Vietnam Hospitality Market Report and Forecast 2025-2034
Description
The Vietnam hospitality market reached approximately USD 6.19 Billion in 2024. The market is projected to grow at a CAGR of 12.30% between 2025 and 2034, reaching a value of around USD 19.75 Billion by 2034.
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 2025-2034” 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 2025-2034. 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
Vietnam Hospitality Market Report Snapshots
Vietnam Hospitality Market Size
Vietnam Hospitality Market Growth
Vietnam Hospitality Market Share
Vietnam Hospitality Companies
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 2025-2034” 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 2025-2034. 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
Vietnam Hospitality Market Report Snapshots
Vietnam Hospitality Market Size
Vietnam Hospitality Market Growth
Vietnam Hospitality Market Share
Vietnam Hospitality Companies
Table of Contents
168 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Hospitality Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Hospitality Historical Market (2018-2024)
- 5.3 Asia Pacific Hospitality Market Forecast (2025-2034)
- 6 Vietnam Hospitality Market Overview
- 6.1 Key Industry Highlights
- 6.2 Vietnam Hospitality Historical Market (2018-2024)
- 6.3 Vietnam Hospitality Market Forecast (2025-2034)
- 7 Vietnam Hospitality Market by Type
- 7.1 Chain Hotels
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Independent Hotels
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 8 Vietnam Hospitality Market by Segment
- 8.1 Service Apartments
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Budget and Economy Hotels
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Mid and Upper Mid-Scale Hotels
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Luxury Hotels
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 9 Vietnam Hospitality Market by Region
- 9.1 Southeast
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Red River Delta
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Mekong River Delta
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 South Central Coast
- 9.4.1 Historical Trend (2018-2024)
- 9.4.2 Forecast Trend (2025-2034)
- 9.5 Others
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 Accor S.A.
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Vingroup JSC (Vinpearl)
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 InterContinental Hotels Group PLC
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 Marriott International, Inc.
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 M??ng Thanh Hospitality
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 Diamond Bay Resort & Spa
- 11.5.6.1 Company Overview
- 11.5.6.2 Product Portfolio
- 11.5.6.3 Demographic Reach and Achievements
- 11.5.6.4 Certifications
- 11.5.7 A25 Hotel Group
- 11.5.7.1 Company Overview
- 11.5.7.2 Product Portfolio
- 11.5.7.3 Demographic Reach and Achievements
- 11.5.7.4 Certifications
- 11.5.8 H&K Hospitality
- 11.5.8.1 Company Overview
- 11.5.8.2 Product Portfolio
- 11.5.8.3 Demographic Reach and Achievements
- 11.5.8.4 Certifications
- 11.5.9 The Ascott Limited
- 11.5.9.1 Company Overview
- 11.5.9.2 Product Portfolio
- 11.5.9.3 Demographic Reach and Achievements
- 11.5.9.4 Certifications
- 11.5.10 Hilton Worldwide Holdings Inc.,
- 11.5.10.1 Company Overview
- 11.5.10.2 Product Portfolio
- 11.5.10.3 Demographic Reach and Achievements
- 11.5.10.4 Certifications
- 11.5.11 Others
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