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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 Market Report Snapshots
Vietnam Hospitality Market Size
Vietnam Hospitality Market Growth
Vietnam Hospitality Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 6.19 billion.
The market is estimated to grow at a CAGR of 12.3% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 17.59 billion by 2032.
The market is being driven by rising disposable income, rapid urbanisation, and the country’s thriving tourism sector.
The key trends aiding the hospitality market in Vietnam include rising business tourism and the emergence of smart hotel concepts.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different segments based on types include chain hotels and independent hotels.
The major players in the market are 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, and Hilton Worldwide Holdings Inc., among others.
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