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BỘ GIÁO DỤC VÀ ĐÀO TẠO

TRƯỜNG ĐẠI HỌC KINH TẾ TÀI CHÍNH TP.HCM

THE CHALLENGES AND BENEFITS OF
A TIMESHARE RESORT

LECTURER: THS. NGUYỄN VƯƠNG HOÀI THẢO

MEMBERS: Nguyễn Thị Thuý Ngoan

Hoàng Thị Yến Nhi

Thành phố Hồ Chí Minh – 2021

LIST OF FIGURES & TABLES

FIGURES
Figure 1: Alma Resort’s view from above ................................................................................. 5
Figure 2: Alma representative received the award of Top 10 best resort projects in 2020. ...... 6
Figure 3: Ocean view Suite at Alma Resort............................................................................... 7
Figure 4: Types of apartments in Alma ..................................................................................... 9

TABLE
Table 1: Features of vacation ownership in some resorts in Vietnam .................................... 12

TABLE OF CONTENTS
1. The Development of the Hospitality Industry ................................................................... 3

2. Alma Resort Cam Ranh ...................................................................................................... 4

2.1 Overview ......................................................................................................................... 4
2.2 Timeshare model in Alma Resort.................................................................................... 7

3. The benefits of Timeshare model in Alma Resort............................................................. 8

4. The challenges of Timeshare model in Alma Resort ...................................................... 11

5. Solutions for Alma Resort and Timeshare market in Vietnam ..................................... 13

5.1 Alma Resort.................................................................................................................... 13
5.2 Timeshare market in Vietnam ....................................................................................... 14

6. Conclusion .......................................................................................................................... 15

REFERENCES....................................................................................................................... 16

1. The Development of the Hospitality Industry

Along with the overall economy, the global hospitality industry has enjoyed massive
growth over the last decade since the end of the financial crisis. According to World Bank, the
global economy has grown by more than three percent per year during this period. This
unprecedented expansion has benefited the hospitality and tourism industry by stimulating the
world population's travel activity and adding countless room nights in leisure and business
travel. On top of that, the hospitality sector currently accounts for over 11% of global GDP.
The most significant socio-economic impacts of the hospitality sector are increased
employment, improved living standards, greater tax revenues, and growth in local retail sales.
In Vietnam – with diverse culture and rich history, up-and-coming cities, mountainous areas,
fabulous beaches, and over 3,000 kilometers of coastline in a strategic location, the tourism
and hospitality industry has always been an attractive sector for investors in recent years. With
approximately 15.5 million international tourists arriving in Vietnam in 2018, Vietnam has
surfaced as a rising star in the tourism and hospitality industry among ASEAN countries. The
exciting rise of the tourism and hospitality industry in Vietnam has also prompted the
infrastructure investment to keep pace with the industry's boom. As recorded, Vietnam is
ranked the top spender of its GDP on infrastructure compared to other Southeast Asian
countries. These investments are mostly injected into the new 2,000km highways, metro
systems, and other new builds and expansion in the two important cities in Vietnam: Ha Noi
and Ho Chi Minh city.

However, the recent COVID-19 crisis may be one of the most influential and
unprecedented events for firms, investors, policymakers, and many other market participants.
Along with the worldwide outbreak of the disease, it has adversely affected the performance
and stability of the hospitality industry. In the face of a serious epidemic affecting the world,
many countries around the world have come up with urgent solutions to save the economy,
such as lowering interest rates, offering bailout packages to support businesses, stimulating
consumption. According to the Vietnam National Administration of Tourism Vice Chairman
Dr. Ha Van Sieu, Vietnam, which has been hit by its fourth wave of COVID-19, experienced
a decline of 16% in domestic visitors and 41% in tourism receipts in the first nine months of
2021 compared to the same period last year. “Accommodations, tour operators and travel
services had been shut down or closed temporarily while most international and domestic
flights had been canceled or interrupted significantly due to travel restrictions.” The percentage
of occupied rooms in Vietnam’s accommodation services was about 20% in 2020 and less than

10% in 2021. RMIT Head of Management Department from the School of Business &
Management Associate Professor Nguyen Quang Trung observed that “the past two years have
been challenging for the hospitality and tourism landscape, leading to a really tough time for
hotels, restaurants and tourism establishments.”

