Hotel market in Viet Nam to grow by US$2.12 bln in 2021-2026
VGP - The hotel market in Viet Nam is expected to grow by US$2.12 billion during 2021-2026, progressing at a compound annual growth rate (CAGR) of 14.43 percent in the forecast period.
According to Technavio, a U.S.-based lea
The expansion of this market will be fueled by the travel and tourism sector's steady expansion as well as significant investments in 5- and 4-star hotels as leisure travel to Viet Nam rises in popularity, the report says.
The worldwide hotel market in Viet Nam is expanding as a result of factors like increased affordability and disposable income.
The growth is attributable to Viet Nam's consistent economic growth and the substantial increase in per capita disposable income.
Additionally, a person's ability to spend money will increase when the degree of income inequality between classes gradually declines.
During the projection period, market expansion in Viet Nam will be further fueled by the increased purchasing power of end users and their fast-expanding population, stresses Technavio.
CBRE, the world's largest commercial real estate services firm, predicts that 2022 would open a golden opportunity for the southern metropolis Ho Chi Minh City's 4-5-star hotel market, with encouraging progress in the first half and more accelerating growth in the second half.
The market is expected to welcome a new supply of 2,803 rooms from 13 projects, accompanied by the entrance of multiple high-class hotel brand names such as Ritz Carlton, Mandarin Oriental, Hotel Indigo and Avani.
