Hotel industry to grow by $2 bln by 2026: U.S. market research firm

It attributed the likelihood to Vietnam’s consistent economic growth and the substantial increase in per capita disposable income.

This year it forecast the market to grow by 13.44% as Vietnam reopens to international tourism after having lifted most Covid restrictions since March.

“Chain hotels in Vietnam will significantly increase their market share. The expansion of this market will be fueled by the travel and tourism sector’s steady expansion as well as significant investments in 5- and 4-star hotels as leisure travel to Vietnam rises in popularity.”

However, climate change and unforeseen weather occurrences could pose obstacles to the growth, it said.

Vietnam’s rising popularity as a tourist destination has resulted in a boom in the hospitality industry in recent years, with a number of global hotel chains such as Marriott International Inc. and InterContinental Hotels Group entering the country.

In 2019, the year before the pandemic began, Vietnam received a record 18 million foreign tourists.

This year it targets five million.