Resort business has recovered

In recent years, international hotel brands have gradually increased their presence in Vietnam. Currently, the entire market has nearly 200 international branded hotels, a sharp increase compared to about 50 projects in 2013.

By 2023, the resort business in most countries around the world has almost recovered to pre-pandemic levels, with more than 85% of markets recording RevPar (revenue per available room) higher than 2019 levels. In particular, the recovery rate in Vietnam is slower, with RevPar still about 20% lower than 2019 levels, mainly due to low room occupancy rates.

Mauro Gasparotti, Director of Savills, commented that business activities in urban areas such as Ho Chi Minh City and Hanoi have recovered more quickly than coastal destinations. In particular, the average room price has almost reached the pre-pandemic level. Ho Chi Minh City is also noted as the destination with the fastest recovery rate of room occupancy compared to other destinations.

For the coastal resort market, Da Nang is currently leading the recovery rate thanks to the recovery of the Korean tourist market as well as the improvement in the frequency of international flights. Currently, Da Nang receives an average of 25 flights per day from major cities in Korea, accounting for more than 50% of the total number of international flights to this coastal city.

Vietnam's tourism industry recovery is slower than other countries in the region.

Meanwhile, the Nha Trang - Cam Ranh market still faces many challenges due to its heavy dependence on Chinese visitors before the pandemic. China is an important international tourist market for Southeast Asian countries as the region welcomed about 32 million Chinese visitors in 2019. Currently, although Chinese visitors have not returned to pre-pandemic levels, the market is recording many positive signs of improvement from this source of visitors.

"In Southeast Asia, Singapore and Thailand are two countries that are showing strong efforts to promote international tourism activities. Both countries are focusing on investing in infrastructure and improving immigration procedures to bring the best experiences to tourists during their trips. In addition, both countries have effective strategies to promote and enhance the image of their destinations, attracting international tourist markets. One of them is the strategy of accompanying international artists, for example, the performances of Taylor Swift and Bruno Mars have attracted the attention of international tourists, thereby promoting local tourism activities. Although Vietnam has had an impressive tourism development process before the pandemic, as well as possessing a lot of potential to become one of the international tourist destinations, Vietnam still needs to have action plans to increase its competitiveness with countries in the region," said Mr. Mauro Gasparotti.

According to experts, focusing on sustainable development factors and using environmentally friendly materials is a trend that the market is interested in. Currently, customers tend to prioritize experiences that match their personal values. Therefore, projects that can convey commitments to sustainable development and health factors will have many competitive advantages as well as the ability to increase value in the long term.

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