Hotel room rates in Ho Chi Minh City increase

Room rates and hotel occupancy rates in Ho Chi Minh City both increase

According to the report, up to now, room occupancy in Ho Chi Minh City has reached 68%, up 6% compared to the previous quarter and the average room rate has reached 1.9 million VND/room/night, up 5% compared to the previous quarter.

Of which, the capacity of 5-star hotels increased the most, up 53% compared to the previous year. In particular, the price of 5-star hotel rooms reached 2.8 million VND/room/night, up 54% year-on-year. The reason for the sharp increase in prices is that branded hotels have stopped applying tourism stimulus programs.

Binh Thanh District had the highest average room rate growth, reaching 99% year-on-year. This was followed by District 1, with an increase of 87% year-on-year, and District 5 with 48% year-on-year.

The city's accommodation service revenue in the first quarter of 2023 reached VND2,281 billion, up 29% over the previous year. The total number of visitors reached 8.54 million, of which 12% were international visitors. However, the number of international visitors decreased by 54% compared to the first quarter of 2019.

The report also assessed that although the operating situation has not yet reached the pre-pandemic level in 2019, positive prospects are expected as Chinese tourists, the city's main tourism market, have returned since March 15. In addition, many plans to simplify the e-visa issuance process and expand the visa exemption list have been proposed.

By 2026, five new hotels with a total of 900 rooms are expected to enter the market. The majority (83%) will be branded hotels from international groups such as Hilton, SOTETSU Group, Elegance Hospitality Group and Minor Hotels Group in District 1.

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