The Vietnamese hotel industry is witnessing remarkable growth, with a 15% increase in RevPAR (Revenue Per Available Room) during the first seven months of 2024, according to Savills Hotels. This makes Vietnam one of the fastest-growing hospitality markets in Southeast Asia. Popular destinations like Nha Trang-Cam Ranh and Phú Quốc have seen occupancy levels rise by 40-50%, driven by the strong return of international tourists.
Despite a slight 3% decrease in average room rates, caused by new competition, the industry’s outlook remains bright. Vietnam’s hotel development pipeline is the second-largest in the Asia Pacific region (excluding China), with 191 projects expected to add 49,800 rooms by 2028. Most of these developments are in the midscale to upscale categories, with close to 70% of properties being chain-branded hotels.
