Accommodation is something provided for convenience or to satisfy a need for instance food, lodging, and services or traveling space and related services. The accommodation services sector is an important reinforcement of the competitiveness of destinations in specifically emerging tourism regions of the Vietnam economy that provides a wealth of opportunities for individuals to work within a dynamic and diverse sector. Opportunities are emergent for accelerated career advancement, and positions in conflicting destinations or different types of establishments are expanding. Several different types of accommodation establishments such as motels, hotels, bed and breakfast, backpackers, youth hostel, home stay, farm stay, self-catering apartment, Marae stays, timeshare, caravan park, boutique accommodation, camping ground, cabins/huts in National Parks, apartment and more.
According to study, “Accommodation Service Comprehensive Report Q4/2019” the key companies operating in the Vietnam accommodation service industry are Saigon Stec Co., Ltd., Foster Electric Vietnam Co. Ltd., Intel Products Vietnam Co., Ltd., Haesung Vina Co. Ltd., Hosiden Vietnam Co. Ltd., Hanoi Doosung Tech Co. Ltd, Meiko Vietnam Co. Ltd., Sumidenso Vietnam Co. Ltd.
Based on type, Vietnam accommodation service industry is segmented into hotels, vacation rentals, bed & breakfast (B & B), hostels, resorts, motel, Inn and others. Hotels are basically found in cities and high-density tourists’ destinations that offer lodging and accommodation for huge amount of people. Bed & breakfast are typically converted family or guest houses that hold no more than about ten rooms. Motel is also identified as motorists’ hotel that maintains a demographic target consisting of travelers on long distance journeys. Additionally, Inn is usually found along the side of a highway or country road. Inn provides drinks and food for those looking to only stay a night or two. Based on mode of booking, market is segmented into direct bookings, online travel agency, and others. Based on price point, market is segmented into economy price, mid-range price and luxury price. In addition, based on end-use sectors, market is segmented into commercial sectors and non-commercial sectors. Commercial sectors include hotels, guest house, farmhouse, holiday centers, camps, villas, and others. Whereas, non-commercial sectors include private camping, private caravan, private yachts, timeshare, youth hostels and others.
The Vietnam accommodation service industry is driven by rise in improvement in earning capacity, followed by growth in corporate travel industry, increase in tourism sector, rise in technological advancements and growth in emerging markets. However, rise in security concerns and increase in preference for healthy food options may impact the market. Moreover, change in consumer hospitality habits is a key opportunity for market. Furthermore, rise in innovation hotel design is a major trend for market.
Vietnam is one of the fastest developing tourist destinations in Southeast Asia owing to rise in new hotel brand names entering the market and relaxed visa policy along with the development of infrastructure. In upcoming years, it is predicted that the country’s accommodation service industry will be reached at rapid pace due to increase in number of hotel rooms and growth in the number of tourists during the forecast period.
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Vietnam Accommodation Service Market
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