Currently, Vietnam is moving towards easing restrictions imposed due to the pandemic
and getting the economy back on track with recovery measures and stimulus packages; the
domestic tourism sector is expected to step up gradually. Vietnam is trying to achieve herd
immunity, with 70 percent of the population vaccinated by the end of this year or early 2022.
The application of vaccination passports in some countries worldwide is also an important step
to revitalize the smokeless industry as soon as the pandemic ends. Vo Thi Khanh Trang, Deputy
Director of Savills Research Department, said that the fluctuations of the tourism industry in
general and the accommodation service business, in particular, depend on the government’s
pandemic control. In the long term, the speeding up of vaccination against COVID-19 has been
identified by Vietnam and other countries in the world as a key strategy to control the pandemic
and open its borders to the world.

2. Alma Resort Cam Ranh

2.1 Overview

ALMA was the first resort built for vacation ownership purposes in Vietnam with the
mission to tighten the bond among family members. The resort officially went into operation
in December 2019. Vịnh Thiên Đường Company is one of the pioneers to bring the vacation
ownership model to the Vietnamese market through the cooperation with RCI. With more than
4,300 affiliated locations in more than 110 countries and territories, RCI is the exclusive
vacation exchange network exclusively for families participating in the Vacation Ownership
model. Currently, IRC is cooperating with six partners in Vietnam, of which the partner with
the largest number of vacation exchanges is Vịnh Thiên Đường Company Limited.

Located in a prime location on an area of 30 hectares at Bai Dai, one of the ten most
beautiful beaches on the planet in Cam Lam, Khanh Hoa Province, ALMA Resort looks like a
peaceful green oasis with the impressive architecture of tropical vibes. It owns a prime location
and convenient transportation, which is only 10 minutes away from Cam Ranh airport and more
than 20km from Nha Trang city while embracing the poetic scenery with peaceful space and
fresh air. With the advantage of a nearly 1km stretch adjacent to the beach, ALMA is designed
with unique architecture, providing customers with an optimal sea view from nearly 400

apartments and 200 resort villas. Each apartment is equipped with modern amenities for
families of five to nine people, ensuring the luxury resort space and high-quality standards. The
smallest from more than 70m2, the largest to more than 200m2, the room space of ALMA
Resort includes 1-3 bedrooms with a full living room, dining area, spacious bathroom to meet
the living needs of the guests. The theme that Alma Resort aims for is mostly designed for
families. In which families can experience dozens of various facilities such as cinema, water
park, mini-golf ground, volleyball court, basketball, beach soccer; water sports such as
kayaking, bodyboarding, or virtual reality play area, kids club, mini science museum, karaoke
room, outdoor cinema. Another highlight of Alma Resort is the landscape and design, taking
full advantage of nature and the beach.

Figure 1: Alma Resort’s view from above

(Source: https://vietnam.vnanet.vn/vietnamese/den-cam-ranh-thuong-ngoan-chon-thien-
duong-alma-resort/455074.html)

Besides practical benefits for consumers, ALMA timeshare also shows positive
contributions to the country's tourism during the Covid-19 crisis. According to statistics, while
the average occupancy rate of many hotels and resorts across the country only remained at
single digits due to Covid-19, ALMA resort has sometimes received more than 2,300 guests
per day. In June, equivalent to 79% of room occupancy. According to Mr. Martin Koerner,
Commercial Director of ALMA Resort, in July, this unit welcomed 15,350 guests, equivalent
to an average of 1,981 guests/day. These are indeed extremely positive figures after what the
pandemic has done to domestic and international tourism. Mr. Herbert Laubichler-Pichler,

General Manager of ALMA resort, affirmed that “A new resort like ALMA would not be able
to exist without a steady stream of guests coming from Vacation Owners. We are very fortunate
to operate on a timeshare model compared to traditional hotels and resorts.” By maintaining
stable operations, ALMA resort also contributes to ensuring jobs for local workers and
generating economic revenue for tourism businesses in the supply chain.

Because of these remarkable factors, the five-star ALMA Resort was officially listed
among the top 10 best resort projects in Vietnam in 2020, which was announced in January
2021 by the Vietnam Real Estate e-magazine realtimes.vn. This is one of the categories under
the Top Brand Award, voted directly by 500,000 readers on the realtimes.vn system, a jury of
150 prestigious journalists in the fields of economics, construction, and real estate, and 30
leading experts in economics, law, planning, architecture, construction, and real estate in
Vietnam. Passing the two evaluation rounds of important criteria, including customer
satisfaction, good service quality, beautiful and novel architectural design, and prestigious
investor, ALMA Resort was honored to be shoulder to shoulder with other big names in the
real estate industry in Vietnam to receive this award.

