Lodging in Vietnam

LODGING IN VIETNAM
Euromonitor International
September 2018
LODGING IN VIETNAM Passport I
LIST OF CONTENTS AND TABLES

Headlines ..................................................................................................................................... 1
Prospects ..................................................................................................................................... 1
Short-term Rentals Record Substantial Growth ........................................................................ 1
Luxury and Upscale Is the Most Dynamic Segment in Hotels .................................................. 1
Vinpearl Jsc Is the New Industry Leader .................................................................................. 1
Category Data .............................................................................................................................. 2
Table 1 Lodging Sales: Value 2013-2018 ................................................................. 2
Table 2 Lodging Online Sales: Value 2013-2018 ...................................................... 2
Table 3 Hotels Sales: Value 2013-2018 .................................................................... 2
Table 4 Hotels Online Sales: Value 2013-2018......................................................... 3
Table 5 Other Lodging Sales: Value 2013-2018 ....................................................... 3
Table 6 Other Lodging Online Sales: Value 2013-2018 ............................................ 3
Table 7 Lodging Outlets: Units 2013-2018 ................................................................ 3
Table 8 Lodging: Number of Rooms 2013-2018 ....................................................... 4
Table 9 Lodging by Incoming vs Domestic: % Value 2013-2018 .............................. 4
Table 10 Hotels NBO Company Shares: % Value 2014-2018 .................................... 4
Table 11 Hotel Brands by Key Performance Indicators 2018 ...................................... 5
Table 12 Forecast Lodging Sales: Value 2018-2023 .................................................. 6
Table 13 Forecast Lodging Online Sales: Value 2018-2023 ....................................... 6
Table 14 Forecast Hotels Sales: Value 2018-2023 ..................................................... 6
Table 15 Forecast Hotels Online Sales: Value 2018-2023 .......................................... 6
Table 16 Forecast Other Lodging Sales: Value 2018-2023 ........................................ 7
Table 17 Forecast Other Lodging Online Sales: Value 2018-2023 ............................. 7
Table 18 Forecast Lodging Outlets: Units 2018-2023 ................................................. 7
© Euromonitor International
LODGING IN VIETNAM Passport 1
LODGING IN VIETNAM
HEADLINES
 Lodging value sales grow by 14% to reach VND124 trillion in 2018
 Short-term rentals, and luxury and upscale hotels record the fastest growth
 Over the forecast period lodging value sales will record a 7% CAGR at 2018 constant prices
to reach VND176 trillion in 2023
PROSPECTS
Short-term Rentals Record Substantial Growth

Thanks to the rising popularity of Airbnb and other players with similar formats, short-term
rentals continued to record outstanding growth rates in 2017 and 2018. Due to weak law
enforcement by the government, local people can easily rent out their rooms or houses without
much regulatory restriction. In addition, an increasing percentage of foreign tourists, especially
leisure travellers, prefer to stay in short-term rentals rather than hotels. Many short-term rentals
attract tourists for their more affordable prices, closer contact with local hosts and friends, and
more boutique-like feeling.
There is an increasing number of local players that have joined the market in recent years,
such as westay.org and luxstay.net. However, Airbnb remained the market leader in 2018.
Being the industry pioneer, Airbnb has accumulated the highest number of rentals and hosts
among all industry players. Therefore, most people can easily find a place that suits their needs
on Airbnb.
Luxury and Upscale Is the Most Dynamic Segment in Hotels

Luxury and upscale hotels in Vietnam continued to outgrow other price platforms in 2017 and
2018. New international brands that opened in 2017-2018 include the Intercontinental Phu Quoc
Long Beach Resort and Sheraton Grand Da Nang Resort. Most notably, local brand Vinpearl
opened 10 new outlets in 2017, and is expected to open another five outlets by the end of 2018.
The strong growth of luxury and upscale hotels in Vietnam is attributable to the surging
number of inbound tourists, with arrivals having recorded double-digit annual growth rates since
2016. Furthermore, the percentage of luxury and upscale hotel outlets in Vietnam is still low
compared to neighbouring countries, leaving significant potential for growth.
To tap into the rising market potential, leading industry players have shown an interest in
developing new luxury and upscale hotels in Vietnam over the forecast period. For example,
Hilton has announced plans to open Hilton Da Nang in October 2018, and two more hotels in Ho
Chi Minh City in the upcoming years. As Vietnam’s economy is expected to soar and foreign
investment to increase, a rising number of business travellers will help to boost the development
of luxury and upscale hotels over the next five years.
Vinpearl Jsc Is the New Industry Leader

