According to Technavio, a US-based company
The expansion of this market will be fueled by the continued expansion of the travel and tourism sector as well as significant investment in 5 and 4 star hotels as leisure travel in Viet Nam gains popularity, the report said. report.
The global hotel market in Viet Nam is booming due to factors such as increasing accessibility and disposable income.
This growth is attributable to Viet Nam’s steady economic growth and substantial increase in per capita disposable income.
Moreover, a person’s ability to spend money will increase as the degree of income inequality between classes gradually decreases.
Over the projection period, market expansion in Viet Nam will be further fueled by the increasing purchasing power of end-users and their rapidly expanding population, Technavio points out.
CBRE, the world’s largest commercial real estate services company, predicts that 2022 would open up a golden opportunity for the 4-5 star hotel market in the southern metropolis of Ho Chi Minh City, with encouraging progress in the first half and a faster growth in the second half.
The market is expected to welcome a new supply of 2,803 rooms from 13 projects, accompanied by the entry of several high-end hotel brands such as Ritz Carlton, Mandarin Oriental, Hotel Indigo and Avani.