Figure 2: Alma representative (in the middle) received the award of Top 10 best resort
projects in 2020.

(Source: Realtimes)

2.2 Timeshare model in Alma Resort

A timeshare, also known as vacation ownership, is a lifetime commitment to paying for
annual trips to the same resort or family of resorts. In simple terms, a timeshare is a resort unit
that allows owners to have an increment of time in which they can use for vacations every year.
Properties for vacation ownership are usually well-designed to accommodate all the daily
activities of a family. These properties are often varied. They may be hotel rooms with four-
star standards or higher or 4-5 star resorts, luxury apartments in resorts, or villas. Another
highlight of this type is the ability to exchange timeshare among cardholders. This means that
vacation property owners in local or one country can exchange another person’s holiday in
another local or in another country if they wish as long as they are in the same card issuer
system. In this way, traveling around the world becomes easier and more economical.

Figure 3: Ocean view Suite at Alma Resort

(Sourcce: https://nhatrangtoday.vn/alma-resort-cam-ranh-post1367

In particular, when signing the contract, the buyer agreed to book a holiday at ALMA's
resort on a fixed holiday week for many consecutive years. A regular travel schedule is given
at a pre-determined time and place. Each ownership contract is equivalent to one week of stay
or eight consecutive nights and days. In addition to the attractive holiday exchange benefits,
ALMA also ensures the interests of customers through the Hutchinson certificate - A holiday
ownership certificate guaranteed by an independent third party based in the UK. This is proof
that the customer's week off at ALMA resort has been recognized, and the customer can come

to ALMA resort at a specified time. Although not many people in Vietnam know its meaning,
in fact, most of the resorts operating under the timeshare model in the world fully meet this
process. In Vietnam, ALMA is proud to be the first and only unit to bring this benefit to member
customers that no other domestic enterprise can meet. It is the professional and methodical
business process that has helped ALMA become a leader in the field of vacation ownership in
Vietnam with tens of thousands of families.

3. The benefits of Timeshare model in Alma Resort

- Guaranteed Service

It can be seen that most of the business units operating under the holiday ownership model
in Vietnam are the investors of one or a few business resorts in the accommodation sector.
Since the ALMA resort came into operation at the end of 2019, the market has had a complete,
clear, and accurate view of holiday products. This is followed by a number of large-scale
private Vietnamese enterprises with activities in the resort segment also entering this market.
The significant difference in the vacation ownership product is that of a planned vacation trip.
When customers choose this product for their family, it means that they plan their family
vacation in advance for a specific time of the year and last for many years. A family vacation
becomes a recurring, annual activity planned early on and not simply an impromptu trip. With
a stable customer base, a pre-planned vacation route, resorts, or accommodation businesses
operating under the vacation ownership model are convenient in preparation and quality
assurance. Services to serve their resort guests. This model almost helps resorts avoid passivity
in service when the number of guests is often crowded during peak tourist seasons or tourism
promotion periods.

- Many offers for customers

Alma's Grade A apartment for five people currently has the lowest list price of 465 million
(1 week per year for about 35 years, updated April 2021). With 5-star service and standard in
Alma, this price is not high compared to other competitors in the market (refer to FLC, Coco...).
With average inflation of 4-5%/year, the equivalent value in 2021 is about 370 million, which
is 80% of the current price. In the future, the proportion of the population in the middle class
and above tends to increase. The benefits of Timeshare become more popular, the demand and
purchasing power tends to grow, and of course, Timeshare's price will also increase. Therefore,
early customers who buy Timeshare will be more profitable economically.

When deciding to become an Alma owner, the customer can choose when and where to
spend their week off: which week of the year and which of the eight types of units at the resort.
Those who buy first are more likely to choose the week off and the kind of unit that suits their
family's wishes. Especially with peak weeks such as Tet, Mid-Autumn Festival, summer, and
public holidays, the rate of getting a good holiday week will also decrease over time.

Figure 4: Types of apartments in Alma

(Source: https://tapchisuthat.com/loi-ich-khi-mua-alma-timeshare-som/)

According to the announcement, the Alma resort project is licensed to operate until 2054
at a specified time. Therefore, every contract extends to this timeline. For example, if Ms. A
buys a week off from 2020, she will be entitled to a vacation from 2020 to 2054 for 35 years.
Mr. B, who buys a week off from 2021, will enjoy the right to take a vacation from 2021 to
2054 for 34 years. Just like that, the earlier the customers buy, the more years they can take
advantage of vacations.

