Market Size of Hospitality Industry In Vietnam
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 5.16 Billion |
| Market Size (2029) | USD 9.91 Billion |
| CAGR (2024 - 2029) | 13.94 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Hospitality Market Analysis
The Hospitality Industry In Vietnam Market size is estimated at USD 5.16 billion in 2024, and is expected to reach USD 9.91 billion by 2029, growing at a CAGR of 13.94% during the forecast period (2024-2029).
Many solutions have been actively implemented in Vietnam's tourism sector, resulting in positive results that contribute significantly to economic recovery from the pandemic. Vietnam National Administration of Tourism (VNAT) has promoted Vietnam tourism on digital platforms to target markets and joined important international travel fairs to affirm that Vietnam is a safe, attractive destination and fully ready to welcome tourists back after the COVID-19 pandemic.
Vietnam is famous for its beaches, rivers, Buddhist temples, and lively Southeast Asian cities. Vietnam is recognized for its long coastline, rice terraces, and antique French-colonial architecture within lively, modern cities. It is one of the world's fastest-growing tourism destinations. Hospitality and tourism have been critical components of economic growth in recent years as Vietnam has turned away from its reliance on agriculture and towards a service economy. Last year, the tourism industry in Vietnam concluded with a remarkable achievement. The country welcomed a staggering 12.6 million international visitors, nearly 3.5 times higher than the previous year's figure. Additionally, domestic tourism thrived, surpassing the plan by 6%.
Last year, while hosting the 31st SEA Games, the hospitality sector seized the chance to effectively showcase itself as a secure, welcoming, and appealing destination for sports delegations and international tourists. Additionally, it also highlighted the potential for investments in the hospitality sector. Industry experts believe that the interest surge is driven by favorable hotel and resort prices and the potential for Vietnam to recover from its tourism downturn and develop further. Additionally, foreign-managed hotels in Vietnam have shown better financial performance when compared to local hotels.
An increase in the number of tourists and a rise in the number of new hotels and hotel chains are driving the hospitality market. Strong economic growth, supporting government policies, increased competition among market participants, and industry players' adoption of appealing marketing and promotional methods are the key factors driving the growth of the Vietnam hospitality market during the projection period. Market participants' investments aimed at increasing the influx of travelers from these nations and providing cost-effective, high-quality services to global tourists are anticipated to enhance the growth of the hospitality and tourism market in Vietnam.
