Vietnam Hospitality Market Size More Than Doubles to Touch USD 14 Billion by 2031

Published | 05 May 2025

Vietnam Hospitality Market is booming, primarily due to the growing tourism sector driven by rising disposable income, foreign direct investments, rapid urbanization, improved infrastructure, and an expanding middle class.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam Hospitality Market size by value at USD 6.13 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Vietnam Hospitality Market size to boom at a robust CAGR of 12.5% reaching a value of USD 13.97 billion by 2031. The Hospitality Market in Vietnam is driven by the booming tourism sector, with strong government support for infrastructure development and promotional campaigns. Rising disposable incomes and a growing middle-class fuel domestic travel and demand for quality accommodations. Additionally, increased foreign investment and international hotel chains entering the market enhance competitiveness and service standards. Events such as international conferences and sporting events also attract business travelers. Vietnam’s rich cultural heritage, natural beauty, and street food culture further bolster its appeal. Finally, digital transformation, including the rise of online booking platforms and smart hospitality technologies, supports growth and operational efficiency in the market.

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Opportunity – Growth in Luxury and Eco-Resort Segments

Vietnam Hospitality Market is witnessing a surge in luxury and eco-resort developments, driven by a rising demand for premium travel experiences. International hotel chains are expanding their portfolios, while boutique resorts cater to personalized stays. Sustainability-focused accommodations attract eco-conscious travelers, integrating green technologies and responsible tourism practices. Government incentives and foreign direct investments further accelerate market growth, positioning Vietnam as a top destination for upscale and environmentally friendly hospitality offerings.

Service Apartments Segment Leads Vietnam Hospitality Market​

The service apartments segment accounts for the largest market share in Vietnam Hospitality Market. The segment’s market dominance is driven by a rising demand from long-term business travelers, expatriates, and digital nomads seeking affordable, flexible, and home-like accommodations with modern amenities. The rapid development of urban centers like Ho Chi Minh City and Hanoi has further fueled investments in service apartments, particularly in central business districts. Additionally, the appeal of privacy, convenience, and tailored services makes them a preferred choice over traditional hotels or hostels for both corporate and extended-stay leisure travelers in Vietnam.

Impact of Escalating Geopolitical Tensions on Vietnam Hospitality Market

Escalating geopolitical tensions could significantly impact the growth of Vietnam Hospitality Market by reducing international tourist arrivals due to travel advisories and heightened safety concerns. Supply chain disruptions, particularly for imported food and luxury goods, may strain hotel operations and increase operational costs. Foreign investments in tourism infrastructure could slow amid uncertainty, affecting long-term development. Additionally, fluctuating fuel prices and currency instability may deter budget-conscious travelers. However, domestic tourism may partially offset the decline in international visitors, offering some resilience. Overall, geopolitical instability introduces volatility, requiring agile strategies from hospitality stakeholders to maintain growth and service quality.

Competitive Landscape

Vietnam Hospitality Market is highly fragmented, with numerous players serving the market. Major companies dominating the market are AccorHotels, Marriott International, InterContinental Hotels Group (IHG), Hilton Hotels & Resorts, Vinpearl Hotels & Resorts, Fusion Hotel Group, Wyndham Hotels & Resorts, Best Western Hotels & Resorts, Minor Hotels, Melia Hotels International, and Radisson Hotel Group. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in Vietnam Hospitality Market.

Don’t miss the business opportunity in Vietnam Hospitality Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and Vietnam Hospitality Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Hospitality Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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