LUXURY HOTEL PRICE IN VIETNAM

Luxury Hotel Price in Vietnam

Applicable to 4-star and 5-star hotels.

The prices are for reference only, based on subjective information and surveys by the author.

The average room rate in 2024 has increased by 1.6% from 130 USD to 150 USD, with 5-star hotel room rates rising by 4.1% and 4-star hotel room rates decreasing by 2.3%. Room rates in the Northern and Southern regions continue to rise, though at a lower rate than in 2023, with the Southern region experiencing the highest increase at 2.7%, followed by the Northern region at 1.7%. In contrast, room rates in the Central region have slightly decreased by 1.0%.

Revenue per available room for 5-star hotels has seen a greater increase, primarily due to the stronger rise in 5-star room rates. Conversely, revenue per available room for 4-star hotels has decreased by 3.6% compared to 2023. The Southern region has achieved the highest growth among the three regions this year, at 5.5%, mainly due to an increase in average room rates. The Northern region has seen a slight decline, from 115 USD in 2023 to 112 USD in 2024. The Central region ranks last with a decrease of 2.7%.

Individual tourists, group tourists, and business travelers continue to be the three largest customer segments, collectively accounting for 78% and 76% of total tourists in 2023 and 2024, respectively. The Meetings, Incentives, Conferences, and Exhibitions (MICE) segment continues to decline, from 7.6% in 2023 to 6.8% in 2024. This marks the third consecutive year of decline for this segment.

Travel companies and tour operators, though still the largest booking channels, saw a 5.1% decrease in share in 2023 (with a sharp drop of 7.1% for 4-star hotels and 2.8% for 5-star hotels). This decline has been offset by growth in online travel agencies (OTAs) and other channels. The largest increases by star rating were observed in the wholesale/global distribution system for 5-star hotels (2.26%) and online travel agencies for 4-star hotels (2.84%). Corporate clientele saw a slight increase from 16.1% in 2023 to 16.4% in 2024, mainly due to growth in this booking channel for 4-star hotels.

High technology is no longer unfamiliar to hotels in Vietnam, as internet access and smartphones are becoming increasingly common. Overall, 5-star hotels have a higher level of digital technology adoption compared to 4-star hotels in all four surveyed areas. Social media advertising through platforms like Facebook, Twitter, or similar sites continues to be a priority for hotels, primarily because more tourists are using social media. Nearly 100% of participating hotels confirmed they use this channel to attract attention from social media users.

Online check-in and personalized customer experiences through mobile apps are less prioritized, with less than 50% of surveyed hotels using these features. Data analysis collected during operations is widely used in both star ratings to support hotels in marketing planning and decision-making processes.