Hotel market size in Vietnam to grow by USD 2.12 billion from 2021 to 2026; Growth driven by increasing affordability and rising disposable income - Technavio

NEW YORK, March 15, 2023 /PRNewswire/ -- The hotel market size in Vietnam is estimated to grow by USD 2.12 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 14.43% during the forecast period. The growth of the market is driven by increasing affordability and rising disposable income. The income levels of consumers have increased significantly in developing countries such as Vietnam. For instance, between 2016 and 2020, Vietnam witnessed a 35.5% growth in per capita income. This has directly influenced the individual's spending capability in Vietnam. In addition, the increasing working women population has created a financial boost in the overall income of people, enabling consumers to spend on recreational activities. All these factors are fostering the growth of the hotel market in Vietnam. For more insights on the market size (2022 to 2026) - Request a sample report

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Hotel Market in Vietnam - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (chain hotels and independent hotels) and application (tourist accommodation and official business).

• The market growth in the chain hotels segment will be significant during the forecast period. The increasing number of international tourists is a major factor driving the growth of the segment.

Hotel Market in Vietnam - Vendor Analysis
Some of the key vendors covered in the report include:

• Accor SA - The company offers a wide range of hotel brands such as Luxury, Premium, Midscale, Economy, and others.
• Central Plaza Hotel Public Co. Ltd. - The company offers a wide range of hotels such as Centara Mirage Resort Mui Ne.
• Hyatt Hotels Corp. - The company offers sophisticated design, handcrafted details, and modern-day comforts at Park Hyatt Saigon.
• InterContinental Hotels Group - The company offers a wide range of hotels such as Hotel Indigo, Crown Plaza, Holiday Inn, and others.

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Hotel Market in Vietnam – Market Challenge

Major challenges hindering the market growth

• Climate change and unexpected weather developments are challenging the growth of the market.
• Events of natural disasters can pose a serious threat to the revenues of players in the tourism industry.
• Tropical hurricanes, floods, and rising sea water severely deteriorate tourism infrastructure, resources, and buildings, especially in the Mekong River in Vietnam.
• Also, drought and salinity intrusion in the delta area of the Mekong River in Vietnam has been affecting the livelihoods in the country.
• These factors are having a direct effect on agriculture, biodiversity, human health, and the tourism industry in Vietnam.

Insights on market drivers, trends, & challenges and forecast period (2022 to 2026) - Request a sample report!

What are the key data covered in this hotel market in Vietnam report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the hotel market in Vietnam between 2022 and 2026
• Precise estimation of the size of the hotel market in Vietnam and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the hotel market across Vietnam
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of hotel market vendors in Vietnam

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Related Reports:

• The tourism and hotel market in Indonesia 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%. The market is segmented by type of tourists (domestic and international) and hotel type (chain hotels and independent hotels).
• The tourism and hotel market in China is expected to increase by USD 24.23 billion from 2021 to 2026 at a CAGR of 11.81%. The market is segmented by type (outbound tourism and inbound tourism) and product (chain hotels and independent hotels).

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Table of contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Tourist accommodation - Market size and forecast 2021-2026
• Official business - Market size and forecast 2021-2026
• Market opportunity by Application

Market Segmentation by Type

• Market segments
• Comparison by Type
• Chain hotels - Market size and forecast 2021-2026
• Independent hotels - Market size and forecast 2021-2026
• Market opportunity by Type

Customer landscape

• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor Landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• 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
• Vinpearl

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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SOURCE Technavio