31/08/2023
Vietnam hotel market can grow billions of dollars in 5 years
19/09/2022Technavio’s research reports that the hotel market share in Vietnam is expected to grow by $2.12 billion from 2021 to 2026, and the market will have a CAGR of 14.43%.
Market research firm Technavio (USA) has just released a forecast for Vietnam’s hotel market in the period 2022 – 2026. Accordingly, the main motivation of Vietnam’s hotel market growth during the forecast period is the increase of customers’ payment ability. This is reflected in the growth in disposable income per capital and stable economic growth in Vietnam. In addition, the reduction of the income inequality coefficient (Gini) will also improve the ability to spend. The continued growth of the population and the proportion of women working are also the factors driving the growth of the hotel market in Vietnam in the period 2022 – 2026.
When comparing hotel chains with single accommodation establishments in Vietnam, Technavio’s research suggests that the hotel chain segment will grow significantly in terms of market share. “The steady growth of the travel and tourism industry, along with large investment in 4-5 star hotels due to the increasing resort trend in Vietnam, will drive the growth of this segment.” – the report said.
However, in the coming years, Vietnam’s hotel industry will also face many challenges, especially abnormal weather and the consequences of climate change. The increase in natural disasters such as tropical storms, floods, rising sea levels, or even epidemics will pose serious challenges to the international tourism business, as well as to hotels in Vietnam.
The report gives an example that drought and saltwater intrusion in the Mekong Delta region have caused a loss of livelihood for people. “Environmental disasters affect agriculture, biodiversity, human health, and the tourism industry; it will then require 20-24 months to recover. These factors can hinder growth. market growth during the forecast period”.
However, the study also gives optimistic forecasts for Vietnam’s tourism industry from now to 2026. The hotel market share in Vietnam is expected to increase by 2.12 billion USD from 2021 to 2026, and the market share market will have a compound annual growth rate (CAGR) of 14.43%.
Source: Cafebiz
| Food & Hotel Vietnam 2022 promises to bring diverse experiences regarding the ecosystem of reputable suppliers and potential buyers in the Food & Beverage, Hotel & Resort, Restaurant, Bakery and Food Service industries. The exhibition is a platform to meet and connect, thereby extending endless business opportunities. Additionally, Food & Hotel Vietnam 2022 is also a fascinating playground for the chef and barista community with a series of programs and competitions such as Vietnam Culinary Challenge and Vietnam Barista Competition. Food & Hotel Vietnam 2022 Exhibition date: 07 – 09 December 2022 Opening hours: 9:00 – 17:00 daily Venue: Saigon Exhibition & Convention Center (SECC), District 7, Ho Chi Minh City, Vietnam Contact information: Tel: +84 28 3622 2588 Email: [email protected] Website: www.foodnhotelvietnam.com Facebook: www.facebook.com/FoodnHotelVietnam |
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