On the serviced apartment market, occupancy of 81 per cent rose by four percentage points quarter on quarter and 12 percentage points year on year. That has nearly reached the pre-COVID (or the quarter of 2019) figure at 82 per cent.
Earlier this month, Viet Nam was ranked in the top Baseline and Cost quartile in the latest Manufacturing Risk Index 2022 by Cushman & Wakefield, whose report noted the country was among markets benefiting from the China+ approach of foreign investors.
The resumption of international flights and the borders reopening in March will not only benefit Viet Nam’s hospitality sector but also drive demand for serviced apartments, according to Savills Viet Nam.
Mapletree Investments on March 25 inaugurated its first Mapletree-developed serviced apartment in Viet Nam and unveiled the design for its grade A office twin towers, V Plaza.
Oakwood Worldwide, wholly owned by Mapletree Investments, has announced the opening of its second property in HCM City and the first Oakwood serviced apartment developed by Mapletree in the country.