Update news hospitality industry
Privately owned hotels in the Old Quarter in Hanoi worth hundreds of billions of dong are seeking buyers.
The hotel market in Viet Nam is expected to grow by US$2.12 billion during 2021-2026, progressing at a compound annual growth rate (CAGR) of 14.43 percent in the forecast period.
A number of upscale hotel brands have come to Vietnam in anticipation of a tourism boom in the future.
Many resources in society have been mobilized for testing, vaccination and medical quarantine, which has improved service quality and helped businesses earn revenue.
After Covid-19, a number of hotels owned by private investors may be sold off to cut losses in the worst-case scenario, affecting the tourism environment at tourist destinations and slowing the recovery of the tourism sector,
Seventy-one percent of enterprises in the hospitality industry responding to a recent survey said their revenue in the first quarter of 2020 fell more than 30 percent against the same period last year because of the COVID-19 pandemic.