This in-depth publication aims to provide a comprehensive overview of the local resort market and hotel investment landscape amidst the strong recovery of the tourism industry. In 2024, Viet Nam welcomed 17.6 million international visitors and continued this momentum in the first nine months of 2025 with 15.4 million arrivals. The country's target is 25 million by year-end.

This guide is built upon Savills Hotels' proprietary market data combined with legal and investment analysis from WFW, offering domestic and foreign investors a multi-dimensional, up-to-date, and valuable reference. In Q3/2025, Viet Nam recorded over 192,000 hotel rooms in the mid to luxury segment, reflecting an average growth of 10.9% per annum over the past decade, one of the fastest in the region.

Market Analysis and Growth Drivers

The report highlights the continued expansion of tourism demand, with the domestic market maintaining impressive growth and the international market recovering strongly, particularly from Asian source markets such as South Korea, China, Taiwan, and India. South Korea and China currently account for 47% of total international arrivals to Viet Nam, while the Indian market has surged by 40% YoY, becoming one of the fastest-growing source markets.

Furthermore, the country's accommodation supply has exceeded 192,000 rooms, with 60% concentrated in coastal destinations, reflecting the robust development of the resort model. Key markets such as Da Nang, Nha Trang, and Phu Quoc have all recorded significant performance improvements. Many resorts in Da Nang and Nha Trang achieved occupancy levels of over 70% - 75%, while Phu Quoc recorded impressive growth of 10% - 15% compared to the previous year.

Hotel Investment Outlook 2025-2030

The clear recovery of the tourism industry, the deceleration of future supply, and increasing demand for high-end products are helping to bolster investor confidence. Domestic developers continue to dominate, holding 90% of the total existing supply. Notably, 68% of hotels are owner-operated, opening up significant opportunities for upgrading, repositioning, or collaborating with international brands, especially as the number in Viet Nam is expected to increase from 90 to over 130 in the next three years.

Beyond transactions involving operating assets, the search for coastal land banks and assets with repositioning potential continues to attract interest from domestic and foreign investors. The upscale-luxury and branded residences segments are recorded as the product groups with the strongest investment demand.

Legal Framework and Deal Structuring for Foreign Investors

WFW outlines viable investment structures, including share and asset deals, and clarifies the legal requirements relating to land rights, licensing, taxes, foreign ownership limits, and business establishment procedures in Viet Nam. The report also examines legal risks, corporate governance considerations, tax obligations, and regulations on profit repatriation.

The guide further provides an overview of common financial structures in the hotel sector, detailing borrowing limits, collateral conditions, and rules governing offshore loans. These insights support investors in evaluating deal feasibility and shaping appropriate capital strategies.

Opportunities from Key Infrastructure

Major infrastructure projects such as Long Thanh International Airport, the expansion of Noi Bai International Airport, Gia Binh Airport, and the North-South Expressway system are contributing to enhanced inter-regional connectivity. These developments create a solid foundation for tourism growth and reinforce the long-term prospects of the hotel market.

Mauro Gasparotti, Senior Director and Head of SE Asia at Savills Hotels, states, “Viet Nam is gradually affirming its position as one of the preferred destinations for Asian travelers. Local tourism and accommodation products are becoming increasingly diverse, with the appearance of many new hotel brands across various segments catering to different market demographics. With a stronger demand base and increasing readiness for more diverse products, particularly in HCMC and Hanoi, it is also becoming more attractive to foreign investors seeking opportunistic investments. The Vietnam Hotel Investment Guide 2025 was developed to assist investors in accessing the market more effectively, from evaluating business prospects and understanding the legal framework to planning financial strategies. As the market rebalances and quality supply continues to upgrade, this is a crucial time to prepare for the next growth cycle.”

Lada Shelkovnikova, Partner of Hotels & Hospitality group at Watson Farley & Williams (WFW), comments, “Vietnam’s hospitality market continues to show exceptional potential, driven by strong domestic tourism, a fast-growing middle class and the government’s increasing commitment to expand tourism infrastructure. These fundamentals create compelling opportunities for investors seeking scalable, resilient growth. With an established office in Hanoi, WFW’s hotels & hospitality experts in APAC work seamlessly with our Vietnam team to deliver best-in-class strategic hospitality advice. Our offering is underpinned by deep local-law knowledge, on-the-ground execution and enforcement expertise and industry leading sector expertise and relationships”.

The Vietnam Hotel Investment Guide 2025 is now available for press members, partners, and interested investors. To receive the full version, please visit: https://sav.li/13pm.