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Golf investment scalding hot E-mail
Sunday, 22 October 2006
As golf becomes a fashionable sport, building golf courses alongside hotels and villas has become an attractive model of investment in Vietnam.

There are around 5,000 golf players in Vietnam, including 2,000 regular players. Playing golf is not simply a form of entertainment but the symbol of success in the circles of businessmen, politicians and diplomats. As a result, the number of golf players in Vietnam is on the rise.

The number of travelers who come to Vietnam to play golf is also increasing. Pham Tu, Deputy Chief of the Vietnam National Administration of Tourism (VNAT), said that the number of Korean visitors coming to Vietnam reached more than 300,000 last year and may hit over 500,000 in the near future. Many of them come to Vietnam to play golf because Vietnam is an attractive and cheap tourist site. 

Vietnam currently has only 11 golf courses and as the number of golf players is increasing, many new golf course projects are underway. 

The north has the Hanoi golf course, which is wholly invested in by a Japanese company, Kim No, a joint venture with Thailand, Dai Lai Star, Flamingo Dai Lai, Sky Lake Golf, and Long Son golf courses, which are wholly Korean invested. 

The central region also has big golf projects in the works worth $100 million like the Da Nang golf course, invested in by VinaCapital. 

According to the Ministry of Planning and Investment (MPI), there are up to 28 golf course projects that are at different stages of completion in Vietnam now. They comprise 13 in the north, 10 in the central region and five in the south. 

An official from the MPI said that from now to the year’s end around 3-4 new golf courses will be put into operation. Meanwhile, existing golf courses are trying to upgrade and offer preferential policies to maintain their players. Dong Mo golf course has reduced member fees by half for officials compared to the fees for businessmen. The Chi Linh Star golf course has invited Lars Holden, a member of the Australian Professional Golf Players’ Association, to be its general director.  

Golf players hope that with many new golf courses, the expenditures for this sport will be lower.  

Deputy Construction Minister Tong Van Nga said that expensive fees hinder Vietnamese from playing golf. Normally golf players have to pay hundreds of millions of VND to buy membership cards and equipment.  

Additionally, each time they go to a golf course, people have to pay other kinds of fees worth tens of US dollars. 

Source: Do Thi

 

 
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