- Potential market to invest

According to the report "Vacation ownership Market in Southeast Asia" announced by C9

Hotelworks, a real estate consultancy, and resort service company, Vacation ownership is
starting to develop in Southeast Asia. Of these, the two striking countries are Thailand and
Indonesia. At present, 56% of resorts in Southeast Asia belong to Thailand and Indonesia, with
Thailand accounting for 31% and Indonesia accounting for 25%. The remaining three countries

are the Philippines (22%), Malaysia (20%), Viet Nam (2%). They estimated 500,000 resorts
applying this form of business. However, according to C9 Hotelworks, with population size in
the region, this figure is still relatively modest compared to other markets.

It can be concluded that the market of Vacation ownership and the timeshare exchange is
heating up as the trend of convalescence tourism is increasing. Many Vietnamese tourists
choose the resort to really relax. Guests usually choose short journeys, move less (about one
week or less). This trend will increase because the structure of domestic visitors choosing a
resort has accounted for 20% of many travel businesses due to the increasing incomes of
Vietnamese people, especially the nobility. In addition to their lifestyles being increasingly
modern, the demand for convalescent travel and enjoyment has also become more and more
popular. Also, vacation ownership model providers are using the corporation of the World
Vacation Exchange (RCI) to exchange vacations across five continents. This makes vacation
ownership products more dominant than other resort real estate products. At present, there are
more people interested in the vacation ownership model because of the presence of many
suppliers involved in exploiting this early and less competitive segment in Vietnam. That
promises vacation ownership will be popular and really boom in Vietnam like other countries
in the world in the near future.

- High ability to attract tourists

Vietnam is regarded as possessing many attraction tourism destinations. Besides, that our
country is accelerating its political-economic integration process has promoted diplomatic and
trade relationships with other nations. Therefore the ability to attract tourists and working
visitors of Vietnam is very high. Among these customers, a large number of local and foreign
working visitors and businessmen have high payment capacity and high demand for travel and
vacation ownership exchange. A proportion of urban people in Vietnam have a quite high
income, know of vacation ownership, and tend to prefer owning a 'second home' as a luxury
vacation to satisfy the tourism and entertainment demand of their families. Besides,
opportunities to invest in vacation ownership projects are available across Vietnam. In many
forums, more opinions are exchanged about vacation ownership, which helps to provide
information to and attract the attention of people in the country.

- Domestic customers make up the majority

With units operating under the timeshare model, besides the number of foreign visitors by
exchanging vacations through prestigious international networks such as RCI, the number of

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domestic tourists in Vietnam accounts for the majority. This is a favorable point for both
tourists as well as resorts when operating during the period of "safe adaptation, flexibility,
effective control of the Covid-19 epidemic". It can be clearly seen in the expected gradual
recovery and reopening of the tourism industry in general or Khanh Hoa province in particular;
phase 1 (from October 1, 2021, to the end of October 15, 2021) focus on welcoming tourists to
the province; Next in phase 2 from October 16, 2021, to the end of November 15, 2021, are
Vietnamese domestic tourists. Phase 3 is the plan to open the door to international visitors with
the condition that the "Vaccine - Covid 19 Green Card" applies from November 16, 2021, to
the end of December 31, 2021. Therefore, the number of domestic customers will be a safe
source of customers in disease control and at the same time provide a stable source of guests
for the resort operator. With ideal conditions for Vietnam to maintain and control the epidemic
as it is now and develop more actively in the coming time, from phase 2, tourism development
will be carried out according to the schedule. Timeshare will be back on the fast track with an
already established customer base.

4. The challenges of Timeshare model in Alma Resort

- The concept of vacation ownership is still unfamiliar to Vietnamese people

Vietnam resort market is still small in the region. The concept of vacation ownership is new
and unfamiliar in Vietnam; many travel enterprises or even real estate investors still do not
understand the concept of vacation ownership. And only a tiny number of the urban population
was heard of this concept, and they also did not interest in this. In addition, business owners of
vacation ownership models are not interested in promoting their products to consumers.
Compared to other countries in the region, timeshare appeared in Vietnam later, and so far, the
concept of vacation sharing is still relatively new in the domestic market. Therefore, this model
still has many unknowns, requiring businesses as well as customers to have time to approach
and investigate carefully, not to mention there are some inadequacies like some businesses have
used tricks to sell "virtual" timeshare services when resort projects have not yet formed, causing
customers to lose trust and misunderstand about timeshare. According to business records,
Vietnamese buyers are mostly wealthy entrepreneurs. They usually choose a card type of 27
years. It is very rare to use the cards to make a profit, but most of them use this card for spiritual
use. They consider this card as a place to look after themself, their family, their partners, their
close friends, and for employees in the company.

