Viet Nam has missed some economic development opportunities and should not ignore the chance to grow the night-time economy, according to economist Tran Dinh Thien.
A night party on a beach of Nha Trang. Economists want Viet Nam to take the chance to develop the night-time economy in the new normal. — Photo bizvietnam
Thien was speaking at a night-time economy workshop with the focus on tourism and realty development in the southern province of Khanh Hoa last weekend.
“Viet Nam is a bright spot in the midst of the Covid-19 pandemic. While the world economy is dark, the local one is still bright and stable,” he said, adding, “it is a very great opportunity for development.”
He said Viet Nam has lost many economic development opportunities in the past, including for the night-time economy.
Thien said though some cities such as HCM City, Ha Noi, and Da Nang had night-time economic activities, there is still no official mechanism to develop modern night urban activities.
Thien said some cities have been allowed to pilot mechanisms and policies for night-time economic development.
“Khanh Hoà Province should propose to develop the night-time economy early. Nha Trang needs to start first not only for Nha Trang but also to be the model for nearby areas like Ninh Thuan, Da Lat and Phu Yen," he said.
“It is necessary to the discuss and clarify what should be done with a roadmap and solution to deal with possible evil-doing at night too," Thien added.
The economist said enterprises have to shape the plans for the night-time economy, adding that they need to make different products for night-time activities from daytime activities as consumer behaviour and demands are different.
Also at the workshop, Professor Dang Hung Vo called for a separate legal framework to meet for night-time economic development, noting the legal problems the condotel model had faced in Viet Nam.
“As the law on real estate and land has not kept up with tourism reality, it does not create opportunities for tourism to develop," he said.
"The local night-time economy must be different from others the world to be indigenous but above all, it must meet the highest needs of tourists. Viet Nam needs a framework of reasonable laws to develop otherwise opportunities will be missed again."
Vo mentioned Thailand was a Buddhist country which did not support the sex industry, but it had still developed in the country and boosted tourism.
Nguyen Van Dinh, vice chairman of the Vietnam Association of Realtors (VARS), said that to develop the night-time economy, there must be infrastructure and an administrative system to manage it.
According to statistics from VARS, there were 216 realty projects with tourism infrastructure systems in 10 provinces, with 83,000 condotels and 30,000 villas and shophouses and 12,000 hotel rooms.
According to calculations, to develop the tourism economy by 2025, the tourism industry will welcome 120 million domestic and 35 million international tourists.
Dinh said the number of rooms was not enough, adding: “It must also increase two or times to meet the Prime Minister’s plan decision by 2030 when Viet Nam will welcome 50 million international and 160 million domestic tourists.
Dinh said there were not enough types of complexes with many types of services or multi-function resorts in Viet Nam.
“The night-time economy will meet the highest demand of tourists and increase the need for prolonged spending and impression to return," he said.