Accommodation Service Comprehensive Report Q2/2019

Accommodation Service Comprehensive Report Q2/2019

  • August 2019 •
  • 167 pages •
  • Report ID: 5804537 •
  • Format: PDF
VIETNAM ACCOMODATION SERVICE INDUSTRY

Over the past decade, tourism has become more and more accessible to the people of the world. Therefore, the tourism industry has developed strongly, especially in recent years. The tourism industry in recent years has been the driving force for the growth of the number of accommodation establishments. The number of hotel rooms and rooms in the world tends to grow continuously over the years in the period of 2014 - 2025f. Currently, there are more than 700,000 hotels and resorts scattered across the globe.
Vietnam is one of the fastest growing tourist destinations in Southeast Asia thanks to many favorable factors such as the growth in the number of tourists, new hotel brand names entering the market, relaxed visa policy along with the development of infrastructure. In the first 3 months of 2019, the number of international visitors to Vietnam increased by 7% over the same period in 2018. The total revenue from tourists increased 8.35% over the same period last year.
Thanks to the development of the domestic tourism industry in the past years, the number of businesses providing accommodation services has also been growing steadily every year. In the period of 2010-2017, the number of businesses operating in the hospitality industry achieved an annual compound growth of 7.4%.
In Q1 / 2019, the supply of Hanoi and Ho Chi Minh City did not have much volatility. The supply decreased slightly in Hanoi and remained stable in HCM.City. The average operational capacity and rental prices of Hanoi and HCM.City markets in Q1 / 2019 recorded a strong increase in all segments thanks to the key tourist season of the two cities. The key tourist cities such as Da Nang, Nha Trang and Phu Quoc all had quite high levels of operational capacity.