- Pressure from competitors

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Grasping the needs and trends of the market, recently, many investors have been more
flexible when implementing timeshare projects by offering a variety of choices in terms of time
and place to rest and many incentives to make the Vietnam timeshare market become vibrant.
In particular, Manna Resort Cam Ranh is one of the first resort projects to apply timeshare with
more than 500 villas and suites sharing the ownership of a fixed weekly vacation. Or as Coco
Holiday Club introduced to the market Silver, Golden, Diamond, Platinum resort packages at
Naman Retreat resort and Cocobay complex with different prices. Most recently, the holiday
sharing project FLC Holiday also officially entered the market and is considered as one of the
timeshare projects with many outstanding service improvements. According to FLC Group,
FLC Holiday products are carefully researched based on the travel and resort habits of
Vietnamese people, with the optimal price, booking policy as well as flexible vacation time.

Table 1: Features of vacation ownership in some resorts in Vietnam

Accommodation entities Investors / Prices (USD)

Operators

Ninh Van Bay Vacation club
(including a system of resorts in Da
Lat, Nha Trang, Hue, Ninh Bình,
Vung Tau, Phan Thiet,
Ha Long, Hai An, Phu Quoc, etc.)
Six Sences - Lifestyle card (duration
17 years): 6,600/ 7 night
- Priority card (duration
27 years): 9,900/ 7 night

Sea Links Golf Resort Rang Dong Group 12,000-15,000 (20 years)/
7 nights/ 6-8 people

Manna Resort Rafaeli - Israel 7,000-25,000/ 7 nights/ 5-

Vietcombank 8 people
Investment Fund

Alma Resort Blenheim – Israel/ 10,000-50,000(40 years)/

Continental 7 nights/ 4-9 people

Source: Author's summary

Because of that, Alma Resort also needs to be more active in offering more flexible and
differentiated policies to increase its attractiveness compared to existing competitors in the
market and competitors that are about to enter the Timeshare market in Vietnam.

- The incomplete legal framework makes the Timeshare model potentially risky

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Timeshare is a model that is no longer strange in the world but not really popular in
Vietnam. Because it is relatively new, Timeshare is not yet regulated by a separate and entirely
appropriate regulatory framework. Timeshare's legal corridor is also subject to general rules.
However, it is the different characteristics of Timeshare from traditional businesses that make
this legal corridor unable to cover all Timeshare transactions. The legal gap has made this
business model potentially risky for both investors and customers.

Specifically, when performing a Timeshare transaction, the buyer is agreed to have the full
right to possess, use and dispose of that resort real estate for a certain period of time, including
being able to leave an inheritance. property (in this case, vacation ownership). However, with
the current legal framework, when there is no legal basis specifically for the "holiday
ownership" model, this right is not guaranteed according to the provisions of relevant current
legal documents such as the Civil Code, especially when conflicts and disputes arise.

Whether the right to Timeshare real estate belongs to the “use right” in the list of “other
property rights” in this Code has not been clearly defined. Because the benefits that the buyer
is agreed upon when participating in this model are only recognized under the contract as
"general characteristics of the product", not recognized as a "right" in the law and not protected
by law. as the “rights” of the participants in these civil transactions. If the owner breaches the
contract, it will only be governed by the Contract Law, while the interests outside the scope of
the Law of Contracts are not guaranteed by specific legal regulations.

5. Solutions for Alma Resort and Timeshare market in Vietnam

5.1 Alma Resort
- ALMA timeshare should add short vacation options

Not many people will have free time to spend 7 full days relaxing and participating in
engaging entertainment activities with their family. Busy work, stressful school schedule and
many other problems make many tourists still have more demand for shorter stays, from 3-4
nights. Thus, they will only need to ask for a half-week break and can quickly return to the
normal cycle of life without too much impact on the progress of work, study. Therefore, Alma
Resort should add short vacation options so the guests could have more flexibility in traveling.
For example, if customers already owned a fixed week off, they could still split the week in
half to use half. The other half can be rented, given away, transferred to someone else, or
exchanged with the owner for another week for an extra vacation.

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This option has been supported and preferred by many potential customers of this
company. Besides, with a short vacation, instead of just once a year, which is often chosen in
the summer, many families are willing to spend time on vacation more than once a year,
especially around the holidays such as New Year, Lunar New Year, National Day or Labor
International.

