CBRE Vietnam Hotel MarketView Q1 2021

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  • For almost one year into the Covid-19 pandemic, Vietnam’s tourism industry has witnessed a sharp decline of 78.9% y-o-y with respect to international arrivals and a drop of 34.1% y-o-y in domestic traveler-trips in 2020.
  • Vietnam’s success in combating against the Covid-19 has paved the way for steady recovery of hotel industry in the second half of 2020, with slight upstick in occupancy rate recorded for both Hanoi and HCMC market.
  • Average daily rate (ADR) did not see much improvement, recording a decrease of 14.8% y-o-y in Hanoi and 23.5% y-o-y in HCMC. The Vietnam’s tourism and hotel market have been mainly driven by domestic travelers for the whole year, and also gained much contribution from expats/diplomats/offcials who entering Vietnam with special permits.
  • Covid-19 vaccine progress brings hope for global economic recovery; however, the emergence of new variants may continue to disrupt the planned resumption of international commercial flights and heighten uncertainty across the world as every country gets back on alert of deadly resurgence.

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