Hotels, resort, realty businesses pin high hope on tourist arrivals hinh anh 1Hon Tam beach, Nha Trang city, Khanh Hoa province (Photo: VNA)
Hanoi (VNA) - The recovery of tourism, especially its international segment, is seen to be the driving force for the hotel market to prosper, with improvements in both occupancy and room rates, said experts from the real estate agency Savills Vietnam.

According to data from the General Statistics Office, last year, Vietnam hosted a total of 101.3 million tourist arrivals, including 3.7 million foreigners, a year-on-year increase of 2.228%. The upcoming reopening of flights between Vietnam and China is also expected to greatly benefit the hotel sector.

In addition to holidaymakers, the industry also sees impressive demand coming from those on working trips and foreign investors.

In 2023, the Vietnamese market stabilised after the pandemic, entering a period of economic growth with a host of investment activities. Foreign investors tend to locate in big cities like Hanoi and then gradually move to neighbouring areas such as Bac Ninh and Hai Phong.

Statistics from Savills Vietnam showed that the occupancy of three-star hotels in Hanoi reached 49% in the fourth quarter of 2022, up 22% annually. The rate for five-star hotels, meanwhile, hit 60%.

The agency said there will be eight new hotel projects – capable of offering about 1,300 rooms in total – built in the capital this year. Looking ahead to figures for 2024 and subsequent years, estimates show there will be 60 new projects and 10,300 rooms./.