strategies. Eligible resort projects may access a range of investment incentives, subject to location, project scale, and compliance with sectoral conditions.

Common incentives cited in professional analyses include:

• Corporate income tax (CIT) incentives, such as preferential tax rates, tax holidays, or tax reduction periods for projects in encouraged sectors or disadvantaged areas;
• Land rent exemptions or reductions, particularly for projects located in designated tourism development zones, islands, or socio-economically difficult areas;
• Import duty exemptions for certain equipment and materials not available domestically, subject to project approval.

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These incentives are typically granted through the investment registration process and reflected in the project’s approval documents. However, eligibility thresholds and incentive packages vary by province and are subject to periodic revision.

Notably, some of the incentive frameworks discussed in recent legal commentaries may be affected by Vietnam’s broader legislative updates adopted by the National Assembly. As such, the continued applicability of specific incentive schemes for 2025–2026 should be confirmed with provincial authorities or updated implementing regulations before being factored into financial models.

Strategic considerations for resort investors in Vietnam

As Vietnam’s resort market matures, investment strategies are evolving beyond traditional hotel-only development models. Several strategic considerations are increasingly shaping project outcomes.

Integrated and mixed-use development

Integrated and mixed-use resort development has become a defining trend. Projects that combine hospitality with branded residences, retail, wellness, and entertainment components are better positioned to diversify revenue streams and improve asset utilization throughout the year.

This development model also aligns with provincial planning preferences for comprehensive tourism complexes rather than standalone resort projects.

Environmental, social, and governance considerations

Environmental, social, and governance (ESG) compliance is playing an increasingly important role in both regulatory review and market positioning. Issues such as coastal erosion risks, community engagement, and sustainable resource use are now central considerations in approval processes.

Resort projects that integrate sustainability measures at the planning stage may face fewer regulatory obstacles and achieve stronger long-term market acceptance.

Local partnerships

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Local partnerships remain a critical factor in resort investment. Foreign investors often collaborate with Vietnamese developers to navigate land procedures, local planning requirements, and stakeholder engagement.

While such partnerships can reduce execution risk, they require careful structuring to ensure alignment on governance arrangements, exit mechanisms, and capital deployment.

Regulatory timing and sequencing

Regulatory timing and sequencing represent another key consideration. Given Vietnam’s layered approval structure, delays in land or environmental approvals can materially affect project economics.

As a result, investors increasingly build contingency buffers into development timelines and prioritize provinces with established track records in handling large-scale tourism projects.

Takeaway for businesses

Vietnam’s ambition to attract 25 million foreign visitors in 2026 underscores the government’s commitment to tourism-led growth. For resort investors, this creates a supportive demand environment, particularly for high-quality, experience-driven destinations.

However, the opportunity comes with execution complexity. Regulatory compliance, land access, and policy interpretation remain decisive factors in determining project viability. Recent legislative activity suggests a gradual shift toward streamlining investment procedures, but the practical impact will depend on how new laws are implemented at the provincial level.

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