Local player Vinpearl JSC has emerged as the new industry leader in 2018. Vinpearl JSC is
part of VinGroup JSC, a local conglomerate which owns businesses in a wide range of
industries, including hotels, theme parks, medical care, education, automobiles and retailing.
With a strong influence in the local economy and robust investment capital, the player was able
to open many new outlets in 2017 and 2018. Many of its luxury and upscale hotels are located
in new cities or towns that still lack other brands, such as Can Tho, Ha Tinh, Nghe An and Hai
Phong. With this strategy, it was able to avoid direct competition with other, well-established
luxury brands.
Another strategy that contributes to Vinpearl’s success is its locations close to Vinpearl Land
theme parks, or golf courses in a particular area. This creates a complete relaxation and
recreation destination for families or groups of friends. With these key strategies, Vinpearl is
expected to maintain its leading positing over the forecast period, despite the entrance of more
international luxury hotel brands.
CATEGORY DATA
Table 1 Lodging Sales: Value 2013-2018
VND billion
2013 2014 2015 2016 2017 2018
Hotels 59,575.4 67,900.8 82,628.8 93,257.8 108,180.7 123,205.9

Short-Term Rentals 4.1 15.6 51.6 116.0 203.0 314.7
Other Lodging 435.3 508.5 571.7 631.1 687.8 742.8
Lodging Offline 52,956.1 59,179.8 70,360.3 77,675.3 87,890.3 97,314.4
Lodging Online 7,058.7 9,245.1 12,891.7 16,329.6 21,181.2 26,949.0
Lodging 60,014.8 68,424.9 83,252.0 94,004.8 109,071.5 124,263.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
trade interviews, trade sources
Note: Lodging is the sum of hotels, short-term rentals and other lodging or the sum of offline and online sales
Table 2 Lodging Online Sales: Value 2013-2018
VND billion
2013 2014 2015 2016 2017 2018
Lodging Direct 2,015.7 2,548.8 3,572.7 4,321.4 5,304.9 6,361.9

Lodging Intermediaries 5,043.0 6,696.3 9,319.0 12,008.1 15,876.3 20,587.1
(Destination)
Lodging Online 7,058.7 9,245.1 12,891.7 16,329.6 21,181.2 26,949.0
Table 3 Hotels Sales: Value 2013-2018
VND billion
2013 2014 2015 2016 2017 2018
Luxury and Upscale Hotels 25,686.2 30,618.0 37,721.4 42,985.2 51,957.0 59,969.6
Mid-Market Hotels 10,660.0 12,418.5 15,572.8 17,664.5 19,887.2 22,516.9
Budget Hotels 2,257.8 2,463.3 2,853.8 3,118.1 3,446.3 3,841.4
Unrated Hotels 20,971.4 22,401.0 26,480.8 29,489.9 32,890.3 36,877.9
Hotels Offline 52,527.6 58,679.8 69,796.5 77,049.6 87,204.5 96,568.8
Hotels Online 7,047.8 9,220.9 12,832.2 16,208.2 20,976.2 26,637.1
Hotels 59,575.4 67,900.8 82,628.8 93,257.8 108,180.7 123,205.9
Note: Hotels is the sum of luxury, mid-market, budget and unrated hotels or the sum of offline and online sales
Table 4 Hotels Online Sales: Value 2013-2018
VND billion
2013 2014 2015 2016 2017 2018
Hotels Direct 2,013.6 2,546.3 3,569.6 4,317.8 5,300.9 6,357.4

Hotels Intermediaries 5,034.1 6,674.6 9,262.7 11,890.4 15,675.4 20,279.7
Hotels Online 7,047.8 9,220.9 12,832.2 16,208.2 20,976.2 26,637.1
Table 5 Other Lodging Sales: Value 2013-2018
VND billion
2013 2014 2015 2016 2017 2018
Campsites 1.4 1.4 1.5 1.5 1.6 1.7

Hostels - - - - - -
Other Lodging Types 433.9 507.1 570.2 629.6 686.2 741.1
Other Lodging Offline 426.4 497.6 558.6 616.4 671.7 725.1
Other Lodging Online 8.9 10.9 13.1 14.6 16.2 17.7
Other Lodging 435.3 508.5 571.7 631.1 687.8 742.8
Note: Other lodging is the sum of campsites, hostels and other lodging types or the sum of offline and online
sales
Table 6 Other Lodging Online Sales: Value 2013-2018
VND billion
2013 2014 2015 2016 2017 2018
Other Lodging Direct 2.0 2.6 3.2 3.6 4.1 4.5

