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Will the hotel and resort market get on well in 2023?

05/01/2023

Not recovered yet in 2022

According to statistics from research units, the Vietnam hotel market has just recorded a room occupancy rate of more than 60% over the same period in 2019. As of November 2022, Vietnam welcomes 2.95 million international visitors. With the absence of Chinese visitors, the Korean market is leading in terms of international visitors to Vietnam; In the first 11 months of 2022, this market has reached nearly 764,000 visitors and accounted for 26% of total international arrivals.

In addition, the Indian tourist market recorded impressive growth with 109,000 arrivals from January to November 2022. Of which, there were 27,000 Indian arrivals in November alone, an increase of 50% compared to the same period in 2019.

And in general, in 2022, the domestic market will still be the main driving force of Vietnam’s tourism industry. As of November 2022, domestic tourism activity recorded an impressive growth with 96.3 million domestic arrivals, exceeding 85 million total domestic arrivals in the whole of 2019.

“The level of business recovery of resorts in Vietnam is not even. Projects that were previously heavily dependent on international visitors are finding it difficult to return to pre-pandemic levels. Destinations like Nha Trang – Cam Ranh and Da Nang have only reached 50% of their 2019 capacity. Hotels in Hanoi and Ho Chi Minh City recorded a better level of recovery thanks to the source of official guests, long-term guests as well as MICE delegations. However, the average room price in these two markets is still 15% – 20% lower than in 2019,” said Mauro Gasparotti – Director, of Savills Hotels Asia Pacific.

Many positive signals in 2023

In the last several days of 2022, China is adjusting its “Zero Covid” policy, considering easing control requirements after a long time of implementation, and many airlines have also announced the restoration of flights between China and Vietnam. According to Savills’ assessment, this is considered a positive signal, helping to accelerate the recovery process of Vietnam’s resort industry.

Before the pandemic happened, China was the largest tourist market in the world when it made more than 150 million trips abroad in 2019. The opening of borders and the removal of regulations on isolation in China will have a great impact on the recovery of tourism activities in many countries throughout Southeast Asia, especially destinations that rely heavily on this source of tourists such as Vietnam.

“Along with the resumption of regular flights to and from the Chinese market, we expect the operation of resorts in coastal tourist destinations, especially in markets that depend on this resource of guests will improve efficiency in the next year,” forecasted Mauro Gasparotti – Director of Savills Hotels Asia Pacific.

Sharing the same view, Ms. Doan Thi Thanh Tra – Marketing and Communication Director of Saigontourist Travel Service Company Limited – commented: It is expected that 2023 will be a boom year for Vietnam’s tourism with the highlight of Sea and island tourism, this is also the advantage of our country with attractive and unique landscapes and tourist attractions.

According to Ms. Tra, the above forecast also comes from the current reality at Saigontourist, which has recorded an increase in tourist demand in most markets. And this is an opportunity for the tourism industry to strongly recover the international tourism segment, which has been heavily affected by the recent epidemic.

The way to exploit effectively

According to experts, the recovery of the tourism industry, especially the international tourism segment, will be the main driving force to boost the hotel market. However, in order for the market potential to be effectively exploited, towards a sustainable development journey, experts said that investors should carefully study market trends to be able to come up with a business model that meets the needs of a new generation of tourists. These products require investors to have a clear understanding of concepts, and ideas as well as the ways of cooperation between stakeholders to ensure the feasibility and effectiveness of the project.

“In the context of the market facing many challenges, the launching and putting into operation of some projects will be slower than expected, but this is also an opportunity for investors to consider, and re-evaluate, thereby refining the business model in a more efficient and sustainable way. In general, we are still optimistic about the market potential as well as expect a year of many positive signs for the resort industry, especially since there will be more positive changes after the first quarter of 2023,” added Mr. Mauro.

Source: Cong Thuong

Food & Hotel Vietnam 2024 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.

Exhibition date: 19 – 21 March 2024
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
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Website: www.foodnhotelvietnam.com
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