Vietnam Hospitality Market Report and Forecast 2024-2032

Vietnam Hospitality Market Size

The Vietnam hospitality market reached approximately USD 6.19 billion in 2023. The market is projected to grow at a CAGR of 12.3% between 2024 and 2032, reaching a value of around USD 17.59 billion by 2032.

Vietnam Hospitality Market Outlook

• According to the 2024 Economic Impact Research (EIR) by the World Travel & Tourism Council (WTTC), Vietnam's Travel and Tourism sector is projected to contribute a historic 770.8 TN dong to the country's economy in 2024.

• The tourism sector aims to draw in 35 million international visitors and 160 million domestic visitors by the year 2030.

• By 2024, the goal for tourism in Vietnam is to attract 18 million international tourists and 110 million domestic visitors, generating total revenues of 850 trillion dong.

Vietnam Hospitality Market Growth

The flourishing tourism sector in Vietnam is fuelling the expansion of the market for hospitality. According to the World Travel & Tourism Council (WTTC) predictions for 2024, the tourism sector has the potential to increase its annual GDP contribution to 1.44 quadtrillion dong by 2034, making up nearly 8% of Vietnam's economy. Additionally, it is expected to create job opportunities for over 7.7 million individuals nationwide.

As of June 2023, the Vietnam National Real Estate Association reported that there were approximately 240 tourism property projects in the country, consisting of 114,000 condotels and nearly 24,400 resort villas. Banyan Tree, an international hotel operator based in Singapore, oversees operations for two hotel and resort complexes located in Thua Thien-Hue and Ba Ria-Vung Tau provinces. Additionally, in April 2023, Marriott International, a global hotel management group, entered into an agreement with Vinpearl to manage an additional seven hotels and resorts. This includes three hotels in Nha Trang, Hoi An, and Danang, as well as four new builds with over 1,200 rooms expected to open by 2028.

Vietnam boasts numerous tourist attractions that contribute to the country's thriving hospitality sector. One notable example is Ho Chi Minh City, which was honoured as "Asia's Best MICE Destination" for the fourth year in a row at the 4th annual World MICE Awards gala ceremony in Berlin on March 6, 2024. Furthermore, Hoi An ancient city in the central province of Quang Nam was recognised as the premier destination for business travellers in Asia.

Vietnam Hospitality Industry Segmentation

“Vietnam Hospitality Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Chain Hotels

• Independent Hotels

Market Breakup by Segment

• Service Apartments

• Budget and Economy Hotels

• Mid and Upper Mid-Scale Hotels

• Luxury Hotels

Market Breakup by Region

• Southeast 

• Red River Delta 

• Mekong River Delta 

• South Central Coast 

• Others

Vietnam Hospitality Market Share

Based on the type, the market is segmented into chain hotels and independent hotels. Chain hotels are projected to witness a growth of 14.2% during the forecast period of 2024-2032. Such hotels are part of a network of hotels managed by the same company or owner. The ownership structure can vary, with some being owned by a parent company while others operate under a franchise agreement. Unlike independent hotels, chain hotels prioritise consistent service quality over personalised experiences. They typically cater to a broad audience seeking reliability and predictability in their accommodations. Chain hotels leverage economies of scale, brand recognition, loyalty programmes, revenue management technology, and robust marketing strategies to their advantage.

Leading Companies in the Vietnam Hospitality Market

Major players are investing heavily in high-end projects to gain a competitive edge in the market.

• Accor S.A.

• Vingroup JSC (Vinpearl)

• InterContinental Hotels Group PLC

• Marriott International, Inc.

• Muong Thanh Hospitality

• Diamond Bay Resort & Spa

• A25 Hotel Group

• H&K Hospitality

• The Ascott Limited

• Hilton Worldwide Holdings Inc.

• Others

Key Highlights of the Report

Vietnam Hospitality Market Report Snapshots

Vietnam Hospitality Market Size

Vietnam Hospitality Market Growth

Vietnam Hospitality Market Share

Vietnam Hospitality Companies