For years, Busan was regarded as South Korea’s largest port, the nation’s logistics and heavy industry hub. However, the city’s true breakthrough came with the implementation of a three-pillar strategy: aggressive investment in connective infrastructure, attraction of international capital, and the development of Haeundae into a thriving and affluent area of Busan.
Haeundae is renowned as the jewel of Busan, South Korea.
The Gimhae metro line provides a direct connection from the international airport to the city center in less than 40 minutes, opening up international tourism and trade. FDI is evident with 81 projects totaling 4.4 billion USD in the 2010-2023 period, mainly in services, technology, and entertainment – sectors that bring high added value and contribute to the local economy’s restructuring. Haeundae, once busy only during the summer, has transformed into a resort, financial, and entertainment hub, with apartment prices surging by 57.4% from 2021 to 2024, the highest among the five major cities outside the capital. Notably, tourism also showcases this transformation: Busan welcomed 2.93 million international visitors in 2024, a 60% increase from 2023, and in the first four months of 2025, the city continued to attract over 1.06 million visitors, a 24% rise compared to the same period.
Busan’s story illustrates how a port city can rise to become an international tourism and financial center when three factors – capital, infrastructure, and complex urban development – synergize. Looking at Quang Ninh today, a similar development trajectory is evident.
High-Quality FDI
Quang Ninh has long been recognized globally for Ha Long Bay, a magnificent natural heritage site. However, the province’s image is not limited to tourism; it is expanding into a dynamic investment hub in Northern Vietnam, attracting high-tech and sustainable capital. In just the first six months of 2025, Quang Ninh attracted 61,858 billion VND in social investment capital, including 292 million USD in FDI. Notable projects include Foxconn’s 287 million USD investment in the Bac Tien Phong Industrial Park, Lite-On’s 690 million USD factory, and a 263 million USD smart entertainment project in the Song Khoai Industrial Park.
The notable aspect is not the numbers but the quality: Quang Ninh does not pursue capital at any cost; instead, it steadfastly focuses on high technology, clean energy, and value-added services. This approach ensures that capital not only brings employment but also restructures the economy and elevates the province’s development standards.
Pioneering Infrastructure
Parallel to capital inflows, Quang Ninh’s infrastructure is likened to the “backbone” supporting its development plans. The province is among the few northern localities boasting a high-speed highway, an international seaport, and an international airport. The Van Don – Mong Cai expressway, connected to the Hanoi – Haiphong – Quang Ninh – Van Don highway, symbolizes the “aspiration and faith” of Quang Ninh’s people. This expressway network links three dynamic growth regions: Hanoi, Haiphong, and Quang Ninh. Van Don International Airport and Ha Long International Passenger Port serve as “gates” connecting the heritage region to the world, developed by Sun Group with modern and luxurious landscape values.
Masterplan of the High-End Tourism and Service Complex in Van Don Economic Zone
Notably, the High-End Tourism and Service Complex in the Van Don Economic Zone, with a total area of over 244 hectares and an investment of 2 billion USD, was approved in June 2025. This project is expected to significantly boost premium tourism and services, adding a new growth pole to the province.
Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, stated: “If Van Don is operated as a special economic zone with comprehensive incentives, it will be one of Northern Vietnam’s most attractive long-term investment destinations. However, it is crucial to choose the right moment – investing in infrastructure-connected projects with proven ecosystems.”
Large-Scale Complex Urban Development
While tourism creates demand and infrastructure opens up supply, large-scale complex urban development ensures that capital stays for the long term. This was once Quang Ninh’s weakness: many visitors but short stays and low spending. To address this, integrated urban areas that meet residential, resort, and business needs while offering year-round experiences are necessary. In Quang Ninh, this puzzle piece is taking shape most notably in Bai Chay.
Bai Chay, the tourism hub of Ha Long, is witnessing the formation of a large-scale complex urban area. These are not mere standalone real estate projects but integrated ecosystems where residents can live, vacation, do business, and access 24/7 services. This model has proven successful in Singapore, Shanghai, and Busan, and it is now taking shape in Quang Ninh.
Masterplan of Sun Elite City, Bai Chay, Quang Ninh
A prime example is Sun Elite City, a 324-hectare seaside commercial, resort, and entertainment metropolis in the heart of Bai Chay. Designed as an “all-in-one” model, Sun Elite City integrates functional subdivisions and complementary amenities: the high-rise apartment complex Sun Centro Town, the resort villa subdivision Sun Grand City Feria, shophouses, the 5-star resort Oakwood Ha Long, Sun World Ha Long entertainment complex, iconic works such as Sun Carnival Square, Vui-Fest night market, fireworks over the bay, and an international marina. These pieces not only enhance tourism infrastructure but also create a modern urban rhythm, transforming Bai Chay into a “city that never sleeps.”
Fireworks Bay at Sun Elite City comes alive at night with dazzling fireworks and a vibrant night market.
Sun Elite City’s uniqueness lies in its ability to cater to long-term residential needs while offering short-term accommodation and commercial and entertainment services. This directly addresses Quang Ninh’s challenge of high visitor numbers but short stays and low spending. With a complex urban ecosystem, tourists have more reasons to stay longer and spend more, while investors can enjoy stable cash flow throughout the year instead of relying solely on peak seasons.
As Quang Ninh aims to become a centrally governed city by 2030, the period from 2025 to 2030 is considered the “golden window” for investors. With new value standards being established, the advantage goes to early investors. The Busan experience shows that when capital, infrastructure, and complex urban development synergize, the breakthrough is not limited to tourism but triggers a long-term investment growth cycle. Quang Ninh is at that juncture.
The Banks’ New Venture: Unveiling Their Foray into Stock Trading
In 2025, a wave of banks embarked on a strategic journey, opting to invest in and acquire stakes in securities firms. This move was driven by a singular vision: to deeply engage with the capital markets and catalyze profit growth.
The Resilient Vietnamese Economy: Global Institutions Forecast Bright Outlook for Vietnam’s Economic Growth
The Vietnamese economy is projected to flourish, with AMRO forecasting a 7% growth rate for 2025, followed by a slight dip to 6.5% in 2026. Standard Chartered’s predictions echo this positive outlook, estimating a healthy 6.1% GDP growth for the entire year of 2025. Moreover, UOB’s forecast for the period between 2026 and 2045 paints an even more promising picture, with an expected average annual GDP growth rate of 7% for Vietnam. These projections showcase the country’s robust economic trajectory, positioning it as a prominent player in the region’s economic landscape.
Vietnam-Italy Business Summit in Hanoi
Within the vibrant atmosphere of the forum, a total of ten Memorandums of Understanding were successfully signed between enterprises from both nations. This significant milestone serves as a testament to the thriving business relationships and mutual trust between the two countries.
The Island Resort Near Hanoi: A Magical Bay, Billion-Dollar Infrastructure, and a Flood of Visitors.
This special economic zone boasts a unique, pristine, and captivating natural landscape.
What Do Record-High Remittances to Vietnam Signify?
In 2024, Vietnam witnessed a remarkable influx of remittances, totaling approximately $16 billion. Ho Chi Minh City, a bustling metropolitan hub, led the way with an impressive $9.6 billion, reflecting a significant increase of $140 million from the previous year. This substantial sum is a testament to the city’s thriving economy and robust financial standing, outshining foreign direct investment by a factor of three. The record-breaking figure underscores the resilience and potential of Vietnam’s financial landscape, marking a historic high that promises continued prosperity.