Other Lodging 6.8 8.3 9.9 11.0 12.1 13.2
Intermediaries
Table 7 Lodging Outlets: Units 2013-2018
outlets
2013 2014 2015 2016 2017 2018
Luxury and Upscale Hotels 232 253 275 299 343 371
Mid-Market Hotels 351 381 441 481 511 541
Budget Hotels 1,994 2,058 2,122 2,186 2,249 2,312
Unrated Hotels 10,912 11,621 12,365 13,132 13,920 14,727
Hotels 13,489 14,313 15,203 16,098 17,023 17,951
Short-Term Rentals 594 1,965 5,788 12,444 20,533 29,773
Campsites 18 19 20 21 22 23
Hostels - - - - - -
Other Lodging Types 287 308 329 347 363 377

Other Lodging 305 327 349 368 385 400
Lodging 14,388 16,605 21,340 28,910 37,941 48,124
Note: Lodging is the sum of hotels, short term rentals and other lodging or the sum of all hotel types, short-
term rentals, campsites, hostels and other lodging types
Table 8 Lodging: Number of Rooms 2013-2018
'000 rooms
2013 2014 2015 2016 2017 2018
Hotels 288.4 312.9 335.4 355.9 375.4 394.2

Table 9 Lodging by Incoming vs Domestic: % Value 2013-2018
% retail value rsp

2013 2014 2015 2016 2017 2018
Domestic 35.2 36.1 42.1 42.7 44.6 46.2

Incoming 64.8 63.9 57.9 57.3 55.4 53.8
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 10 Hotels NBO Company Shares: % Value 2014-2018
% retail value rsp

Company 2014 2015 2016 2017 2018
Vinpearl JSC 2.5 2.6 3.4 4.4 4.4

AccorHotels Group - 4.6 5.0 4.5 4.0
InterContinental Hotels 2.0 2.0 1.8 1.7 1.9
Group Plc
Starwood Hotels & 1.6 1.4 1.5 1.3 1.5
Resorts Worldwide Inc
Marriott International 1.1 0.9 0.8 1.2 1.1
Inc
New World Development Ltd 2.0 1.6 1.4 1.2 1.0
Hyatt Hotels Corp 1.3 1.1 1.0 0.8 0.8
Meliá Hotels 0.4 0.5 0.5 0.5 0.5
International SA
Furama Hotels & Resorts 0.5 0.5 0.5 0.4 0.4
International (FHRI)
Hilton Inc - - - 0.3 0.3
Thien Minh Group 0.4 0.3 0.3 0.2 0.2
Accor Group 5.2 - - - -
Hilton Worldwide 0.5 0.4 0.4 - -
Holdings Inc
Victoria Hotels (HK) Ltd - - - - -
Others 82.6 84.1 83.5 83.3 84.1
Total 100.0 100.0 100.0 100.0 100.0
Table 11 Hotel Brands by Key Performance Indicators 2018
LBN (NBO) Outlets Rooms Rooms Per Sales per Sales Per
('000) Outlet Outlet Room
(Million (Local
Local Currency)
Currency)
Crowne Plaza 2.0 0.9 464.0 225.6 486,180.0

