Hospitality sector of Vietnam will experience massive expansion

Published on : Tuesday, September 25, 2018

Hospitality sector of VietnamWith a record 13 million overseas visitor arrivals last year and a target to welcome 20 million by 2020, Việt Nam is all geared up to churn out US$35 billion in revenues by the end of this decade, accounting for 10 percent of GDP. Thus, it is no surprise that local as well as foreign investors and international hotel operators are interested to enter and discover more opportunities in this high-growth market.

 
As per JLL consultancy, international hotel investors all over the region have shown major interest in Việt Nam in the last three years making the country one of the hottest markets in terms of hotel investment in the Asia Pacific along with Australia and Japan.

 
This is attributed to the vast investment commitments made by the State as well as private stakeholders in infrastructure and transport linkages, visa exemption, introduction of new direct air routes, and developed marketing efforts.

 
JLL calculates that 118 hotels are going to get completed by 2022, adding 36,932 rooms to the existing 80,891 rooms in 748 hotels across Việt Nam as of 2018.

 
In the last few years there has been a major increase in number of international brand hotels are opening in the country, and we anticipate further diversification of hotel management companies and brands in the market. Also, we have experienced local brands going past international hotel brands just like what we have witnessed happening [elsewhere] in the region. Local hotel brands serving domestic travelers in the budget and mid-level segments are geared to grow at a rapid pace nation-wide.

 

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