Hanoi Hotel Market Report Q1 2020
Aviation Crashes
March data from the Vietnam National Administration of Tourism reported 375,137 international arrivals by air to Viet Nam, down -62.3% MoM and -65.7% YoY. Q1 total international visitors by air of almost 3 million fell -21.9% YoY. Civil Aviation Authority data from February 19th to March 18th, reported over 21,000 completed Vietnamese carrier flights were down -37.9% MoM and -25.6% YoY. In Q1/2020, down -4.5% YoY, local carriers completed 77,530 flights.
Secondary supply significant
From 2020 on, over 10,000 rooms will enter, with almost 59% in the Secondary area. Five-star will dominate future supply at 65% and 64% will be in the Secondary area. Six projects with over 1,100 rooms are expected to enter in 2020, of which 75% will be under international management from Accor, Capella and Marriott. However, the impact of coronavirus may see completion delays.
Viet Nam Tourism Outlook
World Tourism Organization (UNWTO) estimated that global international tourist arrivals in 2020 could decline between 20-30%, which could translate into a loss of US$ 30-50 billion in international visitors spending. According to Vietnam National Administration of Tourism, the best scenario for Vietnam tourism in 2020 is that international visitors will decrease -70% YoY, with 5.5 million. Viet Nam high reliance on domestic travelers (82.5% of arrivals in 2019) and key market such as China and Korean might be a big advantage as these markets are expected to be able to travel again first.
References
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