HCM City’s hospitality market reaches over 92% of pre-pandemic level

The hotel room occupancy rate in Ho Chi Minh City in the first half of this year stood at 64%, reaching over 92% of the level in the first six months of 2019 before the COVID-19 pandemic broke out, according to Savills Vietnam.

HCM City’s hospitality market reaches over 92% of pre-pandemic level. (Source: VNA)

The real estate agency said during the reviewed period, the southern metropolis welcomed 18 million visitors, the biggest number nationwide, of whom about 1.9 million were foreigners, accounting for 11%.

The recovery rate of international tourists to HCM City was at only 46%, even lower than the national average of 66%, it said. 

Notably, its revenue from hotel services exceeded 5 trillion VND (211.08 million USD), the highest as compared with other localities, representing a year-on-year rise of 25%.

Savills experts said China was the biggest source of visitors to HCM City in the first half, and the number of Chinese tourists is expected to increase in the remaining months.

Troy Griffiths, Deputy Managing Director of Savills Vietnam, pointed out that Vietnam has still lagged behind its regional peers in the recovery of the number of international tourists, adding the market is expected to completely recover in 2024.

HCM City counts 15,662 hotel rooms from 110 projects, of which 404 have been temporarily closed./.

VNA