Vietnam looks to golf to drive luxury real estate investment, tourism growth

The seminar, hosted on Wednesday at Tuoi Tre (Youth) newspaper’s headquarters in Ho Chi Minh City, brought together local and foreign business leaders active in golf and property development.

The event took place alongside the Vietnam Legends Championship 2025, which is part of the global Legends Tour, holding its first two rounds at Dalat Palace Golf Club in Lam Dong Province and KN Golf Links Cam Ranh in Khanh Hoa Province.

The tournament attracts over 3,500 golfers and business figures, including Dileep Kumar, a Dubai-based billionaire and founder of luxury property developer Heilbronn Properties.

“I first came to Vietnam in 2009 and fell in love with Ho Chi Minh City,” Kumar said.

“This city makes me feel humble.”

He noted that Vietnam’s real estate market remains largely domestic, unlike Dubai’s diverse international clientele.

“Promotion and advertising need to be stronger,” he said.

“People don’t know about Vietnam unless it’s widely advertised.”

Nguyen Gia Bao, a key organizer who helped bring the Vietnam Legends Championship into life, said the tournament creates opportunities for billionaires and foreign investors to explore the country’s real estate sector, paving the way for investments beyond golf-linked properties.

Industry leaders emphasized golf’s potential to boost tourism and commerce.

“Golf is a refined sport enjoyed by families, supported by beautiful courses and infrastructure,” said Tran Ngoc Hai, vice-chairman and CEO of Long Bien Investment Corporation.

“With visa facilitation and strategic policies, golf can contribute significantly to Vietnam’s GDP.”

Nguyen Huu Tuong, investment manager at KN Holdings, highlighted the strong international presence at golf resorts, with its properties attracting 40,000 to 43,000 visitors annually, mostly from South Korea, Taiwan, and Japan.

However, he cautioned that legal restrictions on foreign property ownership hinder growth.

“Recognizing long-term lease contracts could unlock more foreign investment,” he said.

Ho Chi Minh City Real Estate Association chairman Le Hoang Chau mentioned ongoing proposals on easing ownership rules to allow foreigners to buy condotels and villas in golf resorts for up to 50 years.

He also spotlighted the urge for simplified visa procedures to attract more foreign buyers.

Experts also stressed the untapped potential of Vietnam’s overseas Vietnamese population, which holds ample capital.

“They seek clear legal frameworks and quality living experiences, not just profits,” said Tran Thanh Tung, business director at Nam A Bank.

The government’s recent moves to ease visa restrictions and improve infrastructure, including the upcoming Long Thanh International Airport opening in 2026, were also cited by Phung Le Trinh, general manager of business and market development at Saigon Ground Services (SAGS), as key factors supporting growth in tourism and luxury real estate.

Peter Trinh, managing director of NAI Vietnam, called for concrete action rather than repeated discussion to make golf more popular and attractive.

“We need to target specific markets like Europe, the Americas, South Korea, and Japan with tailored strategies,” he said.

Kim Dong Hwan, CEO of D&G Golf, observed that while Vietnam’s golf industry focuses on younger players, models catering to older golfers in South Korea and Japan could be instructive.

Vietnam aims to capitalize on golf and luxury real estate as engines for tourism growth, commercial development, and enhanced global integration, capitalizing on events like the Vietnam Legends Championship and partnerships with global investors.