Why are Hanoi hotels expected to recover soon?
Hanoi’s hotel industry continued to improve in the first quarter of 2023 as domestic and international travel to Vietnam and the city increased, according to research and consulting firm Savills Vietnam. International visitors at a relic site in Phu Xuyen District, Hanoi. Photo: Hoai Nam/ The Hanoi Times The consulting firm said international visitors to Vietnam increased by 2,900% year-on-year to 2.7 million in January-March. Meanwhile, Hanoi received 5.9 million visitors in the first quarter of this year, up 110% year-on-year. The number of domestic visitors reached 4.9 million, up 75% year-on-year, while international arrivals reached 979,000, an increase of 5,900% compared to the first quarter of 2022. There were 10,260 hotel rooms available in Hanoi, including 17 hotels with five stars, 18 with four stars, and 31 with three stars. Savills Vietnam experts said this supply increased by 1% quarterly and annually. The occupancy rate increased by 35 percentage point