Vietnam's hotel industry isn't just bouncing back; it's exploding with record-breaking revenue, a staggering influx of investment, and a monumental push to build the future of travel, all while fueling nearly 10% of the nation's economic engine.
Key Takeaways
- Vietnam's hotel industry contributed approximately 8.5% to the national GDP in 2023, driven by tourism recovery.
- The total revenue of Vietnam's hospitality sector reached VND 250 trillion in 2023, up 25% from 2022.
- Hotel room supply in Vietnam grew by 12.3% year-over-year to 950,000 rooms in Q4 2023.
- Total hotel rooms in Vietnam reached 1,050,000 by end-2023.
- Hanoi hotel room inventory stood at 45,000 rooms in Q4 2023.
- Ho Chi Minh City added 3,200 hotel rooms in 2023.
- Vietnam hotel occupancy in Hanoi averaged 68.5% in 2023.
- Ho Chi Minh City hotel occupancy reached 75.2% for the year 2023.
- Da Nang hotels recorded 82.4% occupancy in peak season Q4 2023.
- Vietnam hotel investments totaled USD 850 million in 2023.
- Hanoi saw USD 250 million hotel deals in 2023.
- HCMC hotel transaction volume: USD 400 million 2023.
- Vietnam's Hanoi market holds 25% of national hotel rooms.
- Ho Chi Minh City accounts for 35% of total hotel inventory nationwide.
- Da Nang represents 12% of Vietnam's hotel supply in 2023.
Vietnam's hotel industry soared in 2023 with strong post-pandemic recovery and growth.
Hotel Supply and Inventory
- Total hotel rooms in Vietnam reached 1,050,000 by end-2023.
- Hanoi hotel room inventory stood at 45,000 rooms in Q4 2023.
- Ho Chi Minh City added 3,200 hotel rooms in 2023.
- Da Nang's hotel supply grew to 35,000 rooms, up 10% YoY in 2023.
- Phu Quoc island hotel rooms increased by 4,500 to 25,000 in 2023.
- Nationwide, 5-star hotels numbered 220 with 45,000 rooms in 2023.
- 4-star hotels in Vietnam totaled 450 properties with 60,000 rooms end-2023.
- 3-star and below hotels comprised 75% of total inventory at 780,000 rooms in 2023.
- New hotel openings in 2023: 55 properties adding 12,000 rooms.
- Pipeline for Hanoi: 10,000 rooms over next 5 years as of 2023.
- HCMC luxury hotel supply: 15,000 rooms in 25 properties 2023.
- Central Vietnam beach resorts added 2,800 rooms in 2023.
- Independent hotels represent 60% of Vietnam's room supply in 2023.
- Serviced apartments in hotel inventory: 50,000 units nationwide 2023.
- Northern Vietnam hotel rooms: 300,000 total in 2023.
- Southern Vietnam dominates with 450,000 hotel rooms in 2023.
- Resort hotels: 1,200 properties with 180,000 rooms in 2023.
- City hotels in key markets: 400,000 rooms as of 2023.
- Renovations completed on 150 hotels adding effective 8,000 rooms in 2023.
- Halong Bay area hotel supply: 12,000 rooms in 2023.
- Nha Trang added 1,800 beachfront hotel rooms in 2023.
- Branded hotel rooms grew 20% to 250,000 in Vietnam 2023.
- Budget chain hotels: 300 properties, 90,000 rooms 2023.
- Hanoi old quarter hotels: 5,000 rooms inventory 2023.
- HCMC District 1 hotels: 20,000 rooms in 2023.
Hotel Supply and Inventory Interpretation
Vietnam's hotel industry is building an empire of rooms so vast that 75% of it is decidedly three-star and below, proving the nation's tourism strategy is less about five-star guests and more about accommodating absolutely everyone, everywhere, from Halong Bay to Phu Quoc.
Investment and Development
- Vietnam hotel investments totaled USD 850 million in 2023.
- Hanoi saw USD 250 million hotel deals in 2023.
- HCMC hotel transaction volume: USD 400 million 2023.
- Foreign investors accounted for 70% of hotel deals in 2023.
- New hotel developments funded: 120 projects worth USD 3 billion pipeline.
- South Korean investors led with 35% of Vietnam hotel FDI 2023.
- Singaporean capital in Vietnam hotels: USD 300 million 2023.
- Domestic investment in hotels rose to USD 200 million 2023.
- Resort developments in Phu Quoc: USD 500 million invested 2023.
- Hotel M&A activity: 15 transactions totaling USD 450 million 2023.
- Da Nang investment volume: USD 150 million in hotels 2023.
- Green hotel certifications attracted USD 100 million funding 2023.
- Tech upgrades in hotels: USD 150 million capex 2023.
- Luxury segment investments: 45% of total USD 382 million 2023.
- Upscale hotels development capex: USD 250 million 2023.
- Central Vietnam tourism infra including hotels: USD 800 million 2023.
- Hanoi airport proximity hotels: USD 120 million developed 2023.
