Songgia Resort – Waking up Haiphong Property Potentiality

Songgia Resort Complex, invested by South Korea’s Amco – Mibaek Vina Co., Ltd, is located on an area of 637 hectares in Thuy Nguyen district in the northern port city of Hai Phong. This US$582 million project is considered the largest in Haiphong. Reporter of Vietnam Business Forum has granted an exclusive interview with Mr Sung Han Hong, Managing Director of Songgia Resort Complex, on this project.

Songgia Resort is considered a mammoth project but it is located in the little-interested region. Do you think the project will awaken the potentiality of this area?

Haiphong city is smaller than Ho Chi Minh City and Hanoi but we think that this is an opportunity element. Looking to the near future, the current Haiphong market is smaller than Hanoi as well as Ho Chi Minh City. However, given the speed of development, Haiphong is also trying to grow up as fast as other cities. Therefore, in the long horizon, the development potential of Haiphong will outpace Hanoi and HCM City while returns from real estate investment are very big. Furthermore, compared with Hanoi and HCM City, real estate prices in Haiphong are relatively low while the competition of property investors is not too severe. Hence, we think this is the best time to invest here.

Songgia Resort is located on the banks of the Song Gia River – the main water supply for the Haiphong people. So, wastewater treatment in Songgia Resort is the big concern of many people. Would you mind telling more about wastewater treatment process in the resort?

Wastewater treatment is of our primary concern. Although the project is located next to the Song Gia River, all wastewater is treated in a self-contained process. Wastewater is concentrated into reservoirs where we will process before discharging to the sewage system of the city.

We have already entered into a commitment with the Haiphong People’s Committee where we are committed not to contaminating the ecological environment of the Song Gia River.

What is your opinion about cooperation and investment potentials and opportunities between Vietnam and South Korea?

Vietnam and South Korea have many things in common and this is the advantage to expand the two-way relations. With cultural and nationalistic similarities, if the two countries know to tap these strengths for mutual cooperation and assistance, they will enjoy a multiple effect in comparison with cooperation with other countries.

Therefore, Vietnam needs to build a strong institution for promoting the bilateral cooperation in the future.

What do you think about the business environment in Vietnam?

In the past few years, the economy has grown quite fast but the country must try more to open up the market and reform administrative procedures for foreign investors in Vietnam to attract more investment capital in the future.

Could you detail issues and policies that Vietnam needs to improve to attract foreign investment to Vietnam?

To attract more foreign investors, Vietnam needs to concretize the legal framework for investors to understand legal requirements for investment to do business at the peace of mind. In addition, Vietnam should increase the accountability and power for State officials to enable them to make decisions quickly, step the investment licensing processes and support investors more actively.

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