Among these projects is a VND4.91 trillion (US$216.2 million) hotel, trade centre and apartment complex, developed by Tay Ho View Co; a $70 million multi-function complex, invested by Post and Telecommunication Equipment Co; and a $20 million hotel project, financed by Ho Tay Co.

Over the past two years, the capital city has focused on attracting foreign and domestic investment into its tourism industry. Among the city’s prioritised projects for investment attraction from now to 2020, four are part of the hospitality sector with total investment capital of VND11.56 trillion ($508 million).

In the future, the city will continue to study and perfect its investment policies to encourage more foreign and domestic investors to invest in the area, the committee said, adding that top priority will be given to the development of resorts, high-grade entertainment and trade centres, besides large-scale hotels.

It will also supervise the implementation progress of ongoing projects in the city and will consider withdrawing investment licences of slow-moving projects. Calls for other qualified investors will be made later, it said.

The capital city aims to receive more than 23.8 million visitors with earnings of some VND71 trillion ($3.1 billion) by the year-end, an increase of 15 per cent from the same period last year, according to the municipal Department of Tourism.

The number includes nearly five million foreign tourists from key markets such as China, South Korea, Japan and France, as well as the US, Germany, Australia, Malaysia, Thailand and Canada.

The city also hopes to pocket some VND72.5 trillion from nearly 25.5 million visitors in 2018 and achieve growth of eight per cent this year, including 4.58 million foreigners and 20.91 million domestic travellers. — VNS