- More activities associated with national culture and communication

ALMA timeshare is a model targeting Vietnamese families, especially large families.

Therefore, the number of guests who are elderly and young makes up a large part of the number
of visitors to ALMA Resort. Older people often focus on traditional culture, and are not too
familiar with modern, international styles. Families traveling with young children will also give
priority to recreational activities that ensure educational elements. This is the reason why the
management team and staff of ALMA Resort should preserve and recreate traditional cultural
activities as well as evoke life values through diverse entertainment programs. Many families
share their love and excitement for special activities during the Mid-Autumn Festival or Lunar
New Year such as the lantern procession to watch the moon, lion dance, tree planting, temple
visit, flower market, and Chung cake making. ... Alma Resort can create folk games in the
resort's premises such as chess, chess, kite flying, ...

5.2 Timeshare market in Vietnam

Recognizing the legal gap for Timeshare and the risks to Timeshare participants in the
country, we believe that it is necessary to quickly have a solid legal system for this model in
Vietnam. In it, we should emphasize the terms of Timeshare buyer protection, and at the same
time, set out the obligations and requirements for the business model of this model.
Specifically, business owners need to ensure that their finances and real estate registered for
Timeshare are not included in the list of assets that can be sold if the owner goes bankrupt.
Companies when dealing with customers need to clearly indicate their obligations, especially
transparency about the annual service fee, and at the same time ensure the requirements when
using the model contract.

In addition, "vacation ownership" should be included in an appropriate list of assets in the

current laws (for example, "property rights" under the 2015 Civil Code) to have a clear frame
of reference when the problem arises. In summary, in order to create a healthy business
environment for the parties when participating in Timeshare, it is necessary to have the efforts
of specialized legal agencies and efforts to develop a solid legal and regulatory framework to

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protect the legitimate interests of the parties when performing transactions in this form of
business.

6. Conclusion
Compared to other countries in the region, timeshare appeared in Vietnam later and so far
the concept of vacation sharing is still relatively new in the domestic market. This is now the
perfect time for ALMA to develop vacation ownership in Vietnam, because our country is on
the rise in this field and the number of members is increasing significantly. It can be seen that,
by concentrating maximum resources and continuously improving, offering beneficial policies,
meeting the needs of customers, Thien Duong Bay company is gradually turning vacation
ownership into a product that is familiar and worthy of consideration for many families in
Vietnam. After 7 years of operation, ALMA timeshare is expected to continue to make a
significant contribution to promoting economic growth in tourism after Covid-19, opening up
new travel options that bring many benefits to consumers. Timeshare projects that are
professionally and methodically operated like ALMA will get maximum benefits to customers
and memorable family experiences every year.

However, in order to have an effective Timeshare business model and improve the
competitiveness of the market, it requires efforts from many sides. In it, the role of the law and
the legislators is enormous. For Timeshare, a new business form, it is necessary to quickly
create a solid, strict and strict legal basis to avoid cases where many individuals and
organizations take advantage of it to do wrong things, and at the same time create a platform
for both investors and consumers to safely exchange and do business when using the Timeshare
model.

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REFERENCES
1. Trần Thị Hoàng Oanh (2020) & Nguyễn Thị Ánh Dương (2020), “Timeshare – Mô
hình kinh doanh mới ở Việt Nam và những khoảng trống pháp lý”
https://lracuel.org/2020/02/18/cs-07-12-2019-timeshare-mo-hinh-kinh-doanh-moi-o-
viet-nam-va-nhung-khoang-trong-phap-ly/
2. Tạp chí Sự thât (2021), “ Lợi ích khu mua Alma Timeshare sớm”
https://tapchisuthat.com/loi-ich-khi-mua-alma-timeshare-som/
3. Timeshare in Vietnam, “ Cái nhìn tổng quát về ngành Timeshare tại Việt Nam”
https://vietnamtimeshare.wordpress.com/
4. Nhân Chính (2016), Timeshare sẽ tạo ra cơn sốt tại thị trường Việt”
https://cand.com.vn/dia-oc/Timeshare-se-tao-con-sot-tai-thi-truong-Viet-i379714/
5. Official website of Alma Resort
https://alma.vn/alma-resort/
6. Alma News (2020), “ Bức tranh toàn cảnh Alma Timeshare tại Việt Nam”
https://alma.vn/tin-alma/buc-tranh-toan-canh-alma-timeshare-tai-viet-nam/

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