June 4, 2007

Asia | Vietnam | Hoi An

Hai Time for Vietnam

By Mark Jolly

Vietnam plays catch-up the tourism triumphs of Thailand and Malaysia.

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For years, Vietnam has been playing catch-up with the tourism triumphs of Thailand and Malaysia. But all that may soon change. After China, Vietnam is currently the fastest growing economy in Asia, and its remote, backwaters island of Phu Quoc (careful, now, with the pronunciation) is angling to draw nearly as many tourists as the entire country does right now (3.4 million). A Phuket-in-the-making, 28 miles off Vietnam’s southwest coast, the palm-fringed destination has secured $6 billion of investment in upscale hotel projects — including a $2.6 billion “luxury ecotourism” compound called the Pearl of Asia, and a 2,000-room mega-resort that will be home to a Vegas-style casino and an auto-racing track.

How will all this harmonize with the one-third of the island that has been designated a national park? (Answer: don’t hold your breath.) More immediately, however, it’s Vietnam’s central coast that’s leading the country’s gold rush. The new Nam Hai, which we told you about in February, has already set a new standard in beachside luxe: 40 of its villas have their own butler, private pool and ocean-view vistas. And now, the big guns are moving in — including Four Seasons, and Banyan Tree, which promises to open Vietnam’s “first integrated luxury resort.”