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The Vietnam hotel market size is expected to increase by USD 2.12 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.43%.This hotel market research report of Vietnam provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the hotel market segmentation in Vietnam by type (chain hotels and independent hotels) and application (tourist accommodation and official business). The hotel market report of Vietnam also offers information on several market vendors, including Accor SA, Central Plaza Hotel Public Co. Ltd., Hyatt Hotels Corp., InterContinental Hotels Group, La Siesta Premium Hang Be, Marriott International Inc., Minor International PCL, Muong Thanh Hospitality, SALA DANANG BEACH HOTEL, and Vinpearl among others.
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The growing affordability and rising disposable income are notably driving the hotel market growth in Vietnam, although factors such as climate change and unexpected weather developments may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hotel industry in Vietnam. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hotel Market Driver in Vietnam
Growing affordability and rising disposable income are some of the key factors driving the global hotel market growth in Vietnam. The growth is attributed to the significant increase in the per capita disposable income and steady economic growth in Vietnam. The per capita income increased, even when the COVID-19 pandemic in 2020 had negatively impacted the economy. Moreover, the gradual reduction in inequality (GINI coefficient) of per capita income across different classes will also improve an individual's spending capability. The improved spending capability of end-users and their rapidly increasing population (especially the population of working women) will drive market growth in Vietnam even further during the forecast period.
Key Hotel Market Challenge in Vietnam
Climate change and unexpected weather developments are some of the key challenges to the global hotel market growth in Vietnam. The high incidence of natural disasters such as tropical hurricanes, floods, and rising sea-water levels and the rising cases of COVID-19 could pose a serious challenge to the revenue of the international tourism industry, which can affect the revenue of the hotel market in Vietnam. Natural disasters severely deteriorate the tourism infrastructure, resources, and buildings. For instance, drought and salinity intrusion in the delta area of the Mekong river in Vietnam has damaged the livelihoods in the region. In addition, rebuilding the tourism infrastructure is an expensive and highly time-consuming process. Environmental disasters that affect agriculture, biodiversity, human health, and the tourism industry, involve a recovery period of 20 to 24 months, whereas any political unrest takes about 27 months to recover. Such factors are expected to impede the growth of the market in focus during the forecast period.
This hotel market analysis report of Vietnam also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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The hotel market share growth in Vietnam by the chain hotels segment will be significant during the forecast period. The consistent growth in the travel and tourism industry and high investment in 5-star and 4-star hotels due to an increase in the propensity for leisure stays in Vietnam will drive the growth in this segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hotel market size in Vietnam and actionable market insights on post COVID-19 impact on each segment.
The hotel market forecast report of Vietnam offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hotel market in Vietnam encompasses successful business strategies deployed by the key vendors. The hotel market in Vietnam is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Indonesia Tourism and Hotel market - The market share is expected to increase by USD 21.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.81%.
China Tourism and Hotel market - The market share is expected to increase by USD 24.23 billion from 2021 to 2026 at a CAGR of 11.81%.
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Hotel Market Scope in Vietnam |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.43% |
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Market growth 2022-2026 |
$ 2.12 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
13.44 |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Accor SA, Central Plaza Hotel Public Co. Ltd., Hyatt Hotels Corp., InterContinental Hotels Group, La Siesta Premium Hang Be, Marriott International Inc., Minor International PCL, Muong Thanh Hospitality, SALA DANANG BEACH HOTEL, and Vinpearl |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Customer landscape
Vendor Landscape
Vendor Analysis
Appendix
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