Want to be in the loop?
subscribe to
our notification
Business News
LUXURY HOTEL SEGMENT SEES SHARP EXPANSION
With 50 five-star hotels and 68 four-star hotels being built last year, the luxury segment now has 466 hotels with 97,098 rooms, according to a report released by the Viet Nam National Administration of Tourism.
The number of accommodation facilities overall increased by 2,000 to 30,000 with more than 650,000 rooms, the report showed.
The rising number of upscale hotels indicated sharp growth in luxury tourism.
Last year, Viet Nam won a number of tourism awards, including Asia’s Leading Destination, Asia’s Leading Culinary Destination, the World’s Leading Heritage Destination, and the World’s Best Golf Destination.
The country received 18 million international visitors, a more than 16 per cent rise.
According to a Savills Viet Nam quarterly report, with no new hotels opening in HCM City in the fourth quarter last year, the three- to five-star segment ended the year with 125 hotels and more than 15,900 rooms.
It was down 1 per cent quarter-on-quarter as three three-star hotels closed, but up 1 per cent year-on-year, the report showed.
The full-year performance by the industry was good with a 68 per cent occupancy rate and a five-year-high average room rate of US$85 per room per night driven by five-star growth.
Savills forecast more than 5,000 rooms would enter the city market by 2023, with the central business district accounting for 59 per cent of them.
Source: VIR
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.