(InterContinental
Hotels Group Plc)
Four Points by Sheraton 1.0 0.3 345.0 130.3 377,775.0
(Starwood Hotels &
Resorts Worldwide Inc)
Furama (Furama Hotels & 1.0 0.2 198.0 466.9 2,358,082.5
Resorts International
(FHRI))
Hilton (Hilton Inc) 1.0 0.3 269.0 333.4 1,239,568.6
Hilton Garden Inn 1.0 0.1 86.0 51.3 596,410.0
(Hilton Inc)
Hyatt Regency (Hyatt 1.0 0.3 269.0 582.5 2,165,472.0
Hotels Corp)
Ibis (AccorHotels Group) 2.0 0.4 221.0 78.0 352,736.0
InterContinental 6.0 1.8 299.7 314.2 1,048,645.0
(InterContinental
Hotels Group Plc)
JW Marriott (Marriott 2.0 0.7 347.0 514.1 1,481,535.0
International Inc)
Le Méridien (Starwood 1.0 0.3 345.0 341.8 990,792.6
Hotels & Resorts
Worldwide Inc)
Meliá (Meliá Hotels 3.0 0.7 239.3 148.7 621,193.5
International SA)
Mercure (AccorHotels 3.0 0.9 289.3 163.4 564,655.0
Group)
MGallery (AccorHotels 4.0 0.4 109.3 98.6 902,736.2
Group)
New World (New World 1.0 0.5 540.0 1,217.1 2,253,875.0
Development Ltd)
Novotel (AccorHotels 6.0 1.5 249.2 220.0 883,008.0
Group)
Park Hyatt (Hyatt 1.0 0.2 244.0 341.7 1,400,432.0
Hotels Corp)
Pullman (AccorHotels 4.0 1.1 272.8 481.0 1,763,680.0
Group)
Renaissance (Marriott 1.0 0.3 340.0 277.0 814,680.1
International Inc)
Sheraton (Starwood 4.0 1.2 301.0 335.1 1,113,250.0
Hotels & Resorts
Worldwide Inc)
Sofitel (AccorHotels 2.0 0.7 327.0 331.2 1,012,984.6
Group)
Sol Meliá (Meliá Hotels 1.0 0.3 284.0 135.3 476,456.4
International SA)
Victoria (Thien Minh 6.0 0.5 78.3 40.5 516,548.0
Group)
Vinpearl (Vinpearl JSC) 25.0 10.1 404.5 215.0 531,440.0

Note: 1: Hotel rooms and outlets are sourced mainly from the hotel companies themselves from
websites, trade interviews and/or company reports
Note 2: Sales per outlet refers to million local currency; sales per room refers to ‘000 local currency
Table 12 Forecast Lodging Sales: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Hotels 123,205.9 134,174.3 145,541.3 156,301.2 165,727.8 174,760.1

Short-Term Rentals 314.7 434.2 553.6 647.8 719.0 776.5
Other Lodging 742.8 765.1 786.5 806.9 825.5 842.0
Lodging Offline 97,314.4 103,040.4 108,354.8 112,922.7 116,820.2 120,030.2
Lodging Online 26,949.0 32,333.3 38,526.7 44,833.2 50,452.1 56,348.4
Lodging 124,263.4 135,373.6 146,881.4 157,755.9 167,272.2 176,378.6
Note: Lodging is the sum of hotels, short-term rentals and other lodging or the sum of offline and online sales
Table 13 Forecast Lodging Online Sales: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Lodging Direct 6,361.9 7,250.1 8,125.9 9,508.2 10,396.5 11,295.2

Lodging Intermediaries 20,587.1 25,083.2 30,400.8 35,325.0 40,055.6 45,053.2
(Destination)
Lodging Online 26,949.0 32,333.3 38,526.7 44,833.2 50,452.1 56,348.4
Table 14 Forecast Hotels Sales: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Luxury and Upscale Hotels 59,969.6 65,779.2 71,750.0 77,399.1 82,304.5 86,997.2
Mid-Market Hotels 22,516.9 24,579.5 26,733.0 28,782.1 30,606.2 32,382.7
Budget Hotels 3,841.4 4,104.1 4,368.7 4,603.4 4,790.8 4,960.7
Unrated Hotels 36,877.9 39,711.4 42,689.5 45,516.6 48,026.2 50,419.5
Hotels Offline 96,568.8 102,267.7 107,555.0 112,099.2 115,976.3 119,168.9
Hotels Online 26,637.1 31,906.6 37,986.3 44,202.0 49,751.5 55,591.2
Hotels 123,205.9 134,174.3 145,541.3 156,301.2 165,727.8 174,760.1
Note: Hotels is the sum of luxury, mid-market, budget and unrated hotels or the sum of offline and online sales
Table 15 Forecast Hotels Online Sales: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Hotels Direct 6,357.4 7,245.4 8,121.2 9,503.1 10,391.1 11,289.5

Hotels Intermediaries 20,279.7 24,661.2 29,865.1 34,698.9 39,360.3 44,301.7
Hotels Online 26,637.1 31,906.6 37,986.3 44,202.0 49,751.5 55,591.2
Table 16 Forecast Other Lodging Sales: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Campsites 1.7 1.7 1.8 1.8 1.8 1.9