- Joint ventures for hotels: 20 new in 2023 worth USD 600 million.
- Crowdfunding platforms funded 5 hotel projects USD 50 million 2023.
- REITs entering Vietnam hotel market with USD 100 million 2023.
- Renovation investments: USD 300 million across 200 hotels 2023.
- Beachfront property acquisitions: 10 deals USD 250 million 2023.
- Northern heritage hotels restored with USD 80 million 2023.
- HCMC integrated resorts investment: USD 1 billion announced 2023.
- ESG-focused hotel funds: USD 120 million inflows 2023.
- Hanoi CBD hotel yields averaged 6.8% in 2023 transactions.
Investment and Development Interpretation
While Vietnam’s hotel industry is practically being rebuilt by a stampede of foreign money, domestic investors are now elbowing their way into the party, signaling the local market has finally woken up and smelled the pho.
Market Overview and Growth
- Vietnam's hotel industry contributed approximately 8.5% to the national GDP in 2023, driven by tourism recovery.
- The total revenue of Vietnam's hospitality sector reached VND 250 trillion in 2023, up 25% from 2022.
- Hotel room supply in Vietnam grew by 12.3% year-over-year to 950,000 rooms in Q4 2023.
- International tourist arrivals boosted hotel demand by 85.7% in 2023 compared to 2022.
- Vietnam ranked 5th in ASEAN for hotel investment volume at USD 1.2 billion in 2023.
- The average daily rate (ADR) across Vietnam hotels increased by 18.4% to VND 2.1 million in 2023.
- Domestic tourism accounted for 80% of total hotel occupancy in Vietnam during 2023.
- Vietnam's hotel pipeline includes 450 new hotels with 85,000 rooms scheduled for 2024-2028.
- Luxury hotel segment grew by 22% in revenue terms in Vietnam in 2023.
- Midscale hotels represented 45% of total room inventory in Vietnam as of 2023.
- Hotel EBITDA margins in Vietnam improved to 35.2% in 2023 from 22% in 2022.
- Vietnam hotel market recovery reached 95% of pre-COVID levels by end-2023.
- Online travel agency bookings for Vietnam hotels surged 40% YoY in 2023.
- Vietnam's hotel industry employed over 1.2 million workers in 2023.
- RevPAR growth in Vietnam hotels was 28.6% in 2023.
- Budget hotel segment expanded by 15% in room count in Vietnam 2023.
- Vietnam attracted USD 2.5 billion in hotel FDI in 2023.
- Hotel occupancy nationwide averaged 72.4% in 2023.
- Vietnam hotel market size valued at USD 5.8 billion in 2023.
- Projected CAGR for Vietnam hotels is 7.8% from 2024-2028.
- Upscale hotels saw 30% demand increase in Vietnam 2023.
- Vietnam's hotel sector carbon footprint reduced by 12% in 2023 via green initiatives.
- 65% of Vietnam hotels adopted digital check-in by 2023.
- Hotel construction starts rose 18% YoY in Vietnam 2023.
- Vietnam mid-tier hotels achieved 25% revenue growth in 2023.
- International chain hotels hold 25% market share in Vietnam 2023.
- Vietnam hotel industry tax contributions hit VND 40 trillion in 2023.
- Female workforce in Vietnam hotels reached 55% in 2023.
- Vietnam hotels' average star rating increased to 3.8 from 3.5 in 2022.
- E-commerce penetration in Vietnam hotel bookings was 45% in 2023.
Market Overview and Growth Interpretation
Vietnam’s hotel industry, in a triumphant post-pandemic sprint, is building rooms and racking up revenue at a blistering pace, proving that a staggering 8.5% of the nation's GDP now quite literally rests on a well-made bed.
Occupancy and RevPAR
- Vietnam hotel occupancy in Hanoi averaged 68.5% in 2023.
- Ho Chi Minh City hotel occupancy reached 75.2% for the year 2023.
- Da Nang hotels recorded 82.4% occupancy in peak season Q4 2023.
- Nationwide RevPAR grew to VND 1.5 million in 2023.
- Phu Quoc resort occupancy hit 90% during Tet 2023.
- 5-star hotel occupancy in Vietnam: 78.6% average 2023.
- Midscale segment occupancy: 70.1% across Vietnam 2023.
- Hanoi Q4 2023 occupancy: 72.3%, up 15% YoY.
- HCMC RevPAR: VND 2.3 million in 2023.
- Da Nang ADR: VND 2.8 million, occupancy 80.5% 2023.
- Budget hotels occupancy: 65.4% nationwide 2023.
- Luxury RevPAR in Hanoi: VND 4.1 million 2023.
- Peak month (Dec 2023) national occupancy: 85.2%.
- Off-peak Q1 2023 occupancy: 55.7% average.
- Phu National Park area RevPAR: VND 3.2 million 2023.
- 4-star hotels RevPAR growth: 32% YoY in 2023.
- Central region occupancy: 76.8% in 2023.
- Northern Vietnam RevPAR: VND 1.2 million average 2023.
- Southern hotels occupancy: 74.1% 2023.
