The average room rate increased by 2 per cent quarter on quarter and 11 per cent year on year. Movenpick Hà Nội (four-star) recently resumed its operation after renovation, which supported this increase.
Much of the recovery of the hospitality market in Southeast Asia will depend on the opening of China, and Viet Nam is no exception, according to Savills Hotels Asia Pacific.
The domestic hospitality market is expected to recover strongly with the gradual resumption of domestic and international tourism, though the Ministry of Construction (MoC) warns that it might not all be plain sailing.
The hospitality market in Viet Nam, which has been an attractive sector for investors over the past few years thanks to its consistent growth, is expected to continue to expand this year, partly due to global trends.
For many years now the south-central province of Khanh Hoa has been a popular destination on the Vietnamese tourism map with its very famous tourism city of Nha Trang.
Khanh Hoa People’s Committee has requested a tightening of the hotel rating system in an effort to enhance management of the hospitality market in the central province.
The Vietnamese hospitality market has become a hot destination for investors. Experts discussed about the potential of the market, foreign investment flows and how to develop it.
The Empire Group has launched Pulse hotel in the chain of Boutique Hotels Cocobay including Pulse, Latido, Muze and Bisou hotels, adding more than 1,100 rooms to hospitality market of Da Nang in 2018.
There is plenty of optimism in the hospitality market this year underpinned by very strong international arrivals growth, according to a recent survey by a real estate consulting firm specialising in the sector.