Hostels - - - - - -
Other Lodging Types 741.1 763.4 784.7 805.1 823.6 840.1
Other Lodging Offline 725.1 746.7 767.6 786.5 803.6 818.6
Other Lodging 742.8 765.1 786.5 806.9 825.5 842.0
Note: Other lodging is the sum of campsites, hostels and other lodging types or the sum of offline and online
sales
Table 17 Forecast Other Lodging Online Sales: Value 2018-2023
VND billion
2018 2019 2020 2021 2022 2023
Other Lodging Direct 4.5 4.7 4.7 5.1 5.4 5.7

Other Lodging 13.2 13.8 14.2 15.3 16.5 17.7
Intermediaries
Table 18 Forecast Lodging Outlets: Units 2018-2023
outlets
2018 2019 2020 2021 2022 2023
Luxury and Upscale Hotels 371 399 427 456 486 516
Mid-Market Hotels 541 571 601 631 661 689
Budget Hotels 2,312 2,374 2,433 2,491 2,546 2,599
Unrated Hotels 14,727 15,522 16,329 17,145 17,968 18,795
Hotels 17,951 18,866 19,790 20,723 21,661 22,599
Short-Term Rentals 29,773 40,194 50,242 57,778 63,556 68,005
Campsites 23 24 25 26 27 28
Hostels - - - - - -
Other Lodging Types 377 390 403 416 429 442
Other Lodging 400 414 428 442 456 470
Lodging 48,124 59,474 70,460 78,943 85,673 91,074
Note: Lodging is the sum of hotels, short term rentals and other lodging or the sum of all hotel types, short-
term rentals, campsites, hostels and other lodging types

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LODGING IN VIETNAM

LIST OF CONTENTS AND TABLES

Short-term Rentals Record Substantial Growth

Luxury and Upscale Is the Most Dynamic Segment in Hotels

Vinpearl Jsc Is the New Industry Leader

Hotels 59,575.4 67,900.8 82,628.8 93,257.8 108,180.7 123,205.9

Table 2 Lodging Online Sales: Value 2013-2018

Lodging Direct 2,015.7 2,548.8 3,572.7 4,321.4 5,304.9 6,361.9

Table 3 Hotels Sales: Value 2013-2018

Table 4 Hotels Online Sales: Value 2013-2018

Hotels Direct 2,013.6 2,546.3 3,569.6 4,317.8 5,300.9 6,357.4

Table 5 Other Lodging Sales: Value 2013-2018

Campsites 1.4 1.4 1.5 1.5 1.6 1.7

Table 6 Other Lodging Online Sales: Value 2013-2018

Other Lodging Direct 2.0 2.6 3.2 3.6 4.1 4.5

Table 7 Lodging Outlets: Units 2013-2018

Other Lodging Types 287 308 329 347 363 377

Table 8 Lodging: Number of Rooms 2013-2018

Hotels 288.4 312.9 335.4 355.9 375.4 394.2

Table 9 Lodging by Incoming vs Domestic: % Value 2013-2018

% retail value rsp

Domestic 35.2 36.1 42.1 42.7 44.6 46.2

Table 10 Hotels NBO Company Shares: % Value 2014-2018

% retail value rsp

Vinpearl JSC 2.5 2.6 3.4 4.4 4.4

Table 11 Hotel Brands by Key Performance Indicators 2018

Crowne Plaza 2.0 0.9 464.0 225.6 486,180.0

Vinpearl (Vinpearl JSC) 25.0 10.1 404.5 215.0 531,440.0

Table 12 Forecast Lodging Sales: Value 2018-2023

Hotels 123,205.9 134,174.3 145,541.3 156,301.2 165,727.8 174,760.1

Table 13 Forecast Lodging Online Sales: Value 2018-2023

Lodging Direct 6,361.9 7,250.1 8,125.9 9,508.2 10,396.5 11,295.2

Table 14 Forecast Hotels Sales: Value 2018-2023

Table 15 Forecast Hotels Online Sales: Value 2018-2023

Hotels Direct 6,357.4 7,245.4 8,121.2 9,503.1 10,391.1 11,289.5

Table 16 Forecast Other Lodging Sales: Value 2018-2023

Campsites 1.7 1.7 1.8 1.8 1.8 1.9

Table 17 Forecast Other Lodging Online Sales: Value 2018-2023

Other Lodging Direct 4.5 4.7 4.7 5.1 5.4 5.7

Table 18 Forecast Lodging Outlets: Units 2018-2023

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