Mauro Gasparotti, Director, Savills Hotels at MTE Hanoi 2024. Source: WeHub
The comment was made by Mauro Gasparotti, Director of Savills Hotels at the Meet The Experts (MTE) conference held on October 24 in Hanoi.
Themed Wellness Real Estate, the biannual event brought together leaders from real estate and hospitality sectors, including investors, hotel owners, management companies, design firms, and consultants.
According to Savills director, Vietnam remains a top destination for Asian tourists, particularly South Koreans who seek alternative beach getaways to Thailand.
"The country’s tourism offerings are evolving, with new brands and resorts entering the market," he said. "The luxury segment is performing exceptionally well, and we’re seeing renewed interest in second-home markets, which had been affected by negative sentiment in recent years. Additionally, residential developments that feature leisure amenities are gaining traction. This trend presents local developers with a unique opportunity to deliver enhanced value to buyers, improving their well-being and comfort.”
Reports from the conference showed that Vietnam’s tourism sector has seen significant demand from international markets, particularly South Korea. In the first nine months of 2024, the country welcomed approximately 3.4 million South Korean travellers, reflecting a 30.3% year-on-year increase and an 7.2% rise compared to the same period in 2019. This surge positioned South Korea as the leading source market for international visitors to Vietnam, surpassing China and accounting for 27% of total arrivals. Key destinations such as Nha Trang–Cam Ranh and Da Nang continue to see a strong presence of South Korean tourists, who represent 56% and 40% of international arrivals, respectively.
India is also emerging as a key growth market, with its share of visitors increasing from 1% in the first nine months of 2019 to 3% in the same period in 2024.
Key insights and emerging trends
At the event, representatives from Accor Hotels Group, BIM Group, T&T Hospitality, Vinpearl Holding Company, M Village, SOJO by ROX, and VinHMS shared insights into the state of Vietnam’s hospitality market. The panel focused on the ongoing trends of hotel rebranding and repositioning, as owners and operators adapt to changing market demands. Discussions also highlighted alternative management models and rental agreements as increasingly popular options for developers seeking greater operational flexibility.
One notable trend is the rising demand for hotel leases from tour operators, driven by the recovery of group travel from Asian and select European markets. Tour operators and travel agencies are looking to upgrade their accommodation offerings, primarily targeting properties with 100 to 150 rooms in popular tourist destinations that offer a range of amenities. By refining their accommodation portfolios, these operators are gaining a competitive edge.
2025 outlook for key markets
The panel also offered an outlook for 2025, reviewing the performance of key markets, including Ho Chi Minh City, Hanoi, and coastal destinations. Vietnam aims to attract 25 million international visitors in 2025, building on the momentum of 2024, which saw nearly 12.7 million international tourists in the first nine months—making solid progress towards this year’s target of 18 million.
Mauro noted, “Achieving this ambitious goal will require strong collaboration between public and private stakeholders. Airports and airlines will play a pivotal role, working closely with hotels, travel agencies, and tour operators to ensure seamless connectivity. Additionally, Vietnam must launch more dynamic destination marketing campaigns to attract tourists to less crowded regions, rather than relying solely on established hotspots. By distributing traffic more evenly, we can lay the foundation for long-term, sustainable growth.”