Vietnam Hospitality Market

Market Overview:

Vietnam hospitality market size reached US$ 4.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.51 Billion by 2032, exhibiting a growth rate (CAGR) of 12.83% during 2024-2032. The growing demand for quality accommodation and dining experiences, increasing number of hotel chains and affordable stays across popular tourist destinations, and rising utilization of mobile apps and online platforms to streamline booking processes represent some of the key factors driving the market.

Hospitality comprises a wide range of services, such as hotels, resorts, restaurants, and entertainment venues, to provide enhanced guest experiences. It involves offering services, accommodations, and amenities to ensure the comfort and satisfaction of individuals who are away from their homes or usual surroundings. It caters to the needs and preferences of travelers, tourists, or patrons. It is characterized by a genuine desire to create a positive and memorable experience for guests. It offers additional services or products, such as room upgrades in hotels or additional courses in restaurants, leading to higher revenue and profitability in a business. It also provides spa treatments, guided tours, or dining options for individuals seeking relaxation and rejuvenation. It allows for cultural exchange and understanding as visitors get to experience the local culture, traditions, and cuisine. As it aids in offering enhanced experience to individuals, the demand for hospitality is increasing in Vietnam.

Vietnam Hospitality Market Trends:

At present, the increasing demand for quality accommodation and dining experiences due to inflating income levels of individuals represents one of the major factors influencing the market positively in the country. Moreover, the rising utilization of mobile apps and online platforms to streamline booking processes and make convenient trips is strengthening the growth of the market in Vietnam. Apart from this, improvements in infrastructure, such as airports and transportation, offer more accessibility to travelers, which is offering a positive market outlook in the country. Additionally, the rising adoption of green construction practices for building hotels, resorts, and restaurants, that meet the expectations of environmentally conscious travelers is offering lucrative growth opportunities to industry investors. In line with this, governing agencies in Vietnam are investing in the tourism sector to attract both domestic and international players, which is impelling the growth of the market. Besides this, there is a rise in the demand for accommodation, dining, and entertainment among the masses for leisure purposes. This, coupled with the increasing number of hotel chains and affordable stays across popular tourist destinations, is contributing to the growth of the market in the country. In addition, the rising adoption of online reservations and digital transactions due to rapid digitalization in various sectors is bolstering the growth of the market in the country. Furthermore, the increasing development of high-end hotels and resorts on account of the rising demand for luxury and upscale accommodations among individuals is supporting the growth of the market in Vietnam.

Vietnam Hospitality Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and segment.

Type Insights:

• Chain Hotels
• Independent Hotels
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes chain hotels, and independent hotels.

Segment Insights:

• Service Apartments
• Budget and Economy Hotels
• Mid and Upper Mid Scale Hotels
• Luxury Hotels
   

A detailed breakup and analysis of the market based on the segment have also been provided in the report. This includes service apartments, budget and economy hotels, mid and upper mid scale hotels, and luxury hotels.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Hospitality Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam hospitality market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam hospitality market?
• What is the breakup of the Vietnam hospitality market on the basis of type?
• What is the breakup of the Vietnam hospitality market on the basis of segment?
• What are the various stages in the value chain of the Vietnam hospitality market? 
• What are the key driving factors and challenges in the Vietnam hospitality?
• What is the structure of the Vietnam hospitality market and who are the key players?
• What is the degree of competition in the Vietnam hospitality market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam hospitality market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam hospitality market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam hospitality industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.