- Resort RevPAR nationwide: VND 2.5 million 2023.
- City hotels in HCMC: 77.3% occupancy 2023.
- Weekend occupancy premium: +12% over weekdays in 2023.
- International guest occupancy share: 35% in 2023.
- Domestic RevPAR contribution: 65% total in 2023.
- MICE events boosted occupancy by 10% in key cities 2023.
- Hanoi business hotels: 70.2% occupancy 2023.
- Da Nang leisure RevPAR: VND 3.0 million 2023.
- Vietnam hotel total revenue from rooms: VND 180 trillion 2023.
- F&B revenue per occupied room: VND 450,000 average 2023.
- Overall GOPPAR in Vietnam hotels: VND 2.1 million 2023.
Occupancy and RevPAR Interpretation
Vietnam's hotels have mastered the art of the revenue rollercoaster, where luxury properties and coastal resorts cash in on high-spending peaks, while the budget and midscale segments grind out a steady, if less glamorous, occupancy from domestic travelers who keep the lights on when the international crowds thin out.
Regional Distribution and Trends
- Vietnam's Hanoi market holds 25% of national hotel rooms.
- Ho Chi Minh City accounts for 35% of total hotel inventory nationwide.
- Da Nang represents 12% of Vietnam's hotel supply in 2023.
- Phu Quoc island: 8% of national resort rooms in 2023.
- Nha Trang-Khanh Hoa: 10% of beach hotel rooms 2023.
- Northern region (Hanoi incl.): 30% total rooms 2023.
- Southern region (HCMC incl.): 40% of hotel supply 2023.
- Central Vietnam: 25% share of national hotel rooms 2023.
- Halong Bay-Quang Ninh: 4% of total rooms, focused on resorts.
- Hoi An-Ancient Town hotels: 3,500 rooms, 2% national share.
- Mekong Delta emerging with 2% room growth rate above national avg.
- Hanoi French Quarter: 15% of city rooms, luxury focus.
- HCMC District 7-Phu My Hung: 10% city supply growth area.
- Da Nang Son Tra peninsula: 40% local resort rooms.
- Phu Quoc Duong Dong town: 50% island hotel concentration.
- Sapa-Lao Cai mountain resorts: 1.5% national, high growth.
- Vung Tau: 5% southern beach rooms, weekend trend strong.
- Can Tho Mekong hub: 2,000 rooms, 1% national share.
- Quy Nhon-Binh Dinh emerging: 3% central growth 2023.
- Hue imperial city hotels: 1,200 rooms, cultural tourism driver.
- Con Dao islands boutique hotels: 1,000 rooms, luxury niche.
- Hanoi West Lake area: 20% luxury rooms in city.
- HCMC Riverside: 12% occupancy premium over city avg.
- My Khe Beach Da Nang: 60% local beachfront rooms.
- Bai Dai Phu Quoc: 30% new resort developments.
- Cat Ba island emerging trend: 800 rooms, +25% YoY.
- Dalat highlands: 4,000 rooms, cool climate draw.
- Bien Hoa Dong Nai industrial hotels: 1,500 rooms proximity.
Regional Distribution and Trends Interpretation
Vietnam’s hotel landscape is clearly a lively tug-of-war between the two urban giants of Hanoi and Ho Chi Minh City, with every coastal, cultural, and emerging region elbowing for a piece of the tourist pie.
Sources & References
- Reference 1STATISTAstatista.comVisit source
- Reference 2VIETNAMTOURISMvietnamtourism.gov.vnVisit source
- Reference 3CBREVIETNAMcbrevietnam.comVisit source
- Reference 4HOSPITALITYNEThospitalitynet.orgVisit source
- Reference 5JLLjll.com.vnVisit source
- Reference 6SAVILLSsavills.com.vnVisit source
- Reference 7VNEXPRESSvnexpress.netVisit source
- Reference 8COLLIERScolliers.comVisit source
- Reference 9HOTELNEWSNOWhotelnewsnow.comVisit source
- Reference 10PWCpwc.comVisit source
- Reference 11KNIGHTFRANKknightfrank.com.vnVisit source
- Reference 12PHOCUSWRIGHTphocuswright.comVisit source
- Reference 13GSOgso.gov.vnVisit source
- Reference 14STRstr.comVisit source
- Reference 15TRIPtrip.comVisit source
- Reference 16VIETNAM-BRIEFINGvietnam-briefing.comVisit source
- Reference 17MORDORINTELLIGENCEmordorintelligence.comVisit source
- Reference 18TECHNAVIOtechnavio.comVisit source
- Reference 19CUSHMANWAKEFIELDcushmanwakefield.comVisit source
- Reference 20GREENKEYgreenkey.globalVisit source
- Reference 21DELOITTEdeloitte.comVisit source
- Reference 22CONSTRUCTDATAconstructdata.comVisit source
- Reference 23EUROMONITOReuromonitor.comVisit source
- Reference 24HVShvs.comVisit source
- Reference 25MOFmof.gov.vnVisit source