Vietnam Hospitality Industry Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Hospitality Industry in Vietnam and is segmented by Type (Chain Hotels and Independent Hotels), by Segment (Service Apartments, Budget and Economy Hotels, Mid and Upper Mid Scale Hotels and Luxury Hotels).

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Vietnam Hospitality Market Size

hospitality industry in vietnam market size
Study Period 2018 - 2028
Base Year For Estimation 2021
Forecast Data Period 2024 - 2028
Historical Data Period 2018 - 2020
CAGR > 5.00 %

Major Players

hospitality companies in vietnam

*Disclaimer: Major Players sorted in no particular order
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Vietnam Hospitality Market Analysis

With World Travel Awards 2018 Vietnam as Asia’s leading destination, and the United Nations World Tourism Organization (UNWTO) ranked Vietnam as the third fastest-growing tourist destination in the world, Vietnam has been experiencing a boom in both domestic and international tourism over the past decade. The number of domestic tourist number has increased from 20.5 million in 2008 to 80 million in 2018 and the international tourist arrivals to Vietnam has almost quadrupled to 15.5 million in 2018 from 4.2 million in 2008. There is a significant growth in international visitors in the past 3 years to the region, with an average of around 9% per annum between 2008 to 2015 to an average of 25% between 2016 and 2018. Domestic tourism in Vietnam is also significantly greater in volume than inbound tourism from abroad. This has experienced a similar increase in the number of domestic trips owing to factors like Vietnam’s rapidly growing middle class, and their desire to travel, improving the affordability of air transport amidst the growth of low-cost domestic air carriers among others. Vietnam managed to record doubled amounts of revenues from international visitor spending from 2013 - 2017 which resulted to rise as a share of the country’s GDP and of total goods and services exports.

Vietnam Hospitality Market Trends

This section covers the major market trends shaping the Vietnam Hospitality Market according to our research experts:

Growing Tourism to the Country is Driving the Hospitality Industry

The tourism industry in Vietnam continues to rank amongst the fastest growing tourist destinations in the world, with revenue in 2018 reaching USD 26.75 billion (VND 620 trillion), which is more than USD 4.75 billion (VND 110 billion) compared to 2017. The number of international tourists has grown three-fold since 2010, from 5 million to more than 15 million in 2018. With 36.5 million visitors Ho Chi Minh City recorded the highest number of visitors in 2018 among all the cities and provinces. This included 29 million domestic visitors and around 7.5 million international visitors. The capital city Hanoi attracted 28 million tourists in total which accounted for 5.5 million international tourists. Both of these cities have also recently featured amongst the top 10 most dynamically growing cities in the world in JLL’s Short-Term City Momentum Index in 2019.

hospitality industry in vietnam market trends

Luxury Segment of the Industry is Leading the Market

The hospitality industry has been performing particularly well with significant movement in terms of both the occupancy and revenue per room. Vietnam is recording an average room rate which has been increased with 21% quarter over quarter growth and 41 % year over year. The annual occupancy rate of luxury hotels is increasing and is forecasted to increase in the future as well. The region has more than 150 luxury hotel properties that are set to be open in 2020. In the major tourist destination cities, Ho Chi Minh City and Hanoi, majority hotels are operating with at most capacity and occupancy, while the new destinations such as Da Nang and Phu Quoc have limited number of accommodation facilities available and are becoming potential investment opportunities for investors to cater the growing number of tourists.

hospitality industry in vietnam market analysis

Vietnam Hospitality Industry Overview

The hospitality industry in Vietnam is a combination of both the international and domestic brands and their chain hotels. The industry is still in a developing stage and a majority of the hotels/chains are either being independent or homegrown brand chains. The domestic brand Vinpearl has the largest portfolio in the country with around 19 hotels and more than 7,100 rooms whereas the international brand Accor Hotels has 24 hotels with around 5,000 rooms. The international brands have been penetrating at a steady rate and have a presence across major tourist locations in the country. However, the domestic chains dominate the overall supply with a total of more than 22,000 rooms as of 2018.

Vietnam Hospitality Market Leaders

  1. Vinpearl

  2. Muong Thanh Hospitality

  3. Accor Hotels

  4. InterContinental Hotels Group

  5. Marriott International

*Disclaimer: Major Players sorted in no particular order

Vinpearl, Muong Thank Hospitality, Accor Hotels, InterContinental Hotels Group, Marriott International.
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Vietnam Hospitality Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Drivers

      2. 4.2.2 Restraints

      3. 4.2.3 Opportunities

    3. 4.3 Insights on Revenue Flows from Accommodation and Food and Beverage Sectors

    4. 4.4 Leading Cities in Vietnam with Respect to Number of Visitors

    5. 4.5 Investments (Real Estate, FDI and others) in the Hospitality Industry

    6. 4.6 Technological Innovations in the Hospitality Industry

    7. 4.7 Insights on Shared LIving Spaces Impact on the Hospitality Industry

    8. 4.8 Insights on Other Economic Contributors to the Hospitality Industry

    9. 4.9 Value Chain Analysis

    10. 4.10 Porter's Five Forces Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Chain Hotels

      2. 5.1.2 Independent Hotels

    2. 5.2 By Segment

      1. 5.2.1 Service Apartments

      2. 5.2.2 Budget and Economy Hotels

      3. 5.2.3 Mid and Upper Mid Scale Hotels

      4. 5.2.4 Luxury Hotels

  6. 6. COMPETITVE INTELLIGENCE

    1. 6.1 Market Concentration

    2. 6.2 Company Profiles

      1. 6.2.1 Vinpearl

      2. 6.2.2 Muong Thanh Hospitality

      3. 6.2.3 Accor Hotels

      4. 6.2.4 InterContinental Hotels Group

      5. 6.2.5 Marriott International

      6. 6.2.6 Saigon Tourist

      7. 6.2.7 Diamond Bay Resort & Spa

      8. 6.2.8 A25 Hotel Group

      9. 6.2.9 H&K Hospitality

      10. 6.2.10 Ascott Hotels

    3. *List Not Exhaustive

    4. 6.3 Loyalty Programs Offered by Major Hotel Brands

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OUTLOOK OF THE INDUSTRY

  9. 9. APPENDIX

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Vietnam Hospitality Industry Segmentation

A complete background analysis of the Hospitality Industry in Vietnam, which includes an assessment of the industry associations, overall economy, and emerging market trends by segments, significant changes in the market dynamics, and market overview is covered in the report.

By Type
Chain Hotels
Independent Hotels
By Segment
Service Apartments
Budget and Economy Hotels
Mid and Upper Mid Scale Hotels
Luxury Hotels
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Vietnam Hospitality Market Research FAQs

The Vietnam Hospitality Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).

Vinpearl, Muong Thanh Hospitality, Accor Hotels, InterContinental Hotels Group and Marriott International are the major companies operating in the Vietnam Hospitality Market.

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