Average hotel occupancy rate in Ho Chi Minh City reached 74 percent in the first quarter, increasing by 6 percentage points from the same period last year.
A tour guide shows local products to foreign tourists at Ben Thanh Market in HCM City. (Source: VNA)
HCM City (VNA) - Average hotel occupancy rate inHo Chi Minh City reached 74 percent in the first quarter, increasing by 6percentage points from the same period last year.
According to a report by real estate company SavillsVietnam, average room rate rose by 4 percent to 83 USD per night, as all localthree- to five-star hotels introduced higher rates for the first time in threeyears.
The supply of hotel accommodations grew 2 percent on year, offeringmore than 16,500 rooms from 133 projects. Savills Vietnam said by 2020, 14 newprojects will add to the market about 3,500 rooms.
In the first three months of 2018, the southern economic hubwelcomed 1.98 million foreign arrivals, an annual increase of 15.6 percent.
Tourism services revenue earned during the period exceeded31.7 trillion VND (1.39 billion USD), up 14.4 percent on year. The firstquarter also saw 394 travel companies established in the past three months, registering1.2 trillion VND (52.8 million USD) in capital.-VNA
A slump in tourism has hit Ho Chi Minh City's hotel market, which saw a drop in the average rate of reserved rooms in the first six months of the year compared to the previous five years.
The average room rate (ARR) in Ho Chi Minh City dropped 5 percent quarterly and 3 percent annually to 1.6 million VND/room/night (or 78 USD/room/night) in the second quarter of 2015, reported Savills Vietnam estate service provider.
The competition in the upscale hotel market will start to heat up, especially in the five-star segment, according to the 2017 Vietnam Hotel Survey released on July 11.
Four- and five-star hotels in Ho Chi Minh City have seen a slight decline in room rates although the rising number of tourists has resulted in an increase in occupancy rates at high-end hotels.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
A tour guide shows local products to foreign tourists at Ben Thanh Market in HCM City. (Source: VNA) 
